SSG Capital Advisors acted as the investment banker to New England Orthotic & Prosthetic Systems (NEOPS) in the sale of all of its outstanding senior debt to medical device and services provider AHM Healthcare Strategies. Additionally, SSG provided expert valuation services to NEOPS to help facilitate a plan of reorganization in the U.S. Bankruptcy Court for the District of Connecticut, New Haven Division.
NEOPS was founded in 1998 to create a more “practitioner- and patient-friendly” orthotic and prosthetic company with a focus on the Northeastern U.S. The company provides patients with comprehensive orthotic, prosthetic and compression therapy services as well as cranial orthosis.
Due to constrained liquidity and its adverse impact on operations, SSG was retained in April 2017 as NEOPS’s exclusive investment banker to explore strategic alternatives, including a refinancing of the existing indebtedness or a sale of the company. SSG conducted an expedited marketing process that resulted in a wide range of interest from strategic and financial buyers. Ultimately, the offer from AHM to acquire the company’s senior debt provided the highest value to the company’s stakeholders.
After closing the sale of its senior debt, NEOPS filed for Chapter 11 protection to convert the senior debt to equity control. NEOPS re-retained SSG to prepare an enterprise valuation of the company and assist in the negotiations during the plan confirmation process.