Houlihan Lokey Advises Ambulatory Management Solutions

Houlihan Lokey is pleased to announce that Ambulatory Management Solutions (AMS) has received a growth capital investment from VSS Capital Partners (VSS). The transaction closed on April 15, 2021.

Headquartered in Chicago, AMS provides turnkey anesthesia and administrative support services for in-office and ambulatory-based surgical procedures to physician practices across various specialties that are completing surgical procedures for lower-risk patients in an office setting. The company’s comprehensive office-based surgical solution has helped to drive significant growth of outpatient surgery and to ease the burden associated with outpatient surgery on independent physicians. AMS has helped to create a safe, effective, and financially viable office-based anesthesia model that has been replicated throughout the country. The company has been focused on value-based healthcare since its founding in 1996, and AMS continues to refine the outpatient anesthesia model and services it provides to meet the needs of this unique and ever-changing environment.

VSS Capital Partners, a private investment firm, invests in the healthcare, business services, education, and information industries. Headquartered in New York, VSS provides capital for growth financing, recapitalizations, strategic acquisitions, and buyouts to lower middle-market companies and management teams with the goal of building companies organically as well as through focused add-on acquisition programs. VSS makes privately negotiated investments across the capital structure and invests in situations requiring control or non-control equity, mezzanine securities, and structured equity securities. VSS has over three decades of experience, made investments in 88 portfolio companies, with over 350 add-on acquisitions, and manages $3.5 billion in aggregate committed capital across seven funds.

Houlihan Lokey served as the exclusive financial advisor to AMS and assisted in initiating, structuring, and negotiating the transaction on its behalf.

This transaction further strengthens Houlihan Lokey's continued leadership position in the physician practice management and multisite healthcare sectors, having advised on more than 60 closed transactions since 2016, including 12 transactions over the past 12 months. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the country. In 2020, the group closed 22 transactions and was ranked the No. 1 M&A advisor for U.S. healthcare transactions under $1 billion by Refinitiv.