On March 1, 2006, Callisto Capital LP, in conjunction with management of Canadian Back Institute Limited (CBI Health), completed a management buy-out of all of the shares of CBI Health from Select Medical Corporation for an undisclosed amount. The acquisition was financed with a combination of debt and equity. Debt financing consisted of both senior and subordinated secured indebtedness.
A syndicate of lenders led by Canadian Imperial Bank of Commerce (CIBC), as agent for itself, and co-lender BMO Bank of Montreal, provided the senior financing and CIBC Mezzanine Finance and BMO Capital Corporation provided subordinate financing to assist in the completion of the acquisition.
CBI Health is Canada's largest rehabilitation services provider with over 120 community and hospital-based facilities across Canada. Callisto is a Toronto-based private equity firm. Select is a privately held company operating 101 specialty hospitals, 608 outpatient rehabilitation clinics and also provides medical rehabilitation services on a contract basis at nursing homes, hospitals, assisted living and senior care centers, schools, private homes and worksites throughout the US.
Callisto and CBI Health were assisted by Fraser Milner Casgrain LLP both on the acquisition and the financing with a team that included Richard Scott, Leslie Johnson, Alex C. Roberts, Barbara Conway, Caroline Wang, Gennady Ferenbok, Natasha Wong and Maja Czubernat.
Select was assisted by Dechert LLP with a team that included Carmen Romano and Stephen Leitzell.
In connection with the financing of the transaction, Lilly Wong, Rachel Conway, Thomas Subic and Shoshanah Webber of Gowling Lafleur Henderson LLP acted on behalf of the syndicate of senior lenders. Joel Scoler, Justin Lapedus and Julie Ouellon-Wente of McCarthy Tétrault LLP acted on behalf of CIBC Mezzanine Finance and BMO Capital.
A syndicate of lenders led by Canadian Imperial Bank of Commerce (CIBC), as agent for itself, and co-lender BMO Bank of Montreal, provided the senior financing and CIBC Mezzanine Finance and BMO Capital Corporation provided subordinate financing to assist in the completion of the acquisition.
CBI Health is Canada's largest rehabilitation services provider with over 120 community and hospital-based facilities across Canada. Callisto is a Toronto-based private equity firm. Select is a privately held company operating 101 specialty hospitals, 608 outpatient rehabilitation clinics and also provides medical rehabilitation services on a contract basis at nursing homes, hospitals, assisted living and senior care centers, schools, private homes and worksites throughout the US.
Callisto and CBI Health were assisted by Fraser Milner Casgrain LLP both on the acquisition and the financing with a team that included Richard Scott, Leslie Johnson, Alex C. Roberts, Barbara Conway, Caroline Wang, Gennady Ferenbok, Natasha Wong and Maja Czubernat.
Select was assisted by Dechert LLP with a team that included Carmen Romano and Stephen Leitzell.
In connection with the financing of the transaction, Lilly Wong, Rachel Conway, Thomas Subic and Shoshanah Webber of Gowling Lafleur Henderson LLP acted on behalf of the syndicate of senior lenders. Joel Scoler, Justin Lapedus and Julie Ouellon-Wente of McCarthy Tétrault LLP acted on behalf of CIBC Mezzanine Finance and BMO Capital.
