Avondale Partners Healthcare Investment Banking
With more than 250 healthcare companies that generate nearly $70 billion in global annual revenue, Nashville is America’s healthcare hub. It’s also our backyard, so we've developed a deep understanding of the players, industry dynamics, and business and regulatory opportunities within the healthcare space. Learn more about how we can leverage our local and national healthcare Investment Banking expertise to help you plan for the future of your business.
Healthcare Investment Banking Services

The professionals at Avondale Partners Healthcare Investment Banking help design and execute innovative strategies to help your business reach its next stage of growth, or prepare for ownership transition, while providing insightful guidance every step of the way.

Mergers & Acquisitions Advisory
Whether you’re positioned on the sell-side, our buy-side, our experts deliver the strategic advice and practical solutions to help your healthcare M&A transaction run smoothly, regardless of its scope or complexity. Our advisory experience goes beyond just M&A - we also provide fairness opinions, give independent board advice, and help you navigate joint ventures, and corporate divestitures or carve-outs.
Capital Raising
To help your business raise the capital it needs to grow, our Healthcare Investment Banking professionals can help you explore innovative financing alternatives, in both public and private markets, helping your business raise the capital it needs to grow. Our team has capital raising advisory experience in Private Equity, Mezzanine Debt and Structured Equity, Debt Advisory and Placement, as well as Capital Structure Advice.
Healthcare Industry Expertise
Avondale Healthcare Investment Banking works with healthcare clients ranging from small private companies to billion dollar publicly traded companies, who turn to us for comprehensive investment banking services on a regional and national basis. We have over 20 years in Investment Banking experience, and conducted over 200 transactions and assignments for clients in a variety of healthcare specialties.
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Behavioral Healthcare
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Avondale Partners Investment Banking has experience working with clients in the behavioral healthcare industry. These clients focus specialize in a variety of behavioral health services, including:
- Psychiatric
- Early Intervention
- Intellectual / Developmental Disabilities
- Severe Mental Illness
- Substance abuse
- Eating Disorders
- Autism Therapy
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Healthcare IT
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We serve clients in Healthcare IT industry who provide systems, software, and consultation services to health care providers, including:
- Electronic medical records (EMR)/clinical care
- Revenue cycle management (RCM)
- Physician practice management (PPM) solutions
- Population Health
- Data Analytics
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Healthcare Facilities
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We serve clients in the healthcare industry who provide facilities for:
- Hospitals/acute care
- Ambulatory surgery centers
- Post-acute care/rehabilitation
- Skilled nursing / long-term care
- Diagnostic imaging
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Healthcare Providers
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• Dental Services organizations
• Physician practices
• Outpatient providers
• Specialty staffing
• Home health and community-based services
• Hospice
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Outsourced Services
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• Medical transportation
• Specialty medical distribution
• Care management
• Clinical research
• Outsourced survey solutions
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Medical Technology
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• Medical devices
• Medical equipment
• Specialty supplies
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Life Sciences and Research
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• Diagnostics
• Life sciences tools
• Contract research organizations (CROs)
• Personalized medicine
Foothold Technology has merged with Exym
Exclusive Financial Advisor to Foothold Technology, Inc.
Buy-side advisor to Baird Capital
Project Watson Equity Investment
Advisor to Large Asset Management Firm Regarding Equity Investment in a Behavioral Healthcare company
Exclusive Financial Advisor to Beacon Specialized Living Services, Inc.
Exclusive Financial Advisor to Veritas Collaborative, LLC
Exclusive Financial Advisor to RazorInsights LLC
Exclusive Financial Advisor to Radisphere National Radiology Group, Inc.
Exclusive Financial Advisor to HCCA International
Provided a Fairness Opinion to the Special Committee of National Healthcare Corporation
Exclusive Financial Advisor to First Call Ambulance Service, LLC
Exclusive Financial Advisor to PureSafety
Exclusive Financial Advisor to Surgical Assist, Inc.
Transactions
Our Professionals
Jonathan Morphett
Head of Investment Banking and Managing Director
Jonathan Morphett
Head of Investment Banking and Managing Director
Jonathan serves as the Head of Investment Banking and has been a Managing Director with the group since 2004. Jonathan has over 25 years of investment banking experience, having completed over 100 M&A advisory, equity and debt transactions. Jonathan is a former Managing Director of Investment Banking at Morgan Stanley where he served in various positions for 14 years, primarily in New York and Sydney, Australia. Jonathan previously served as the Chief Financial Officer (CFO) of Austar United Communications Limited, Australia’s second largest pay television provider. Jonathan is currently a Director for Centerstone Research Institute. Jonathan received his MBA from the Tuck School of Business at Dartmouth and an LL.B. and BEc. from The University of Adelaide (Australia).
Pat Shepherd
Managing Director
Pat Shepherd
Managing Director
Pat served as CEO of Avondale which he co-founded in 2001-2018.  He is a Member of the Board of Directors for St. Thomas Health, the Beacon Center of Tennessee and is the chairman of the board of Catholic Community Foundation of Middle Tennessee. Prior to Avondale, Pat was a General Partner of J.C. Bradford & Co. for 17 years, serving as the firm’s General Counsel and as a member of the firm’s Management Committee. Pat received a BBA from the University of Notre Dame and a JD from DePaul University.
Phil Krebs
Managing Director
Phil Krebs
Managing Director
Phil co-founded Avondale in 2001 and currently serves as the President and a Member of the Firm’s Board of Directors. His 30 years of investment banking experience spans Wall Street to Nashville. Prior to Avondale, he spent five years as a Managing Director and Head of Investment Banking at SunTrust Equitable Securities, Inc. in Nashville. This followed 10 years at Lehman Brothers Holdings Inc. in New York where he served as a Managing Director and Head of Equity Capital Markets. Phil is President of the Board of Trustees of The Ensworth School and Chairman of the Board of Trustees of the Centerstone Foundation. Phil received his MBA from The Wharton School of the University of Pennsylvania and a BS in Engineering from Cornell University.

Investment Banking Publications

Boutique Design New York Acquired by Emerald Expositions

Hilliard Lyons Investment Banking advised ST Media Group International (“ST Media”) and Hospitality Media Group (“HMG”) with the sale of Boutique Design New York (“BDNY”), the leading trade fair and conference for hospitality design professionals, serving the Eastern United States, Canada, and Europe.

Fair Value in Kentucky: Fair to Whom?

We recently concluded a business valuation project for a Kentucky company relating to the sale of one of its major divisions. The project required us to consider carefully the nuances of the fundamental valuation concepts of “fair market value” and “fair value” in Kentucky. The distinction proved crucial in a subsequent dispute between our client company and some of its dissenting shareholders, who sought a far higher price per share than they had been paid.
Avondale Partners