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SSG Advises Premier Care in Bathing in Sale of Debt

July 28, 2016, 07:52 AM
Filed Under: Industry News

SSG Capital Advisors acted as the investment banker to Premier Care in Bathing and its affiliates in the sale of all of their outstanding debt to Premier Care Holdings, Inc. The transaction closed in March 2016.

Premier is a leading provider of bathroom mobility solutions, primarily in bathing, designed to address the growing needs of the aging, obese and disabled populations. The company manufactures, markets and installs specialty bathing equipment such as walk-in baths, easy-access showers and a range of accessories and special features for consumers with reduced mobility. Premier was slow to reallocate its marketing spend to the internet and direct mail channels when the effectiveness of print marketing started to decline. As the company faced liquidity issues due to the resultant margin compression, marketing spend was curtailed and profitability further deteriorated. In response, the company cut unnecessary overhead costs and reallocated marketing spend to the channels that yielded more attractive returns. Despite these efforts, Premier's liquidity position remained constrained, causing the company to default on its debt obligations.

Premier retained SSG as its exclusive investment banker in November 2015 to explore strategic alternatives including a refinancing or sale of the Company's existing indebtedness or a sale of the Company. SSG conducted a comprehensive, discreet marketing process, soliciting offers from a broad universe of both financial and strategic buyers. Premier Care Holdings, Inc. ultimately put forth an offer that provided the highest value to the Company's stakeholders. The transaction was effectuated through a sale of all of the Company's outstanding debt.

Other professionals who worked on the transaction include:

  • Lawrence Hirsh of Alvarez & Marsal, Independent Board Member;
  • Roy Grist, Russell Hill, Geoff Perry and Mark A. Salzberg of Squire Patton Boggs, counsel to Premier Care in Bathing™;
  • and Alan N. Noskow and Brian E. Ashin of Manatt, Phelps & Phillips, LLP, counsel to the buyer.

SSG Contacts on this deal were:

  • Matthew P. Karlson,  Managing Director
  • Michael Goodman, Managing Director
  • Michael J. Gorman, Director
  • Matthew Arden, Associate
  • Brian McAuley, AnalystBrian

SSG Capital Advisors is an independent boutique investment bank that assists middle-market companies and their stakeholders in completing special situation transactions. We provide our clients with comprehensive investment banking services in the areas of mergers and acquisitions, private placements, financial restructurings, valuations, litigation and strategic advisory. SSG has a proven track record of closing over 300 transactions in North America and Europe and is a leader in the industry.

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