Peapack Private Investment Banking Advises Community Surgical Supply in Sale

Rhea-AI Summary

Peapack-Gladstone Financial Corporation (PGC) announced its investment banking division, Peapack Private Investment Banking, played a key role in the sale of Community Surgical Supply (CSS) to AdaptHealth. CSS, a provider of home care equipment and services, has over 50 years of experience. The financial terms of the deal were not disclosed. AdaptHealth, operating in 47 states, specializes in patient-centered healthcare-at-home solutions. Peapack Private Investment Banking focuses on providing corporate advisory solutions, helping middle market businesses navigate critical phases in their lifecycle.

Positive

• Peapack Private Investment Banking facilitated the sale of CSS, indicating a strong foothold in investment banking.
• CSS is recognized for its 50 years of healthcare expertise, enhancing Peapack's portfolio credibility.
• AdaptHealth's acquisition aligns with market trends towards patient-centered home healthcare solutions.

Negative

• Financial terms of the deal were not disclosed, which may raise concerns about transparency.
• -

Bedminster, NJ, March 09, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and its investment banking division, Peapack Private Investment Banking (“Peapack”), is pleased to announce its participation in the sale of Community Surgical Supply (“CSS”) to AdaptHealth.  Headquartered in Toms River NJ, CSS is a clinically focused home care equipment and services provider, with over 50 years of healthcare experience, offering the most advanced technologies coupled with outcome-based follow up programs to the medical community.  Peapack served as financial advisor, and Donnelly Minter & Kelly served as legal counsel to the majority owners of CSS.  The financial terms of the deal were not disclosed.

AdaptHealth, a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services, operates in 47 states, and offers a breadth of clinically driven products and services designed to help patients adapt to life in the home including sleep and respiratory therapy, diabetes management supplies, mobility products, wound care, non-invasive ventilation, and nutrition.

Peapack Private Investment Banking provides a coordinated and integrated approach to corporate banking, investment banking, and wealth management solutions, to middle market business owners at crucial points in the business lifecycle.  Specializing in advising on strategic alternatives, and attuned to the specific needs of its clients, Peapack Private Investment Banking adds considerable value to critical merger and acquisition decision making.

Kevin Bodnar, Head of Corporate Advisory at Peapack Private Investment Banking, said, “We are diligently focused on supporting our clients through this particularly critical time in their lives.  These deals are always challenging and often represent years of hard work and dedication.  Our goal is to provide the guidance and care necessary for a successful outcome for everyone involved.”  

Established in 2019, Peapack Private Investment Banking and its broker dealer, PGB Securities LLC, offers a full range of corporate advisory solutions to middle market companies and their owners, across all major industry sectors. The team specializes in taking a relationship-first approach in every interaction, while providing senior leadership with independent advice.  This includes merger and acquisition advisory support, evaluation, and assistance with accessing alternative capital markets, evaluation of strategic alternatives to maximize shareholder value, succession planning and customized structured finance, asset-based and/or enterprise value financing solutions. 

About the Company

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.1 billion and assets under management and/or administration of $11.1 billion as of December 31, 2021.  Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, investment banking, commercial and retail solutions, including residential lending and online platforms, to businesses and consumers.  Peapack Private, the Bank’s wealth management division, offers comprehensive financial, tax, fiduciary and investment advice and solutions, to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy.  Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service.  Visit www.pgbank.com and www.peapackprivate.com for more information.

Contact:  Denise M. Pace-Sanders, SVP Managing Principal, Brand and Marketing Director, dpace@pgbank.com, 908.470.3322, Peapack-Gladstone Bank, 500 Hills Drive, Suite 300, Bedminster, NJ 07921.

FAQ

What recent deal did Peapack-Gladstone Financial Corporation (PGC) announce?

Peapack announced its investment banking division facilitated the sale of Community Surgical Supply (CSS) to AdaptHealth.

What is the significance of the sale of Community Surgical Supply?

The sale highlights Peapack's role in investment banking and enhances its portfolio with a business recognized for over 50 years in healthcare.

Who acquired Community Surgical Supply (CSS)?

AdaptHealth, a leader in providing healthcare-at-home solutions, acquired CSS.

What does Peapack Private Investment Banking specialize in?

Peapack specializes in providing corporate advisory solutions, particularly in merger and acquisition advisory for middle market businesses.