The shareholders of OxyHeal Health Group, the world's leading provider of hyperbaric medicine solutions, sought to sell the 44-year old company. Previous investment banking teams over three attempts were unsuccessful. Keystone was retained and thoroughly understood the company's operations. They developed an aggressive marketing strategy and secured a letter of intent from a strategic buyer. Due diligence delays and restructured terms posed challenges but Keystone worked tirelessly to keep the deal alive. Through creativity and advocacy, Keystone successfully closed the transaction, achieving an unprecedented outcome for shareholders.

1. EXCEEDING CLIENT EXPECTATIONS
Recently Completed Transaction in the Healthcare Industry
THE CHALLENGE
The shareholders of OxyHeal Health Group, the world’s leading provider of turnkey
hyperbaric medicine solutions for acute care hospitals, was looking to sell the 44-year-old
company and retire. Between 2006 and 2013, the owners hired three different investment
banking teams, including “industry specialists”, but none were able to consummate a deal.
THE STRATEGY AND PROCESS
The company’s shareholders retained the professionals at Keystone to initiate a new sales
process. A senior Keystone professional with extensive operating experience took the time
to thoroughly understand the company’s operations and markets. Keystone then developed
an aggressive strategy to market the company to a focused list of domestic and foreign
strategic suitors, including operating companies and private equity groups with related
platform investments. Keystone then secured a Letter of Intent, with a very attractive
transaction structure, from a strategic buyer with a track record of industry success.
Issues in due diligence delayed the process several months and led to the restructuring of
transaction terms. Keystone worked tirelessly with the client and buyer to maintain a
constructive deal atmosphere, developed creative solutions to address the buyer’s concerns
and keep the deal alive, and negotiated additional structure that will potentially result in an
even higher transaction multiple.
THE RESULT
Keystone’s creativity, and relentless advocacy in the face of numerous challenges, resulted
in a successful close of the transaction and an unprecedented financial outcome for the
shareholders.
THE DIFFERENCE …EXPERIENCE, CREATIVITY AND TENACITY
• Understanding each business’ key value drivers and growth opportunities
• Vetting the marketplace and identifying suitors beyond the usual suspects
• Managing challenging situations throughout the process
• Articulating compelling value propositions to attract the right buyers
• Tailoring our strategy to the needs of the client … and the deal
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Note: The structure and success of this transaction does not guarantee or imply similar future success in all transactions.
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“We cannot overstate how critical
the Keystone team was to
completing this deal – they did the
work, found the answers, gave all
parties confidence, and held a
challenging and lengthy process
together. They were expert and
professional throughout.”
Lou Caballero – Partner, Bison
Capital (Investor)
“We hired three previous
investment banks, including so-
called "industry experts", but none
had the prior operating experience
or commitment to truly learn our
business. That capability, along
with Keystone's tenacity and
creative problem-solving under
unusually difficult circumstances,
is the only reason this deal
happened …and with better terms
than any previous investment bank
could deliver.”
Ted Gurneé – Founder & CEO,
OxyHeal Health Group (Client)
“Our firm has encountered a wide
range of M&A advisors. I have
never worked with one that
assisted a client as much with
negotiating and consummating a
transaction as Stuart Moss at
Keystone. Stuart’s commitment,
knowledge and patience helped to
complete a very challenging
transaction.”
Matthew Short -- Procopio Cory,
et. al. (Seller’s counsel)