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Raymond James Health Care Investment Banking Group Advises Amedisys on $395 Million Acquisition of TLC Health Care Services, Inc.

Posted on: Wednesday, 20 February 2008, 15:00 CST

The Raymond James Health Care Investment Banking Group acted as financial advisor to Amedisys, Inc. (Nasdaq: AMED) in its $395 million acquisition of TLC Health Care Services, Inc. ("TLC"). The acquisition was announced by the companies yesterday. Amedisys is the nation's largest Medicare-focused home nursing company with a market capitalization of approximately $1.1 billion. TLC is a privately-owned provider of home nursing and hospice services with 92 home health and eleven hospice locations located in 22 states and the District of Columbia. After the transaction closes, Amedisys will have over 480 agencies in 35 states, Puerto Rico and the District of Columbia, including home health agencies located in 14 CON states or territories.

Raymond James served as exclusive financial advisor to Amedisys in connection with the acquisition, advising the Company's management team on the structuring of the transaction and the negotiation of transaction terms and final purchase agreement. The Group also advised Amedisys in connection with a related $500 million acquisition credit facility also announced yesterday.

"Raymond James and Amedisys have had a longstanding relationship," stated Burk Lindsey, a Managing Director in the Firm's Health Care Investment Banking Group, which is based in Nashville. "Amedisys has been one of the most consistent performers in health care services sector over the past five years in terms of shareholder value creation. The Company's executive management team, led by Bill Borne, Larry Graham, and Dale Redman, has done a remarkable job growing and positioning Amedisys over that period. Their significant investments in infrastructure and focus on balance sheet strength have positioned Amedisys perfectly for this transaction, and it is one we think will be transformative for the company." Riley Sweat, Managing Director and Head of the Firm's Health Care Banking effort added, "We're delighted to continue our long-term relationship with Amedisys by advising the company in such an important transaction. We believe Amedisys will continue to lead the consolidation of the fragmented home nursing industry while also delivering superior financial performance for its shareholders. The long-term nature of the Amedisys relationship is emblematic of those we seek to develop with each of our clients."

The Amedisys transaction extends the Group's longstanding track record in the home health care sector. The Group advised pediatric nursing provider PSA Healthcare on its go-private transaction last year as well as on the divestiture of that company's specialty pharmacy and respiratory divisions in prior transactions. The Firm's Health Care Group also lead-managed the last two Amedisys follow-on equity offerings and has advised on other capital-raising and sell-side transactions in home care in recent years.

About the Raymond James Health Care Investment Banking Group

In terms of domain expertise, dedicated resources, and transaction track record, the Health Care Investment Banking Group of Raymond James & Associates is one of the oldest, largest, and most successful health care-focused advisory services practices in the United States. The group provides a broad range of advisory and capital raising services to companies within the health care industry and has senior banking personnel focused on a wide variety of health care sectors. Since 1990, the group's investment bankers have advised on approximately 260 transactions, including mergers and acquisitions with an aggregate value of more than $11.0 billion and equity and debt financings in excess of $10.0 billion. The group has offices in Nashville and St. Petersburg, Fla.

About Amedisys, Inc.

Headquartered in Baton Rouge, Louisiana, Amedisys is the nation's largest Medicare-focused home nursing provider. The Company delivers a range of health-related services in the home to individuals who may be recovering from surgery, have a chronic disability or terminal illness, or need assistance with the essential activities of daily living. The services include skilled nursing and home health aid services; physical, occupational and speech therapy, and medically oriented social work to eligible individuals who require ongoing care that cannot be provided by family and friends. In addition, the Company has developed and offers clinically focused programs for chronic conditions and disease categories, such as diabetes, coronary artery disease and congestive heart failure. Amedisys common stock trades on the NASDAQ Global Select Market under the symbol "AMED."

About TLC Health Care Services, Inc.

Headquartered in Lake Success, New York, TLC is a provider of home health and hospice services through 93 locations in 21 states and the District of Columbia. The company is private and majority-owned by Arcapita, a leading international investment and private equity firm with offices in Bahrain, Atlanta, and London.

For additional information, please contact either Burk Lindsey at 615.321.8078 or Riley Sweat at 615.321.8075.

Please visit the Raymond James Press Center at raymondjames.com/media or the Health Care Investment Banking Group's website, which is www.rjhealthcarebanking.com.

Source: Business Wire

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