Healthcare Investment Banking


Matrix possesses deep and multi-faceted M&A experience with healthcare service businesses and medical device companies across many sectors of the industry.

Recent Transactions

Our healthcare investment banking professionals have extensive experience advising on strategic alternatives to companies within the healthcare, wellness, and education sectors.

Our expertise as advisors for capital raises and mergers and acquisition services is augmented by experience as acquirers and operators who dealt first-hand with consistently evolving regulatory and reimbursement environments.

A list of sectors on which the team focuses is presented below.

Assignments executed since launching the Healthcare Group at Matrix may be found in our list of Transactions.

  • Healthcare Services:
    • Behavioral Health;
      • Substance abuse/chemical dependency
      • Eating disorders
      • Autism Spectrum Disorder (ASD)
      • Intellectual and Development Disorder or Delay (IDD)
    • Clinical and Forensic Lab Services;
    • Home Healthcare and Hospice;
    • Pharmaceutical Services: Contract Research and Sales Organizations (CROs and CSOs),
    • Regulatory & Pharmacoeconomic Services;
    • Clinical, Allied & Lab Staffing;
    • Specialty & Institutional Pharmacy; and
    • Physician Practices
  • Healthcare Information Technology:
    • Laboratory Information Systems and
    • Revenue Cycle Management
  • Medical Devices:
    • Class I, II, and III Devices;
    • Contract Manufacturing;
    • Institutional and Pharmacy Automation (IPA); and
    • Multi-modal Imaging Technologies

What our Clients Are saying

  • “Matrix’s professionalism resulted in a positive outcome for all parties.  David, David, and Brady were focused on understanding our objectives and providing alternatives, gave sound advice, and did an outstanding job managing the process.”

    Donna Kelleher, President & CEO
    Next Generation Children’s Centers
  • “The Matrix team provided us with first rate representation and advice throughout the process.  Their knowledge of the industry and process combined with responsiveness and dedication was invaluable.”

    Johannes Burlin, President
    Safe Foods International Holdings, LLC
  • “It was a pleasure to work with the professionals at Matrix on these transactions. The repositioning of capital within our market area is an important part of our strategy to acquire new sites, renovate existing sites, and own and operate sites consistent with our brand identity.”

    Joe Petrowski, Chief Executive Officer
    Cumberland Farms
  • “The Matrix deal team worked tenaciously to guide this extraordinarily complicated transaction to closure. They saw the tremendous fit between our desire for a long-term, growth oriented partner and McCarthy’s unique understanding of the industry, and provided sound analysis and counsel to both sides throughout the process. We look forward to working with Matrix on our next transaction.”

    Todd Flemming, President & CEO
    Advantor
  • “We are very pleased with the advisory services provided by Matrix. They spent the time to really learn our business and provided us with solid advice in a difficult environment for raising capital. Once our capital objectives were quantified, Matrix identified potential investors and then worked tirelessly to help negotiate a transaction that met the objectives of both Stalcop and Alpha Capital.”

    Ron St. Clair, President & CEO
    Stalcop

Healthcare Transactions

  • CLIENT
  • Client Description
  • Transaction Description
  • TYPE
  • Client Location
  • DATE
  • CLIENT: Castlewood Treatment Center
  • Client Description: Nationally recognized eating disorder treatment provider that offers a full continuum of care, ranging from intensive outpatient to full-time residential treatment services, and a portfolio company of Trinity Hunt Partners
  • Transaction Description: Advised on the sale to The Riverside Company
  • TYPE: Company Sale
  • Client Location: St. Louis, MO
  • DATE: December 2016
  • CLIENT: Old Dominion Security Co., Inc.
  • Client Description: A differentiated provider of security services to the healthcare market
  • Transaction Description: Advised on the sale to U.S. Security Associates, Inc.
  • TYPE: Company Sale
  • Client Location: Richmond, VA
  • DATE: November 2016
  • CLIENT: RAVentures
  • Client Description: Investor in and developer of retail properties, including early childhood education centers
  • Transaction Description: Advised on the sale of seven properties to Store Capital
  • TYPE: Company Sale
  • Client Location: Westford, MA
  • DATE: June 2016
  • CLIENT: Next Generation Children’s Centers
  • Client Description: A leading provider of early childhood education
  • Transaction Description: Advised on the sale to Cadence Education, a portfolio company of Audax Group
  • TYPE: Company Sale
  • Client Location: Sudbury, MA
  • DATE: February 2016
  • CLIENT: PlanG
  • Client Description: An innovative online charitable giving platform
  • Transaction Description: Advised on the sale to YouDecide, the leading voluntary benefits outsourcing provider
  • TYPE: Company Sale
  • Client Location: Richmond, VA
  • DATE: November 2015
  • CLIENT: Safe Foods International Holdings, LLC
  • Client Description: A leading contract research and development organization serving the global, food, beverage & nutrition industries, involved in product development through scaling production and product integrity testing
  • Transaction Description: Advised on the sale to Laboratory Corporation of America® Holdings (NYSE: LH)
  • TYPE: Company Sale
  • Client Location: Chicago, IL
  • DATE: October 2015
  • CLIENT: Arista Laboratories, Inc.
  • Client Description: A leading independent tobacco testing laboratory and subsidiary of Molins PLC
  • Transaction Description: Advised on the sale of assets for Arista Laboratories, Inc.
  • TYPE: Corporate Advisory
  • Client Location: Richmond, VA
  • DATE: June 2015

Healthcare Press Releases

  • February 23, 2016 -
    Matrix’s Healthcare Group Announces the Successful Sale of Next Generation Children’s Centers

    RICHMOND, VA – February 23, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of Next Generation Children’s Centers (“NGCC” or the “Company”) to Cadence Education, Inc. (“Cadence”), a Scottsdale, AZ based portfolio company of Audax Group, Inc. Matrix served as exclusive financial advisor to NGCC. The transaction was led by David […]

  • February 18, 2016 -
    Matrix’s Healthcare Group Update

    Matrix Capital Markets Group, Inc. established its Healthcare Group in late 2014 and has gained traction throughout 2015 and into 2016 by advising on several engagements in the laboratory, behavioral health, wellness, and education sectors. Across the Healthcare Group’s assignments in 2015 strategic acquirers and financial sponsor-backed companies were the most aggressive buyers. The desire […]

  • November 6, 2015 -
    Matrix Capital Markets Group, Inc.’s Healthcare Team Advises Safe Foods International Holdings, LLC on its Sale to Laboratory Corporation of America® Holdings

    RICHMOND, VA – November 6, 2015 – Matrix Capital Markets Group, Inc. (Matrix) announces the successful sale of Safe Foods International Holdings, LLC (SFIH) to Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH). Matrix served as exclusive financial advisor to SFIH. The transaction was led by David Keys, Head of Matrix’s Healthcare Team, and David […]

  • July 6, 2015 - Richmond, VA
    Matrix Healthcare Group and Industrial Products Group Announce Transaction Closings

    RICHMOND, VA – July 6, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading middle-market investment bank, is pleased to announce that they have provided corporate advisory services to Arista Laboratories (“Arista”) in the sale of its assets.  Arista, based in Richmond, VA, is a leading independent tobacco testing laboratory and subsidiary of Molins […]

  • February 5, 2015 -
    Matrix Expands Healthcare Advisory Team

    RICHMOND, VA – February 5, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce the expansion of its Healthcare Advisory Team with the addition of David Endom, Senior Associate. Mr. Endom will join David Keys, Director, who launched the practice in 2014, and Braden Hill, Senior Analyst. Mr. Endom brings to Matrix more than […]

Healthcare Team

John D. Ellison, CFA

Associate jellison@matrixcmg.com 804-591-2036

John is a member of the Healthcare Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix in May 2015, John was an Associate at Ewing Bemiss & Company, an investment banking firm in Richmond, Virginia. His experience […]

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