Cross Keys Capital Completes Sale of Square Waveform Anesthesiology to NorthStar Anesthesia

Fort Lauderdale, Fla., Nov. 16, 2016 -- 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 Square Waveform Anesthesiology, P.A. (“SWA”) in its sale to NorthStar Anesthesia, one of the country’s leading anesthesia care companies. The transaction was led by Cross Keys’ Managing Director Bill Britton and Vice President Victor Kalafa.

Mr. Britton, co-founder of Cross Keys and leader of the firm’s healthcare practice said, “Uncertainty in the healthcare space continues to drive groups to explore their options and seek out a partner with value-added resources that most smaller, regional groups cannot provide on their own. Valuations remain high and consolidation continues.”

“This latest acquisition demonstrates that there is a continued interest from strategic buyers to acquire quality practices to strengthen their position within markets that are the next to consolidate,” added Mr. Britton. “We were pleased to have had the opportunity to work closely with SWA to help close a deal that made strategic sense for both parties.”

Square Waveform Anesthesiology provides the anesthesia care services for many rural hospitals in the state of Iowa. It is unique in that it utilizes an all-CRNA model. 

“As the sole shareholder of a regional anesthesia company, I was relieved to earn the representation of Cross Keys Capital to help me value and sell my business,” said G. Tyler McDonald, President & Founder of SWA. “I was thoroughly supported throughout the process of preparing all the necessary items, selecting a buyer, and completing a transaction.”

“I could not have been more pleased with the outcome.  The team at Cross Keys demonstrated integrity and honesty, and a genuine effort to protect my interests.  I believed they would deliver for me based upon their history and deep healthcare transactional experience, and as soon as we got underway, I observed that they do exactly what they say they will do and then some.  I couldn’t imagine another banker who could execute the way Cross Keys did and add the value to my transaction the way they did,” added Tyler.

The sale of Square Waveform Anesthesiology, P.A. represents Cross Keys’ fifty-fourth closed transaction on behalf of physician group practices, and the twenty-eighth anesthesiology group they have successfully represented in their sale. In the last year alone, Cross Keys Capital represented the following groups in the sale of their practice: Anesthesia Associates of Cincinnati and Pain Management Associates in their sale to TeamHealth Holdings; Lake County Anesthesia Associates in its sale to TeamHealth Holdings; AllegiantMD, Inc. in its sale to Sheridan Healthcare, the Physician Services Division of AmSurg Corp.; Westchester Anesthesiologists in its sale to a New York affiliate of MEDNAX, Inc.; Jandee Anesthesiology Partners and Karadan Anesthesiology and Pain Management in their sale to Sheridan Healthcare; West End Anesthesia Group, Inc. and Hanover Anesthesia Group, Inc. in their sale to MEDNAX, Inc.

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