Houlihan Lokey Advises CRH Healthcare

Houlihan Lokey is pleased to announce that CRH Healthcare (CRH), a portfolio company of MSouth Equity Partners (MSouth), has been recapitalized by Freeman Spogli & Co. The transaction closed on December 18, 2018.

Founded in 2012 and headquartered in Atlanta, Georgia, CRH is a patient-focused operator of 38 urgent care centers in Georgia, Florida, and Alabama. CRH is a leader in its markets having grown historically through both acquisitions and de novo development. CRH operates a family of brands, leveraging a different brand name in each state, while always maintaining focus on the CRH mission, "to deliver the Perfect Patient Experience every time." To achieve this mission, everything the company does is focused on the 5C's—convenient, courteous, caring, competent, and compliant. All of CRH's clinics are equipped to help diagnose and treat a wide range of non-life threatening illnesses and injuries as well as to provide occupational health services to local employers.

Founded in 2007, MSouth Equity Partners manages $2.2 billion across four funds. MSouth is the successor to Cravey, Green & Wahlen, which was founded in 1984. MSouth's partners have worked with lower middle market companies in the South for more than 30 years, and in total MSouth has invested over $964 million in 32 companies. MSouth invests with a growth-oriented philosophy of building equity value by increasing operating cash flow. Over the years, the firm has maintained a consistent focus on lower middle market management buyouts of business services, healthcare, manufacturing, media & telecom, and specialty distribution companies.

Freeman Spogli & Co. is a private equity firm dedicated exclusively to investing in and partnering with management in consumer-related and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested over $4 billion in 59 portfolio companies with aggregate transaction value of over $22 billion and is currently making investments from FS Equity Partners VII, L.P. Freeman Spogli has offices in Los Angeles and New York.

This transaction further strengthens Houlihan Lokey's leadership position in the multi-site healthcare sector where Houlihan Lokey has advised on approximately $9 billion in transaction enterprise value over the last three years. This transaction also marks Houlihan Lokey's eighth transaction in the urgent care sector, and third in 2018. Houlihan Lokey's Healthcare Group is among the largest dedicated healthcare investment banking groups in the country. In 2017, the group was ranked the No. 1 M&A advisor for all U.S. healthcare transactions under $1 billion by Thomson Reuters.