|
 |
SELECTED EXVERE CASE STUDY
Armstrong Uniserve  Client: Armstrong Uniserve, Inc. and Armstrong Unicare LLC, was by far Washington State's largest provider of in-home personal care services to the elderly and disabled, with over 2,000 caregivers and 1.5 million hours served per year. The company was founded and managed by Lea Armstrong, recipient of numerous honors including the Korean-American Woman of the Year, University of Puget Sound Outstanding Alumnus, and the Washington State Governor's Award for Outstanding Volunteer Service. Challenge: Armstrong's owner was keenly interested in finding a purchaser that shared her vision of corporate and community responsibility to her valued employees and clients, while seeking to maximize total enterprise value for a business growing sales over 25% per year. However, industry consolidators had not been rewarding similar non-medical care agencies with purchase price multiples sufficiently attractive to our client. Process: After extensive review of Armstrong's finances and operations, Exvere prepared marketing materials and conducted a targeted search. The search included not only strategic buyers, but also financial buyers experienced with government reimbursement programs. Exvere's methodical approach resulted in multiple bids from financial and strategic buyers. Outcome: With the opportunity to evaluate multiple offers side-by-side, our client selected an offer that most closely met her criteria, and represented more than twice the valuation of her initial indications of interest. Exvere coordinated the efforts of the parties' legal and accounting professionals, and assisted with the navigation of numerous complex issues, including assignments of government contracts, Medicaid licenses, and facility leases. |
