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Austin Emergency Center (“AEC”) is a network of seven Independent Freestanding Emergency Centers (“IFSECs”) that is moving towards an integrated care model, incorporating a micro-hospital / hospital outpatient department (or HOPD) strategy and building physician group alliances alongside its strategically placed IFSECs. AEC provides 24/7 emergency care with wait times much shorter than those encountered in hospital-based emergency rooms and provides full on-site care including emergency, radiology, and laboratory services.
Altus Community Health Care, LP (“Altus”), an affiliate of ZT Corporate, is an integrated network of hospitals, care centers, physicians and services providing affordable patient care across Texas (Houston, San Antonio and Austin). Some notable Altus facilities include Altus Houston Hospital, Altus Emergency Centers, Altus Surgery Center, six freestanding Neighbors Emergency Center (NEC) locations, and Physicians Service Affiliate Networks’ acute care surgical hospitals and ambulatory surgery centers (including one in Austin).
The transaction provides AEC with the financial and regulatory security of quickly growing into a larger and more diversified organization while giving Altus its strategic growth foundation in Austin. It also solidifies AEC as the leading independent provider of high-quality and cost-efficient emergency care in the Austin metropolitan area.
Cypress has been AEC’s long-standing financial advisor, previously advising the Company on the acquisition of its Mueller IFSEC from Neighbors completed in October 2018. In AEC’s majority stake sale to Altus, Cypress acted as financial advisor, leading the negotiation of seven asset purchase agreements and assisting the Company with numerous other key transaction provisions (such as a new emergency physicians service agreement and other ancillary agreements).