On December 31, 2015, Centric Health Corporation completed the divestment of its physiotherapy, rehabilitation and medical assessment businesses to an affiliate of Audax Private Equity, a member of the Audax Group, for $245 million plus up to $5 million in contingent consideration. A substantial portion of the net proceeds are intended to be used to repay debt. Financing for the transaction was provided by Antares Holdings LP and Sankaty Capital LP. Centric Health was represented by its General Counsel Brandon Parent, as well as Dee Rajpal, Matt Cameron, Erisa Mara, Meghan Jones and Luke Sinclair (corporate), John O’Connor (tax), and Brady McLeod (real estate) of Stikeman Elliott LLP.
Audax was represented by its General Counsel Dan Weintraub (corporate) and Deputy General Counsels Tamarah Belcyzk (finance), Joshua Aronson (corporate) and Michael Fondo (tax), as well as Michael Gans, Tim Phillips, Tom Rowe, Raees Nakhuda, Josh Whitford and David Bristow (corporate), Paul Stepak and Peter Lee (tax) and Ian Binnie, Jennifer Hancock and Shubhreen Kaur (finance) of Blake, Cassels & Graydon LLP and Jeff Seifman, John Berger (corporate), Greg Bauer (finance), Rachel Cantor and Polina Liberman (tax) of Kirkland & Ellis LLP.
Antares was represented by Richard Higa and Ian Mak, Damilola Katibi and Sabrina Lyon of McCarthy Tétrault LLP. Sankaty was represented by Richard Borins, Scott Cooper and Jeremy Burgess of Osler, Hoskin & Harcourt LLP, and by Gary Creem, William Brady, Steven Peck and Patrick Walling of Proskauer Rose LLP.