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Diligence and Structuring Healthcare Trends
Episode 630th June 2020 • Across the Table • McGuireWoods - Alyssa Campbell and Kayla McCann Marty
00:00:00 00:50:52

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As the world works to recover from the COVID-19 pandemic, businesses are starting to open up shop and resume operations. While certain sectors of the healthcare industry have been largely unaffected by the crisis, others have suffered severe losses. This volatility has contributed to a growing interest in mergers and acquisitions, both on the buyer and seller side.

In this episode of Across the Table, McGuireWoods partner Geoff Cockrell is joined by Grant Thornton’s Glenn Barenbaum and Lance Beder as well as John Kerins of Cain Brothers to discuss the impacts of COVID-19 on M&A in the healthcare industry. While buyers are typically hesitant to engage in deals in times of uncertainty, there are those that are willing to test the market and angling to acquire smaller or distressed businesses.

The group examines different aspects of an M&A transaction, including valuation concerns, conducting financial due diligence, and debt financing. A multitude of factors are taken into consideration that go beyond how the seller is positioned in the space. How the “new normal” looks in the industry will also be a deciding factor in whether many of the deals push through.

They also provide insights into the distressed market and how businesses can survive post-pandemic. Questions on rapid warranty insurance and the trend of private equity firms supporting portfolio companies were briefly explored as well.

Ultimately, if a company is well-positioned in the space and has established a good rapport with an interested buyer pre-COVID, there’s a greater likelihood the transaction will close.

Episode highlights:

  • Valuation concerns 04:19
  • Financial diligence 10:3
  • Availability of senior debt financing 16:27
  • Impact of no face-to-face meetings in the transaction 20:22
  • Trends in the distressed market 25:56
  • Sustaining healthcare businesses 33:06
  • Consumerism and healthcare 38:07
  • Forecast of new transactions occurring 41:44
  • Private equity firms supporting portfolio companies 47:26

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