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Case Studies

Capstone Pediatrics


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  • Cap­stone Pedi­atrics (the Com­pa­ny”) Mul­ti­spe­cial­ty Pedi­atric Pri­ma­ry Care group practice
  • 2018 dis­tress with loss of state-fund­ed vac­cine pro­gram, mul­ti­ple oper­a­tional issues inher­it­ed from pre­vi­ous own­er and ongo­ing man­age­ment challenges
  • Pre­vi­ous own­er did not adhere to stan­dard med­ical prac­tice admin­is­tra­tive cost bench­marks or com­pli­ance plan
  • At Chi­ron engage­ment, the Com­pa­ny was neg­a­tive both EBIT­DA and Cash Flow 
  • $9.5 MM of Debt: secu­ri­ties-based lend­ing, Bank ABL (A/R; equip­ment), Pay­roll Tax­es, AP, and For­mer Own­er (Promis­so­ry Note)
  • Chi­ron engaged by the Com­pa­ny with Bank approval
  • Bank­rupt­cy fil­ing with Chi­ron appoint­ed CRO at Lender insistence
  • Goal: Improve oper­a­tions, Bank­rupt­cy Court restruc­tur­ing, refi­nanc­ing and recap­i­tal­iza­tion or sale


  • Assessed and iden­ti­fied key oper­a­tional chal­lenges and worked with state offi­cials and key providers to sta­bi­lize care and ser­vice provided
  • Con­duct­ed a com­pre­hen­sive mar­ket­ing and sale process to both strate­gic and finan­cial buyers
  • Suc­cess­ful­ly man­aged Com­pa­ny oper­a­tions and nav­i­gat­ed the Com­pa­ny through Chap­ter 11 and 363 sale to a strate­gic buyer
Capstone Pediatrics logo

The Challenge

2018 distress with loss of state-funded vaccine program, multiple operational issues inherited from previous owner and ongoing management challenges.

The Chiron Solution

Assessed and identified key operational challenges and worked with state officials and key providers to stabilize care and service provided.

The Result

Successfully managed Company operations and navigated the Company through Chapter 11 and 363 sale to a strategic buyer.

Is your com­pa­ny per­form­ing like it should?