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FMV BLOG
Will Hamilton
- Apr 7
PACE Valuations: InnovAge IPO
InnovAge Holding Corp. filed an IPO with the SEC on February 8, 2021, raising ~$350m at an enterprise value of ~$3.5b. With annualized revenue and adjusted EBITDA of ~$620m and ~$86m, respectively, the multiples workout to 5.6x and 40.6x. The offering comes shortly after a mid-2020 recapitalization based on a reported valuation of $950m. InnovAge was originally acquired by Welsh Carson in 2016 in the first non-profit conversion involving a PACE program for a reported price of
Will Hamilton
- Apr 1
Oncology Valuations: Acquisition of The Oklahoma Proton Center
The Oklahoma Proton Center is being purchased for $62m by a newly formed non-profit organization in a transaction exclusively financed with over ~$72m of municipal bond debt (includes additional funds for debt service reserves and issuance costs). TOPC, which was built for approximately $120m in 2009 and financed with over $100m in debt obligations, has recently undergone a startling turnaround since being purchased out of bankruptcy in late 2018. According to bankruptcy cour
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