Court Approves RP-Recommended Buyer in Competitive Bidding Process
SEATTLE, Nov. 16, 2023 /PRNewswire/ — Restructuring specialist Revitalization Partners (RP) successfully completed the sale of a south Seattle medical clinic it has operated as court-appointed receiver since May of this year. The order formalizing the sale, assumption and assignment of all assets was approved in King County Superior Court on November 9.
The buyer was not disclosed, nor were specific financial terms of the deal. In approving the sale, the court agreed with the receiver’s statement that the transaction value was near the highest level of a best-case scenario and that the buyer possessed the financial wherewithal to successfully purchase the company.
Prior to Revitalization Partners’ appointment, continuing operational disputes between the clinic’s former principals created significant financial pressures on the business, threatening its ability to keep its doors open. Declining revenues, deficiencies in billing/collection procedures and high staff turnover only added to the duress.
After completing a series of forensic evaluations on equipment asset values, real estate, and financial projections, Revitalization Partners made key operational changes needed to sell the healthcare practice as a going concern and maximize its value. The firm capped those initiatives by designing a competitive bidding process that resulted in multiple bids before ultimately selecting the highest, most qualified offer.
RP principal Al Davis complimented the firm’s lead receiver Kern Gillette for his expert handling of the issues involved.
“Kern’s C-suite experience helped us navigate a number of major operational challenges that could have derailed the sales process. His ability to do that in a relatively short period of time created significant value for all stakeholders involved, particularly creditors.”
About Revitalization Partners
Revitalization Partners specializes in improving the operational and financial results of small and mid-market companies nationwide and abroad. Whether the situation calls for interim management, business valuation or assessment, revitalization, re-engineering or managing through the receivership/bankruptcy process, the firm focuses on finding the best resolution in the shortest amount of time – with the highest possible return.
CONTACT: Michael Shepherd
SOURCE Revitalization Partners
Originally published at https://www.prnewswire.com/news-releases/revitalization-partners-completes-sale-of-distressed-healthcare-practice-301991349.html
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