November 2019: Origin Merchant Partners Advises Centric Health Corp. on Recapitalization Transactions Worth $70 million

November 2019: Origin Merchant Partners Advises Centric Health Corp. on Recapitalization Transactions Worth $70 million

By Tracey Lamping's

All Transactions, Recapitalizations & Restructurings

November 30, 2019

Origin Merchant Partners is pleased to announce that Centric Health Corp. (“Centric”) has successfully completed two transactions to recapitalize the balance sheet with $70M of gross proceeds. Centric closed the sale of its Surgical and Medical Centres business to the Kensington Private Equity Fund for $35 million. Centric also closed a private placement of common shares and convertible debentures. The lead investor was Yorkville Asset Management Inc. behalf of certain managed funds.

Origin Merchant Partners and Origin Merchant Securities Inc. acted as the financial advisor to Centric in both of these transactions respectively.

Centric Health (TSX:CHH) is one of Canada’s leading, and most trusted providers of comprehensive Specialty Pharmacy services and solutions to seniors. Centric operates a large national network of pharmacy fulfilment centres that deliver high-volume solutions for the cost-effective supply of chronic medication and other specialty clinical pharmacy services, serving more than 31,000 residents in over 450 seniors communities (long-term care, retirement homes, and assisted living facilities) nationally. With services that address the growing demand within the Canadian healthcare system, Centric’s unparalleled national care delivery platform provides significant potential for future expansion and growth.

Kensington Capital Advisors Inc. is a leading independent Canadian investor in alternative assets. Founded in 1996, and with over $1.5 billion invested in private equity, venture capital, and alternative assets. Kensington’s active management approach and relationship-based business has generated top quartile returns for investors.

Yorkville Asset Management is an independent investment boutique with a strong focus on the healthcare sector in Canada. Yorkville aims to help high net worth individuals, foundations, institutions, and family offices achieve their financial goals through its wealth management, estate and tax planning, portfolio management, and capital markets debt and equity advisory services.

Origin Senior Leads: Jim Meloche, Cathy Steiner, Tedi Gjoleka