BETHESDA, Md., Dec. 28, 2020 /PRNewswire/ — Healthcare Providers Acquisition Company at present introduced the closing of its upsized and oversubscribed preliminary public providing of 33,120,000 models at $10.00 per unit. Gross proceeds from the providing, inclusive of each a 20% upsize and full train of the 15% over-allotment choice (or “greenshoe”), had been $331.2 million. Every unit consists of 1 share of the corporate’s Class A standard inventory and one-half of 1 redeemable warrant. Every entire warrant entitles the holder to buy one share of Class A standard inventory at a value of $11.50 per share. The Firm’s models commerce on the Nasdaq Capital Market (“Nasdaq”) underneath the image “HCARU.” As soon as the securities comprising the models start separate buying and selling, the corporate expects that its Class A standard inventory and warrants might be listed on Nasdaq underneath the symbols “HCAR” and “HCARW,” respectively.
Healthcare Providers Acquisition Company is led by Chairman and CEO David T. Blair, a 25-year healthcare business veteran and former Chairman and CEO of Catalyst Well being Options, Inc., and a group of skilled executives with public firm monitor data, deep business roots, transaction and financing expertise, and administration and company transformation experience. The corporate’s administration group contains Martin J. Payne, former senior government at Catalyst and UnitedHealth Group, as President; Joshua B. Lynn, former Managing Director at Caspian Capital, as Chief Monetary Officer; and Tao Tan, former Affiliate Associate at McKinsey & Firm, as Chief Working Officer.
Healthcare is a big sector of the U.S. economic system that’s projected to exceed $4.2 trillion of expenditures in 2021 in response to the Facilities for Medicare & Medicaid Providers. The market is rising, but in addition extremely fragmented, and quickly consolidating. A handful of huge healthcare gamers declare an outsized share of the market, creating engaging alternatives for middle-market gamers who can supply superior service, aggressive prices, and national-scale capabilities.
“We’re each happy and humbled by the reception we have obtained from buyers, and sit up for bringing to the market an organization that successfully tackles our nation’s more and more advanced healthcare challenges, notably round disparities in entry and outcomes, whereas delivering distinctive returns for our shareholders,” stated David T. Blair, Chairman and CEO of Healthcare Providers Acquisition Company. “In an business that thrives on scale, a SPAC allows us to ‘begin at scale’ and chart a path to transformative development by combining the ability of public markets with our intensive relationships and worth creation playbook.”
“SPACs have had a banner 12 months. However one differentiator continues to face out: operator-led administration groups who can conduct targeted searches, lead top quality unbiased diligence and strategic marketing strategy improvement, and who’re dedicated to sturdy governance and long-term worth creation,” stated Martin J. Payne, President of Healthcare Providers Acquisition Company.
Funds and accounts managed by BlackRock function Healthcare Providers Acquisition Company’s anchor investor, and bought an mixture of $24,480,000 of models within the providing.
AllianceBernstein (AB) serves as Healthcare Providers Acquisition Company’s strategic companion.
“AB is delighted to companion with Healthcare Providers Acquisition Company on this transaction, our inaugural participation as a SPAC sponsor. We sit up for leveraging our analysis platform, personal and public firm experience, and investor networks to collaborate with administration of their search and diligence processes, in addition to probably taking part in future financing alternatives in reference to their eventual enterprise mixture,” stated Ali Dibadj, Head of Finance and Technique for AllianceBernstein. “We consider the SPAC course of will stay an necessary element of the capital market panorama and hope to ship sturdy outcomes for our purchasers over the approaching years with our participation on this and different revolutionary methods.”
B. Riley Securities, Inc., a subsidiary of B. Riley Monetary, Inc., serves as the corporate’s sole book-running supervisor.
“This SPAC represents a sexy alternative to spend money on a prime tier administration group that’s dedicated to creating worth for the underserved middle-market healthcare business. The overwhelming investor demand for this IPO speaks to the group’s operational and funding acumen. With confirmed business experience, Healthcare Providers Acquisition Company provides a novel funding alternative in offering mandatory liquidity and a public foreign money to handle the challenges in healthcare. We’re happy to function underwriter on this transaction and sit up for proceed working with the group on their final enterprise mixture,” stated Jonathan Mitchell, Senior Managing Director and Head of SPAC Banking at B. Riley Securities.
Ropes & Grey LLP is serving as issuer’s counsel with Ellenoff Grossman & Schole LLP as underwriters’ counsel. WithumSmith+Brown, PC serves as auditor. Continental Inventory Switch & Belief Firm LLC serves as trustee.
Healthcare Providers Acquisition Company (NASDAQ: HCAR) is a particular goal acquisition firm led by a group of buyers, operators, and leaders within the healthcare house, searching for to companion with bold administration who’re constrained by capital availability, operational experience, and national-scale capabilities. The corporate closed its upsized and oversubscribed IPO on December 28, 2020, with $331.2 million in belief. For extra data, please go to www.healthcarespac.com.
B. Riley Monetary, Inc. (“B. Riley”) offers collaborative monetary companies options tailor-made to suit the capital elevating, enterprise, operational, and monetary advisory wants of its purchasers and companions. B. Riley Securities, Inc., a number one full-service funding financial institution and FINRA registered broker-dealer, is a wholly-owned subsidiary of B. Riley Monetary. B. Riley operates by means of a number of subsidiaries which supply a various vary of complementary end-to-end capabilities spanning funding banking and institutional brokerage, personal wealth and funding administration, company advisory, restructuring, due diligence, forensic accounting, litigation help, appraisal and valuation, and public sale and liquidation companies. Sure registered associates of B. Riley originate and underwrite senior secured loans for asset-rich firms. B. Riley additionally makes proprietary investments in firms and property with engaging return profiles. For extra details about B. Riley and its affiliated firms, please go to www.brileyfin.com.
BlackRock’s goal is to assist increasingly individuals expertise monetary well-being. As a fiduciary to buyers and a number one supplier of monetary expertise, our purchasers flip to us for the options they want when planning for his or her most necessary targets. As of September 30, 2020, the agency managed roughly $7.81 trillion in property on behalf of buyers worldwide. For extra data on BlackRock, please go to www.blackrock.com/corporate.
AllianceBernstein is a number one world funding administration agency that provides high-quality analysis and diversified funding companies to institutional buyers, people and personal wealth purchasers in main world markets, with property underneath administration of $631 billion as of September 30, 2020. As of September 30, 2020, together with each the overall partnership and restricted partnership pursuits in AllianceBernstein, AllianceBernstein Holding owned roughly 35.5% of AllianceBernstein and Equitable Holdings, Inc., instantly and thru numerous subsidiaries, owned an approximate 65.3% financial curiosity in AllianceBernstein. Further details about AB could also be discovered on our web site, www.alliancebernstein.com.
+1 (214) 914-7652
SOURCE Healthcare Providers Acquisition Company