FORT LAUDERDALE, Fla. and NEW YORK, June 22, 2016 (GLOBE NEWSWIRE) -- Cross Keys Capital, LLC, a leading independent investment banking firm providing M&A advisory services to healthcare companies, is pleased to announce that it has acted as the exclusive financial advisor to Westchester Anesthesiologists in its sale to a New York affiliate of MEDNAX, Inc., a physician services company based in Sunrise, Florida. The transaction closed on June 17, 2016 and was led by Cross Keys’ Managing Director Bill Britton and Vice President Marjorie Chang.
Mr. Britton, co-founder of Cross Keys and leader of the healthcare practice said, “The healthcare marketplace continues to change and evolve at a record pace. As we have seen with recent M&A deals, size matters and the desire for value added services that only affiliation with a larger entity can bring, coupled with accelerating hospital realignment and consolidation, further fuels the rapid pace of change in the healthcare landscape.”
“This latest acquisition demonstrates there is a continued interest from strategic buyers to acquire quality practices in order to strengthen their position within markets that are consolidating,” added Mr. Britton. “We were pleased to have had the opportunity to work closely with Westchester Anesthesiologists to help close a deal that made strategic sense for both parties.”
Westchester Anesthesiologists provides anesthesia care across a wide spectrum of subspecialty areas in Westchester County. The practice employs 31 full-time clinicians (27 anesthesiologists and 4 anesthetists) that provide services to White Plains Hospital, a 292-bed health care organization. The practice also provides services to Rye Ambulatory Surgery Center, Surgical Specialty Center of Westchester and WESTMED Medical Group.
“Our practice went through an exhaustive process with many twists and turns over the past two and a half years trying to find the right partner for our anesthesia group,” said Mitchell Reuben, M.D., who will serve as medical director for the practice. “We initially chose Cross Keys to help guide us because of their proven record in this area. We had no idea how rigorous the process was going to be and Cross Keys was our trusted advisor and our advocate every step of the way – we could not have been happier.”
“Cross Keys not only has a deep understanding of the business of anesthesia but they are very familiar with the leadership of the major buyers in this space. Their team was always available, proactive in their approach and in the end got us the result we were looking for,” added Dr. Reuben.
The sale of Westchester Anesthesiologists represents Cross Keys’ 24th closed transaction on behalf of anesthesiology practice groups over the past five years – and the fifth group they have supported in a successful sale in 2016.
About Cross Keys Capital, LLC
Cross Keys Capital, LLC (www.crosskeyscapital.com) is an independent investment bank providing merger and acquisition advisory services to established businesses in the middle market, and is a leader in the field representing anesthesiology practices and other private physician group practices including radiology, ED, pathology, hospitalists, vision and eye care, dermatology, as well as a variety of healthcare providers and service companies. The firm’s extensive experience and track record in advising physician practices are unrivaled by any other middle-market investment banking firm in the nation –Cross Keys has completed the sale or merger of over forty transactions of independent physician group practices, healthcare providers, services, and technology companies.