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Austin Emergency Center is a leading independent freestanding emergency center company, tied for the largest in Austin, Texas , where it is based. The company sees approximately 11,500 patient visits per year and its centers can serve up to 70 patients per center per day.
Neighbors Global Holdings was an owner and operator of a network of freestanding emergency centers throughout Texas. The company’s portfolio included 22 facilities with active operations and 20 facilities that were closed or inactive.
In January 2018, Neighbors began to explore the sale of its facilities due to declining patient volumes and high operational costs. In July 2018, the company declared Chapter 11 bankruptcy and planned to hold an sale for all or substantially all their assets.
Cypress acted as the buy side advisor to Austin Emergency Center in its successful bid of one of the Austin facilities.