Chem Rx is a provider of institutional pharmacy services serving the New York City metropolitan area, as well as parts of New Jersey, upstate New York, Pennsylvania and Florida. Chem Rx’s client base includes skilled nursing facilities and a wide range of other long-term care facilities.
Cypress represented the company in the restructuring of certain terms of its senior secured debt and the subsequent sale to PharMerica following its bankrupcy.
Universal Medical Concepts is the holding company for Sunrise Medical Group and affiliated entities which provide comprehensive neurological care to patients in Southern Florida. Sunrise Medical Group employs approximately 30 neurologists and is one of the largest neurology groups in the United States. Sunrise provides integrated services to its patients (e.g., primary neurological care, imaging, physical therapy) and provides inpatient neurological care at most hospitals throughout Broward County.
Cypress acted as financial advisor to Universal Medical Concepts in the sale of substantially all its subsidiaries to Tenet Healthcare Corporation’s Florida-based physician subsidiary. The UMC subsidiaries sold to Tenet Florida Physician Services, LLC were Sunrise Medical Group, Inc., Sunrise Pulmonary Group, Inc., Sunrise Sleep Diagnostics, Inc., Sunrise Diagnostics of Hollywood, Inc. and Neuro On-Call, LLC.
Just Care, Inc. is a detention healthcare company that provides medical and mental health services. It offers sub-acute, intermediate, and hospice care for AIDS, cancer, cardiac disease, dialysis, life support, and mental health treatment, as well as special needs programs. The company serves county, state, and federal law enforcement agencies, as well as mental health organizations
The GEO Group, Inc. is the world’s leading provider of correctional detention, and residential treatment services with facilities located in the United States, United Kingdom, Australia, and South Africa. GEO is a leader in the delivery of private correctional and detention management, community re-entry services as well as behavioral and mental health services to government agencies worldwide.
Case description: Delaware appraisal action arising from the sale of Just Care to the GEO Group for $40 million
Cypress was offered as an expert witness on behalf of the Defendant as to the valuation of Just Care. The case was tried and the Chancery Court valued Just Care at $34.2 million. Cypress had valued the company in a range of $33.6 million to $34.1 million. The petitioner’s expert had valued it at $55.2 million.
BridgePoint Medical, LLC merged with Ability Prosthetics and Orthotics, Inc. to create one of the leading prosthetics and orthotics services companies in the United States. Ability operates 11 locations in 4 states, providing differentiated patient care to individuals in need of fitting and training of prosthetic and orthotic devices (e.g., diabetic amputees referred by vascular surgeons, individuals in need of a back brace referred by orthopedic surgeons).
Cypress acted as financial advisor to BridgePoint Medical in the Ability merger which closed on January 14, 2011.