2017 – 2018
A sector leader for more than 70 years, Briggs Healthcare and its subsidiary companies provide professional documentation systems and forms, compliance services, data workflow and analytic capabilities, medical record charting, medical supplies and rehabilitation aids, and staff education and resource materials to more than 50,000 post-acute customers globally.
ST Advisors was engaged in October 2017, just as Briggs was completing a massive migration in its compliance organization from paper-based solutions to next generation digital products. Briggs’ goal was to use inorganic growth as a catalyst to expand its compliance platform in the skilled nursing market while also broadening its scope and expertise into new post-acute markets; the organization looked to ST Advisors as its trusted partner to facilitate this process.
As with all of our business development engagements, we began with a joint session with the management team to gain a deep understanding of the business and the company’s inorganic growth objectives. At this point, ST Advisors created a “first iteration” of potential acquisition targets in Briggs’ sectors of interest that fit the company’s mutually agreed acquisition criteria. Using this first iteration target list, we worked with Briggs to refine the acquisition criteria, and from this point, ST Advisors identified potential acquisition targets and presented them to Briggs for validation, using our unique research methodology. For promising targets, we connected with the leadership or financial sponsor of the target organization, facilitating introductions with Briggs when strategic fit and interest aligned.
ST Advisors worked closely with the Briggs team for 12 months through the successful acquisition of Selman- Holman & Associates. In the course of our work, we evaluated almost 950 companies, discussed 150 companies with the Briggs’ team, and reached out to more than 70 organizations. Where there was strategic fit and interest, we facilitated discussions between Briggs and the potential targets, resulting in 10+ conversations.
ST Advisors acted as an extension of the Briggs team from start to finish, remaining an integral part of the team through the entire diligence process. Briggs Healthcare acquired Selman-Holman & Associates on November 1, 2018; ST Advisors continues to collaborate with Briggs, as we work to identify and close additional opportunities.
“In late 2017, we enlisted ST Advisors to help drive our internal business development efforts at Briggs. Our goal was that ST would bring industry knowledge and expertise, along with strategic thinking, to further our ongoing corporate development initiatives. We wanted more than just a traditional investment bank; we wanted a trusted advisor and partner, and with ST Advisors that is exactly what we got. We’ve been engaged with Ben and Michelle for over a year, and they bring a high level of integrity, along with a tremendous work ethic and extensive industry relationships, to the engagement – all of which have contributed to positive results. ST Advisors has become a member of our team, and I would highly recommend them!”
