Barrier Advisors Inc., a nationally recognized middle-market restructuring, performance improvement and special situations investment banking firm, announces the completion of the merger of Cornerstone Healthcare Group and Solara Healthcare. Serving as financial advisor, Barrier assisted Cornerstone Healthcare Group throughout the merger negotiations, evaluation, and diligence. Barrier is also assisting with the integration of the combined companies.
“As a strategic advisor and trusted partner, Barrier Advisors has been a key contributor to Cornerstone's recent success and profitability growth”
Cornerstone and Solara are privately-owned, Dallas-based providers of long-term acute care hospital (LTACH) services. Financial terms of the merger were not disclosed. The newly-combined company consists of 18 owned and managed LTACHs, operating in Texas, Louisiana, Arizona, West Virginia, Ohio and Oklahoma.
"As a strategic advisor and trusted partner, Barrier Advisors has been a key contributor to Cornerstone's recent success and profitability growth," said Mike Brohm, president and CEO of Cornerstone. "Barrier provided the analysis and advice which gave us the confidence that the Solara merger made sound strategic sense for Cornerstone. From Cornerstone's point of view, Barrier really delivered."
"LTACHs are complex, regulated businesses that require a highly specialized skill set to properly evaluate," said David Boguslawski, vice president of Barrier Advisors, the team member who led the engagement. "Our expertise in healthcare combined with our specific experience in LTACHs, allowed us to quickly assess Solara and identify the most critical issues for the Cornerstone team."
"Mike and the Cornerstone team have worked hard to build the fifth largest independent long-term acute care company in the US. At Barrier, we look forward to continuing our relationship with Cornerstone through the merger and beyond," Boguslawski said.
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