Bios Companies Partners with Oakworth Capital Bank & Lazear Capital Securities to Secure ESOP Financing

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Oakworth Capital Bank acted as Servicer and Sole Agent for Bios Companies' equity investment, refinance of debt, and working capital needs. Lazear Capital Securities provided financial advice and a custom solution. Bios offers services for individuals with disabilities. The transaction impressed Lazear Capital Securities and Bios' Chairman. Oakworth's affinity for the healthcare sector made it a good fit. Bios has experienced significant growth and expansion.

BIRMINGHAM, Ala., Sept. 7, 2023 /PRNewswire/ -- Oakworth Capital Bank (OTCQX: OAKC) acted as Servicer and Sole Agent for senior secured credit facilities that supported Bios Companies, Inc. Employee Stock Ownership Plan's 100% equity investment in Bios Companies Inc. ("Bios"), the refinance of outstanding real estate debt and the company's ongoing working capital needs.

Lazear Capital Securities not only acted as financial advisor to Bios in securing the financing, but also worked with Bios' owners to design a custom solution which included employee benefits, financial flexibility and maximized tax advantages.

Formed in 1990, Bios was established by Linda Myers, Glenn Salley, and her son-in-law, Eddie Miller, as a committed, viable alternative for Oklahomans with intellectual and developmental disabilities (I/DD). Through its subsidiaries BiosHealth, BiosHome, BiosWork and BiosReady, they offer a wide range of services from home health and disability support to vocational support and healthcare training.

Oakworth's Healthcare Commercial Client Advisor Terrell Taylor led efforts on behalf of the bank and coordinated with Lazear Capital to structure Bios' debt capital solution.

"We are very impressed with Oakworth; the whole team did a fantastic job on behalf of Bios," said Todd Goldman, Lazear Capital Securities managing director. "We built a relationship with a lender who thinks strategically, creatively and independently, which is a rare combination in the current market."

Eddie Miller, Chairman of Bios, added, "I personally have found Oakworth to be very professional and consumer driven.  Given the complexity of an ESOP transaction, Oakworth has been a wonderful business partner, their expertise and professionalism really helped get us across the finish line."

"Our affinity for the behavioral healthcare sector made this transaction an easy fit for the bank," said Taylor. "Over the last 30 years, Bios has experienced significant growth, diversified their customer base and expanded geographically while maintaining its original core values of service to others and creating healthy relationships. Bios acts as an invaluable resource and support mechanism for individuals with intellectual and developmental disabilities, so we are honored to partner with them to support the next phase of Bios' story."

About Oakworth Capital Bank
Oakworth Capital, Inc. operates as the bank holding company for Oakworth Capital Bank (OTCQX: OAKC). Oakworth was founded in 2008 and operates three offices in the Southeast, including its headquarters in Birmingham, Alabama and is opening a fourth office in September, 2023. Oakworth provides commercial and private banking, wealth management and advisory services to clients across the United States.

Oakworth has been named the #1 "Best Bank to Work For" for the past five years in a row (2018-2022) by American Banker. Additionally, Oakworth has earned a Net Promoter Score (NPS) of 96 out of 100 (June 2022 to June 2023) and has a client retention rate of 95% in 2022. As of June 30, 2023, Oakworth had $1.4 billion in total assets, $1.1 billion in gross loans, $1.2 billion in deposits and $2.0 billion in wealth and trust assets under management. For more information, visit www.oakworth.com. 

About Lazear Capital Securities
Lazear Capital Securities is a middle-market investment bank specializing in ESOPs, mergers and acquisitions, capital formation, and turnaround advisory services. The firm is differentiated by the partners' extensive legal, accounting, financing and deal structuring background with some of the nation's largest companies.

For more information contact:
Sonia Blumstein
Phone: 205-278-2017
Email: sonia.blumstein@oakworthcapital.com

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SOURCE Oakworth Capital Bank