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Investment Banking Associate, Health Systems M&A, San Francisco in San Francisco, CA at Key Bank- Corporate

Date Posted: 5/21/2019

Job Snapshot

  • Employee Type:
  • Location:
    1 California Street
    San Francisco, CA
  • Job Type:
  • Experience:
    Not Specified
  • Date Posted:

Job Description

Investment Banking Associate, Health Systems Mergers & Acquisitions, San Francisco

Cain Brothers, a division of KeyBanc Capital Markets, is a pre-eminent healthcare investment bank and provides a full range of investment banking services including mergers & acquisitions, capital raising, and strategic and financial advisory solutions. Our Health Systems M&A team advises hospitals and health systems, academic/university medical centers and physician group clients on many of the most important transactions involving the health provider sector. Our team has completed more than 150 mergers, acquisitions and affiliations between health systems, hospitals, academic medical centers and physician groups. As a specialized team, the Health Systems M&A team complements and works closely with Cain Brothers’ Corporate Finance practice on some of the most innovative transactions in the U.S. healthcare industry.

Position Summary

Associates will work primarily on mergers & acquisitions and strategic advisory engagements. Cain Brothers’ staffing model ensures that associates work closely with senior bankers and clients including frequent travel to client meetings. Associates are expected to be actively engaged in transaction execution across the healthcare industry while learning from the industry’s leading advisory team. Further, the Associate role is supported by a comprehensive mentorship program with senior bankers and there is excellent potential for promotion within the firm. This is an excellent opportunity for healthcare industry coverage bankers, consultants, in-house corporate development professionals, or others with relevant experience to transition into a dedicated M&A position for the leading practice on Wall Street focused on a $1 trillion+ industry.

Examples of Recent Transactions

  • Sale of Mission Health to HCA for $1.5 billion
  • Sale of Tenet Healthcare’s Atlanta hospitals and related operations to WellStar Health System for $661 million
  • Sale of Verity Health System in bankruptcy (ongoing), including $235 million divestiture of O’Connor Hospital and Saint Louise Regional Hospital to Santa Clara County
  • Affiliation between Group Health Physicians and Kaiser Permanente in connection with Kaiser Permanente’s $1.8 billion acquisition of Group Health Cooperative
  • Acquisition of HCA’s interest in OU Medical System by Oklahoma University Medicine for $750 million and financial advisory for $1.16 billion financing
  • Acquisition of Rockwood Health System, an affiliate of Community Health Systems, by MultiCare Health System for $425 million
  • In collaboration with Cain Brothers’ corporate finance team, investment of $1.25 billion in Steward Health Care System, a portfolio company of Cerberus Capital, by Medical Properties Trust
  • In collaboration with Cain Brothers’ corporate finance team, sale of MDwise Inc. to McLaren Health
  • In collaboration with Cain Brothers’ corporate finance team, acquisition of Care1st by Blue Shield of California for $1.2 billion

Key Responsibilities
  • Creation and oversight of presentations to senior management and board members of clients and prospective clients;
  • Preparation of offering memoranda, pitch books and other material related to M&A transactions, financings, valuations and fairness opinions;
  • Preparation of comprehensive financial models and valuation analyses including discounted cash flow, comparable company, precedent M&A transactions, LBO and merger consequence analyses;
  • Managing client due diligence processes;
  • Oversight of Analysts on deal teams and assist in training and mentoring of Analysts;
  • Travel to client offices and operating sites throughout the United States.
  • Two to five years of relevant experience in investment banking or corporate strategy/business development focused on the healthcare industry;
  • Bachelor’s degree with high academic achievement
  • Strong financial analytical understanding and skills;
  • Demonstrated interest in gaining domain expertise in the U.S. healthcare industry;
  • Superior written and oral communication skills;
  • Proven ability to work well in a fast-paced team environment;
  • Demonstrated leadership qualities;
  • Outstanding work ethic;
  • Willingness to engage in moderate travel throughout the United States;
Preferred Qualifications
  • MBA
  • Prior experience advising, consulting, and/or raising capital for healthcare providers, particularly in the tax-exempt healthcare sector
  • Competitive all-in compensation (salary + bonus) commensurate with similar roles in the investment banking industry



KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.



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