Industry: Healthcare / Services
Transaction: Private Placement of Equity & Debt


Policy Studies, Inc. ("PSI"), the largest provider of non-support outsourcing services in the United States, provides privatization, consulting, outsourcing, call centers and other services for state and local governments and healthcare providers.

PSI, a privately owned and operated company, was seeking a financial partner and additional debt financing to support the company's growth and for shareholder liquidity. GMB was retained as the company's exclusive financial advisor in the private placement of equity and debt and also to provide valuation services.

At PSI's request, GMB conducted a focused search for an equity partner, rather than a broad auction process. GMB successfully negotiated a minority investment by Endeavour Capital, a private equity firm based in Portland, OR specializing in investing in middle market companies. Each party's goals were met in spite of challenges related to control rights in light of Endeavour's minority ownership position.

As part of the transaction, GMB represented PSI in renegotiating with PSI's senior lenders, resulting in an increased loan amount and more favorable terms.

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