Citi Investment Banking Pitch Book
Selected Precedent Transactions Analysis
Healthcare Operator Transactions
($ in millions)
Acquiror
Cogir Management
U.S. Physical Therapy, Inc.
Lee Equity Partners / Coastwood Senior Discovery Senior Living
Housing Partners
Conversant Capital LLC(¹)
Sonida Senior Living
Atria Senior Living (3)
Holiday Retirement
RCCH HealthCare Partners
KKR
ProMedica / Welltower
Humana, Inc.; TPG Capital and
Welsh, Carson, Anderson & Stowe
Kindred Healthcare, Inc.
Genesis Healthcare, LLC
Brookdale
Gentiva Health Services, Inc.
High
Mean
Median
Low
Target
Cadence Living
14-Clinic Physical Therapy Practice
12
LifePoint Health, Inc.
Envision Healthcare Corporation
HCR ManorCare
Kindred Healthcare, Inc.
Gentiva Health Services, Inc.
Skilled Healthcare Group, Inc.
Emeritus Corporation
Harden Healthcare Holdings, Inc.
Primary Business
Senior Living
Physical Therapy
Senior Living
Senior Living
Senior Living
Inpatient / Outpatient/
Post-Acute Services
Post-Acute Care
Post-Acute Services /
Long-Term Care
Post-Acute &
Rehabilitation Services
Post-Acute &
Rehabilitation Services
Skilled Nursing
Senior Living
Post-Acute &
Rehabilitation Services
Ale risLife
2023E EBITDA
$6.3(5)
Announcement
Date
Nov-22
Nov-22
Oct-22
Oct-21
Jun-21
Jul-18
Jun-18
Apr-18
Dec-17
Feb-15
Aug-14
Jul-14
Sep-13
Low (6)
9.2x
Deal Value ($mm)
ΝΑ
EV / NTM EBITDA
$32
ΝΑ
$155(2)
ΝΑ
$5,600
$9,9004)
$5,749
$4,100
$1,800
High (6)
11.2x
ΝΑ
$1,400
$409
EV / NTM EBITDA
NA
ΝΑ
ΝΑ
10.3x(2)
ΝΑ
ΝΑ
$58.0
(24.4)
$33.6
33.5
$1.00
10.1x4
NA
ΝΑ
ΝΑ
ΝΑ
ΝΑ
ΝΑ
(4)
10.3x
10.2
10.2
10.1
For informational
purposes:
EV / LTM EBITDA
NA
ΝΑ
NA
6.5x(2)
Implied Equity Value Per Share
Low
High
ΝΑ
8.5x
10.9x
(4)
16.8x
$70.9
(24.4)
$46.5
33.5
$1.39
10.0x
9.3x
14.1x
9.8x
11.1x
AlerisLife Implied Firm Value
(-) Net Debt
Implied Equity Value
FDSO
AlerisLife Implied Equity Value Per Share
Source: AlerisLife Management, press releases, public filings, Wall Street research and S&P Capital IQ as of 02/02/2023.
Note: "NA" denotes not publicly available. Metrics other than EV/NTM EBITDA shown for informational purposes.
(1)
(2)
In October 2021, Sonida Senior Living (f/k/a Capital Senior Living) announced that it had entered into an Amended and Restated Investment Agreement with affiliates of Conversant Capital LLC whereby it would raise a total of
$154.8mm through various financing transactions with Conversant.
Represents NTM EBITDA based on actual Q4 2021-Q3 2022 Adj. EBITDA of $15.1mm, as reported by Sonida Senior Living. Adj. EBITDA not burdened by Stock-Based Compensation expense. No EBITDA projections available for
Sonida since 2019, NTM EBITDA multiple calculated as transaction value of $155mm divided by NTM EBITDA of $15.1mm. LTM EBITDA multiple calculated as $155mm divided by Q4 2020-Q3 2021 reported Adj. EBITDA of $24mm.
In June 2022, Atria Senior Living acquired the management services business of Holiday Retirement for an undisclosed price, while Welltower purchased the 86 properties that Holiday owned and self-managed for $1.58bn.
Represents NTM EBITDA based on transaction value of $9.9bn and NTM EBITDA multiple of 10.1x, as disclosed in public filings. LTM EBITDA multiple of 10.9x as disclosed in public filings.
(3)
(4)
(5) Represents ALR Adj. EBITDA not burdened by $2.0mm annual Stock-Based Compensation expense.
cíti
(6)
EV/NTM EBITDA range based on +/-10% of median NTM EBITDA multiple of 10.2x.View entire presentation