Cross Keys Capital Completes Sale of AllegiantMD to Sheridan Healthcare

FORT LAUDERDALE, Fla., July 12, 2016 (GLOBE NEWSWIRE) -- 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 AllegiantMD, Inc. and certain affiliated entities in their sale to Sheridan Healthcare, the Physician Services Division of AmSurg Corporation. The transaction was led by Cross Keys’ Managing Director Bill Britton and Vice President Marjorie Chang.

“There have been significant mergers and acquisitions deal activity taking place within the radiology healthcare sector,” said Mr. Britton, co-founder of Cross Keys and leader of the healthcare practice. “Private equity groups and strategic buyers are actively seeking to acquire radiology practices, and it is fair to say that consolidation within this specialty is well under way.”

“It is a seller’s market and the first groups to sell will get the highest valuations – there is no better opportunity than now to consider partnering-up with one of the larger buyers while strengthening a group’s position in the marketplace at the same time,” added Mr. Britton.

AllegiantMD is the leading provider of on-site and remote-read subspecialized radiology services in the Tampa, Florida, market, employing 43 radiologists serving 18 facilities, with the majority of its services provided to Hospital Corporation of America and Community Health Systems acute care hospitals. AllegiantMD will join Sheridan’s existing roster of over 300 Fellowship Trained, Board Certified radiologists, who cover 150 facilities across 22 states.

“It was a pleasure working with Bill Britton, Marjorie Chang and the Cross Keys Capital team on our transaction. Cross Keys was exemplary in their expertise and professionalism throughout the process,” said Ellis Norsoph, MD, MBA and CEO of AllegiantMD. “We very much appreciated and benefitted from their expertise in the hospital-based physician space and would recommend them strongly to our colleagues contemplating an M&A event.”

The sale of AllegiantMD represents Cross Keys’ fiftieth closed transaction on behalf of physician group practices, and the sixth physician group they have supported in a successful sale in 2016.

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 business services, niche manufacturing, and information technology. Its healthcare practice is a leader in representing radiology practices and other private physician group practices including anesthesiology, ED, pathology, hospitalists, vision and eye care, dermatology, as well as a variety of healthcare providers and service 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 physician practices contact Bill Britton at (954) 779-3195.

Source: CrossKeys Capital, LLC.