Cross Keys Capital Completes Sale of Anesthesia Associates of Cincinnati to TeamHealth

Fort Lauderdale, Fla., Oct. 19, 2016 -- 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 Anesthesia Associates of Cincinnati, Inc. (“AAC”) and Pain Management Associates, L.L.C. (“PMA”) in their sale to TeamHealth Holdings, Inc., a leading physician services organization. The transaction 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 firm’s healthcare practice said, “We are pleased that AAC placed their trust in us to assist them in their transaction.”

“Our deep experience across anesthesiology practices nationally and our total dedication to serve and truly advise all of our clients remains paramount to our process,” added Mr. Britton. “The market for high quality anesthesiology groups continues to be strong. Valuations remain high and consolidation continues.”

Anesthesia Associates of Cincinnati currently provides anesthesiology staffing at two hospitals, The Christ Hospital and TriHealth Evendale Hospital, and four ambulatory surgery centers, supporting a full array of surgical specialties, including cardiac, neurological and obstetric care. Pain Management Associates, a specialized division of AAC, is the area's leading pain management practice providing full-range pain management treatments. Their association with TeamHealth will allow for improved coordination of care opportunities in these critical hospital-based clinical specialties.

“The decision to pursue a national partner was a challenging one for the partners of Anesthesia Associates of Cincinnati and Pain Management Associates,” said Mark Manley, MD, President of AAC and PMA. “Cross Keys, via Marjorie and Bill, provided us with the information and infrastructure that allowed us to identify the benefits of doing so, and also guide us through the complex maze necessary to get to the endpoint we desired.”

“I can say with certainty that we would have never reached a successful transaction without the expert guidance that Cross Keys provided,” added Dr. Manley.

The sale of Anesthesia Associates of Cincinnati and Pain Management Associates represents Cross Keys’ fifty-third closed transaction on behalf of physician group practices, and the twenty-seventh anesthesiology group they have successfully represented in their sale. In the last year alone, Cross Keys Capital has represented the following groups in the sale of their practice: Lake County Anesthesia Associates in its sale to TeamHealth Holdings; AllegiantMD, Inc. in its sale to Sheridan Healthcare, the Physician Services Division of AmSurg Corp.; Westchester Anesthesiologists in its sale to a New York affiliate of MEDNAX, Inc.; Jandee Anesthesiology Partners and Karadan Anesthesiology and Pain Management in their sale to Sheridan Healthcare; West End Anesthesia Group, Inc. and Hanover Anesthesia Group, Inc. in their sale to MEDNAX, Inc.

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, in areas including healthcare, business services, niche manufacturing, and information technology. Its healthcare practice is a leader in representing anesthesiology practices and other private physician group practices including radiology, vision and eye care, ED, pathology, hospitalists, dermatology, as well as a variety of healthcare service providers and healthcare technology 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 fifty transactions of independent physician group practices, healthcare providers, services, and technology companies.

For more information on Cross Keys Capital’s perspectives on Healthcare M&A and the sale of physician practices contact Bill Britton at (954) 779‐3195.