• Client: BeWell Network, LLC
• Location: San Juan Capistrano, CA
• Industry: Healthcare
• Buyer/Investor: H.E.R. Management, LLC
• Close Date: June 2023

• Client: Green Castle Recovery Centers, LLC d/b/a Sanford Behavioral Health
• Location: Grand Rapids, MI
• Industry: Healthcare
• Buyer/Investor: Multiple
• Close Date: October 2022

Situation
Green Castle Recovery Centers, LLC d/b/a Sanford Behavioral Health (“Sanford” or the “Company”) is the largest independently owned provider of behavioral health treatment services in Western Michigan, with operations in the greater Grand Rapids, Michigan region.

Originally founded in 2015 by David and Rae Green, Sanford is a family business that continues to be founder/owner-operated.

The Company began in a restored historic home in downtown Grand Rapids, Michigan as a 10-bed residential substance use disorder treatment center for women. The Greens had seen many Michiganders leaving the State in order to receive high-quality substance use disorder treatment and were motivated to try and fulfill this need close to home. Sanford then expanded by adding another home which served as a 20-bed residential treatment center for men.

As Sanford continued to expand, it also added outpatient programs to support its residential treatment as well as an outpatient eating disorder program.

Objective
Before the onset of the pandemic, the Greens looked to expand Sanford even further and began planning an 18-acre behavioral health campus in Marne, Michigan.

Located 12 minutes from downtown Grand Rapids, the new campus, once fully operational, will house 134 beds including detox, residential substance use disorder treatment, residential eating disorder treatment and residential psychiatric treatment, as well as several outpatient programs.

With the addition of the new campus, Sanford created Michigan’s first stand-alone residential eating disorder program.

To support the expansion of the business and development of additional programming, Sanford was seeking additional investors to provide growth capital.

Solution
Ultimately, capital was secured in the form of a combination of (i) Convertible Debt through a Regulation D offering, (ii) a Sale-leaseback on the Marne property with a publicly traded Real Estate Investment Trust, and (iii) a revolving loan.

Matrix provided capital markets advisory services to Sanford, including marketing the opportunity to a broad base of potential investors as well as a limited group of qualified investors for the Regulation D offering, navigating the process through a quickly evolving and tumultuous capital markets environment, advising on pricing and terms, streamlining the three-pronged solution, coordinating the various transaction counterparties, and ultimately achieving successful execution of the capital raise, positioning Sanford for future growth.

• Client: Berger & Burrow Enterprises, Inc. d/b/a Dynamic Mobile Imaging
• Location: Richmond, VA
• Industry: Healthcare
• Buyer/Investor: True North Health Navigation LLC d/b/a DispatchHealth
• Close Date: December 2021

Situation
Berger & Burrow Enterprises, Inc. d/b/a Dynamic Mobile Imaging (“DMI” or the “Company”) is the largest independently owned provider of mobile x-ray and ultrasound services in the United States with operations in 12 states across the eastern half of the U.S. as well as Washington, D.C.

Founded in 2005 as a family business, the Company continues to be founder-owned and operated.

DMI is a premier provider of portable digital x-rays, ultrasounds, EKGs, holder monitors, echocardiograms and dopplers to patients in skilled nursing facilities, assisted living homes, correctional facilities, universities, and home settings, as well as for sports teams and others who are unable to be transported easily.

In addition, DMI was the first mobile x-ray and ultrasound company to earn The Joint Commission’s Gold Seal of Approval®.

The Company’s shareholders decided to explore their strategic options and consider potential exit opportunities that could reward them for the successful business they had built and reduce their future risk, while also enhancing DMI’s positioning for further expansion across the U.S.

Objective
DMI strives to become a leading national mobile imaging provider through sustained expansion into new territories, while continuing to provide patients with expedited, safe and effective care supported by its commitment to superior technology and high-performance standards.

The Company was seeking a buyer that was culturally aligned with its vision and standards of care and able to commit the resources and support necessary to accelerate DMI’s trajectory.

DMI engaged Matrix to provide merger & acquisition advisory services, which included marketing the transaction, advising on valuation, deal structure, and other transaction terms.

Solution
Prior to launching the marketing of the transaction, Matrix guided DMI through a sell-side quality of earnings process to ensure that marketed financials were accurate and defendable and to reduce transactional risk later in the process.

Matrix led a confidential, tailored transaction process including both strategic and financial prospects in order to maximize the opportunity for success, given DMI’s objectives and the broader market environment.

Ultimately, DMI sold to True Health Navigation LLC d/b/a DispatchHealth (“Dispatch”), the nation’s first comprehensive in-home medical care provider, to expand and enhance Dispatch’s growing mobile diagnostics service line.

• Client: Achieve TMS
• Location: San Diego, CA
• Industry: Healthcare
• Buyer/Investor: n/a
• Close Date: March 2021

• Client: Montana Children’s Home and Hospital d/b/a Shodair Children’s Hospital
• Location: Helena, MT
• Industry: Healthcare
• Buyer/Investor: N/A
• Close Date: October 2020

Situation
The Montana Children’s Home and Hospital d/b/a Shodair Children’s Hospital (“Shodair”) is the largest not-for-profit dedicated behavioral healthcare services provider in Helena, MT and served patients from 44 of Montana’s 56 counties in 2019.

Shodair offers a robust continuum of pediatric psychiatric care, including 30 inpatient psychiatric beds for children ages 3-18, a 42-bed psychiatric residential treatment facility, therapeutic group homes, outpatient, day treatment, and school-based services.

In addition, Shodair offers the State’s only comprehensive genetics program.

Objective
As part of its long-term growth strategy, Shodair worked with a team to design a new facility that would be suitable for the organization’s expanded pediatric psychiatric service lines and level of high-quality care. The new facility design includes 82 private rooms and an environment dedicated to safety, hope, and healing.

Shodair hired Matrix to serve as Financial and Municipal Advisor to develop and implement a Plan of Finance to pay for construction of the new hospital facility.

Solution
In assisting Shodair in developing the Plan of Finance, we worked with the Management Team to determine the appropriate level of debt to finance the construction, in addition to analyzing various different potential financing options.

We guided Shodair through the Rating Agency process with Standard & Poor’s and they achieved a BBB- rating with a Stable Outlook.

In conjunction with the working group, we developed a set of financial covenants and manageable continuing disclosure requirements.

Ultimately, through the Montana Facility Finance Authority, Shodair issued $32,735,000 of Series 2020A Bonds on its own credit, in addition to $20,000,000 of Series 2020B Bonds with the support of the Montana Board of Investments.

Overall, Shodair’s all-in cost of capital is 3.41% with a final maturity of 2050.