Insurance Monthly

Cain Brothers, a division of KeyBanc Capital Markets, served as advisor to SuperCare Health in its sale to Excellere Partners and KeyBanc Capital Markets served as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent for debt financing associated with the transaction. 

Cain Brothers was engaged based on our long-standing relationship with the Company as well as knowledge of the durable medical and home medical equipment market and connectivity with buyers who would value SuperCare’s capitated and fee-for-service business model. Concurrently, KBCM syndicated Senior Secured Credit Facilities, proceeds of which were used to fund the acquisition, support capital expenditures and for general corporate purposes. 

Founded in 1974 and headquartered in City of Industry, California, SuperCare is a provider of comprehensive complex respiratory care management solutions for adults and children. Its product portfolio consists of ventilators, airway oscillation, CPAP, BiPAP, oxygen concentrators, respiratory medication and home medical equipment. The Company’s business segments are Complex Respiratory Care, Pediatric Respirator Care, and Value-Based Care. SuperCare operates 27 branches across five states and serves 150,000+ patients annually. 

Founded in 2006 and based in Denver, Colorado, Excellere is a private equity investment firm focused on investing in the Healthcare, Business Services, and Industrials industries. The Sponsor has ~$2.2 billion of assets under management and has raised four funds to date, with its latest fund (Excellere Capital Fund IV) raising $875 million of committed capital.

Cain Brothers, a division of KeyBanc Capital Markets, served as advisor to SuperCare Health in its sale to Excellere Partners and KeyBanc Capital Markets served as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent for debt financing associated with the transaction. 

Cain Brothers was engaged based on our long-standing relationship with the Company as well as knowledge of the durable medical and home medical equipment market and connectivity with buyers who would value SuperCare’s capitated and fee-for-service business model. Concurrently, KBCM syndicated Senior Secured Credit Facilities, proceeds of which were used to fund the acquisition, support capital expenditures and for general corporate purposes. 

Founded in 1974 and headquartered in City of Industry, California, SuperCare is a provider of comprehensive complex respiratory care management solutions for adults and children. Its product portfolio consists of ventilators, airway oscillation, CPAP, BiPAP, oxygen concentrators, respiratory medication and home medical equipment. The Company’s business segments are Complex Respiratory Care, Pediatric Respirator Care, and Value-Based Care. SuperCare operates 27 branches across five states and serves 150,000+ patients annually. 

Founded in 2006 and based in Denver, Colorado, Excellere is a private equity investment firm focused on investing in the Healthcare, Business Services, and Industrials industries. The Sponsor has ~$2.2 billion of assets under management and has raised four funds to date, with its latest fund (Excellere Capital Fund IV) raising $875 million of committed capital.

On March 11, 2026, Sonida Senior Living, Inc. (Sonida), one of the largest, pure-play owner-operators and investors in U.S. senior living communities, announced the completion of its merger with CNL Healthcare Properties, Inc. (CHP), a real estate investment trust that owns a national portfolio of high-quality senior housing properties. Sonida acquired 100% of CHP in a cash and stock transaction valued at approximately $1.8 billion. The common stock of the combined company will trade under Sonida's existing ticker symbol “SNDA” on the NYSE. KeyBanc Capital Markets served as Exclusive Sell-Side Advisor to CHP. 

CNL Healthcare Properties is a real estate investment trust focused on institutional-quality senior housing holdings, including stabilized, value-add and ground-up development assets. 

Sonida Senior Living is one of the largest, pure-play owner-operators and investors in U.S. senior living communities, with a focus on independent living, assisted living and memory care communities and services for senior adults. Sonida provides compassionate, resident-centric services and care as well as engaging programming at its senior housing communities.

In March 2026, KeyBanc Capital Markets acted as Active Joint Bookrunner on $1.2 billion of First Mortgage Bonds due 2036 and 2056 for Northern States Power Company Minnesota (“NSPM” or the “Company”). 

NSPM is an operating utility engaged primarily in the generation, purchase, transmission, distribution and sale of electricity in Minnesota, North Dakota, and South Dakota. As of December 31, 2025, the Company provided electric service to approximately 1.6 million customers and natural gas service to 0.6 million customers.

NSPM priced $1.2 billion of First Mortgage Bonds in two tranches:

• $600 million of First Mortgage Bonds due 2036 at a spread of T+75 bps for a coupon of 4.85%
• $600 million of First Mortgage Bonds due 2056 at a spread of T+85 bps for a coupon of 5.55%

The deal was very well received by the market, pricing with a negative new issue concession on both tranches and a 6.2x orderbook oversubscription overall.

The Company intends to use the net proceeds to repay short-term borrowings and for general corporate purposes.

NSPM is an existing client of Key.

On March 3, 2026, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $70 million Senior Secured Credit Facilities (the Credit Facilities) for BMM Testlabs (BMM or the Company). The Credit Facilities are comprised of a $20 million Revolving Credit Facility and a $50 million Term Loan A. Proceeds from the Credit Facilities will be used to fund The Visualize Group’s acquisition of the Company, for working capital needs and general corporate purposes, and to pay transaction fees and expenses. KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction.

BMM is the longest-established and most experienced private independent gaming certification lab in the world, with an unbroken 45-year track record of service to the global regulated gaming industry since 1981. BMM has successfully tested and certified the full scope of gaming products, including Class III, Class II, VLT, AWP, HHR, iGaming, sports betting, social, pari-mutuel, and lottery products. The Company employs more than 700 professionals in 16 offices worldwide and holds more than 700 licenses to serve customers across six continents. BMM’s world headquarters are in Las Vegas (USA), with offices in Argentina, Australia (Melbourne and Sydney), Brazil, Canada, India, Italy, Macau, Romania, Peru, Poland, Singapore, Slovenia, South Africa, and Spain.

Founded in 2023, The Visualize Group is a New York City-based private equity firm focused on making concentrated and high-conviction investments in companies operating within mission-critical, services-based sectors. Through its Cornerstone & Control strategy, the firm invests in generationally enduring businesses as a collaborative partner in public companies and a controlling partner in private companies.

On February 26, 2026, KeyBanc Capital Markets served as Active Joint Bookrunner on a $750 million Senior Notes offering for Matador Resources Company. Proceeds will be used to repay existing indebtedness, and for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to Healthcare Linen Services Group, a portfolio of York Capital Management, in its sale to The Sterling Group.

Cain Brothers was engaged based on our extensive knowledge of the healthcare and hospital end market and connectivity with buyers who would value HLSG’s infrastructure-oriented service model. This transaction continues Cain Brothers’ strong track record of representing healthcare distribution and logistics solutions. Terms were not disclosed.

HLSG is a leader in linen management services for the healthcare and hospitality industries. Since its founding over 100 years ago, the Company has grown to include six premier regional brands, 20 state-of-the-art laundry process facilities, nearly 2,000 employees, and serves leading institutions across 19 states in the central U.S.

York Capital Management is a New York-based global alternative investment firm founded in 1991 by James Dinan. The firm specializes in event-driven, multi-strategy, and special situation investing across public and private markets. York manages roughly $19 billion in assets.

The Sterling Group acquires and builds industrial and business services companies. Sterling brings significant experience to route-based, multi-site and logistics-heavy businesses and has targeted the healthcare linen services sector. Sterling’s interest in HLSG reflects the platform’s mission critical role, its modernized infrastructure, and the stability of outsourced linen management.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive sell-side advisor to Central Maine Healthcare in its affiliation Prime Healthcare Foundation. 

Cain Brothers was engaged to assist in the negotiations and affiliation process due to its domain expertise and understanding of the New England healthcare market. The affiliation will help achieve Central Maine and Prime’s joint long-term commitment to deliver the highest quality, most advanced health care to communities across central, western, and mid-coast Maine. The agreement includes continued local governance and management, ongoing community commitment and significant capital investment in the region.

Central Maine Healthcare is an integrated delivery system serving 400,000 people in central, western and mid-coast Maine. With over 600 physicians and advanced practice professionals in more than 40 locations, CMH includes Central Maine Medical Center, a Levell III Trauma Center in Lewiston, as well as critical access facilities, Bridgton and Rumford hospitals, and two long-term care communities. 

Prime Healthcare is a health system operating 44 hospitals and more than 300 outpatient locations in 14 states, providing over 2.6 million patient visits annually. It is one of the nation’s leading health systems with nearly 45,000 employees and physicians. Fourteen of the Prime Healthcare hospitals are members of the Prime Healthcare Foundation, a 501(c)(3) not-for-profit public charity.

On February 13, 2026, Olympic Steel, Inc. (Olympic Steel or the Company) and Ryerson Holding Corporation (Ryerson) announced that they have completed their all-stock merger. KeyBanc Capital Markets (KBCM) served as lead Financial Advisor and provided a Fairness Opinion on the transaction.

KBCM was selected to serve as Olympic Steel's lLead Financial Advisor and Fairness Opinion Provider based on the group's deep industry expertise in metals distribution and processing, extensive transaction expertise in complex mergers and acquisitions and a decades-long partnership with the Company.

Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale and value-added processing of carbon and coated sheet, plate and coil steel products; stainless steel sheet, plate, bar, and coil; aluminum sheet, plate, and coil; pipe, tube, bar, valves, and fittings; tin plate and metal-intensive end-use products, including stainless steel bollards; commercial, residential, and industrial venting and air filtration systems; Wright® brand self-dumping hoppers; and metal canopy components. Headquartered in Cleveland, Ohio, Olympic Steel operates from 53 facilities.

Founded in 1842, Ryerson Holding Corporation (NYSE: RYI) is a leading value-added processor and distributor of industrial metals. The company offers a broad portfolio of carbon and stainless steel, aluminum, and alloy products, along with extensive metal processing capabilities, including cutting, forming, machining, and fabrication. Ryerson has ~4,300 employees and ~110 locations across North America, Mexico, and China, serving a diverse customer base in industries such as heavy equipment, industrial machinery, and energy.

On February 12, 2026, KeyBanc Capital Markets, Inc. (KBCM) successfully closed the syndication of $219 million Senior Secured Credit Facilities (the Credit Facilities) for the Soboba Band of Luiseño Indians (the Tribe). The Credit Facilities consist of a $129 million Revolving Credit Facility and $90 million Tax-Exempt Term Loan. Proceeds from the Credit Facilities will be used to refinance existing indebtedness, fund the development and construction of a cogeneration plant (the Project) at the Soboba Casino Resort, and pay transaction-related fees and expenses.

KBCM was selected to arrange and lead the financing due to its long-standing relationship with the Tribe, cultivated through years of partnership and dialogue, along with unmatched experience and expertise in the Native American Financial Services industry, and successful track record of syndicating transactions in the gaming space.

The Project
The Tribe plans to develop and construct a combined heat and power plant to cogenerate electricity and hot water at Soboba Casino Resort. The Project will modernize the property's energy infrastructure through the integration of a microgrid controller, electrical infrastructure upgrades and electric vehicle charging infrastructure. Collectively, these improvements will enable Soboba Casino Resort to generate 100% of its electricity demand on-site and significantly enhance the property's long-term operational resilience.

Soboba Band of Luiseño Indians Overview
The Tribe is a sovereign nation with over 1,600 enrolled members. Since time immemorial, the descendants of the Soboba people are those who have lived on and occupied the land that is presently known as the cities of San Jacinto, Hemet, Valle Vista and Winchester, California. Today, the ~8,000-acre Soboba Indian Reservation lies in the lower reaches of the San Jacinto Mountains, across the San Jacinto River from the city of San Jacinto. The Tribe owns and operates Soboba Casino Resort, an award-winning property that features over 100,000 sq. ft. of gaming space, including 2,000+ slot machines and 30+ table games, and is further complemented by a 200-room hotel, spa, PGA-rated golf course, and more.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, acted as Co-Manager in the $3.8 billion offering of Senior Notes for Thermo Fisher Scientific Inc. (NYSE: TMO).

Cain Brothers and KeyBanc Capital Markets served as Co-Manager due to its industry expertise and long-standing relationship with the Company.  Proceeds will be used to fund the cash consideration related to the acquisition of Clario Holdings as well as general corporate purposes.

Thermo Fisher manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

On February 10, 2026, KeyBanc Capital Markets Inc. (KBCM) served as Joint Bookrunner on SOLV Energy, Inc.’s (SOLV or the Company) $589.4 million Initial Public Offering of 23,575,000 shares, including overallotment.

In support of the IPO, KBCM successfully closed the syndication of a $200 million Senior Secured Revolving Credit Facility (the Credit Facility) for SOLV Energy Acquisition, LLC, a subsidiary of SOLV. The Credit Facility will support the Company’s working capital and general corporate needs. KBCM acted as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent.

SOLV is a leading provider of engineering, procurement, and construction (EPC) services to build solar photovoltaic plants and energy storage facilities. The Company specializes in the installation and maintenance of solar farms, small rooftop panels, battery storage facilities, and high voltage substations, enabling organizations to transition towards clean and sustainable energy solutions. For more information, visit https://www.solvenergy.com. 

Founded in 1994, American Securities (the Sponsor) is a leading U.S. private equity firm that invests in North American companies, primarily in the industrial and services sectors. With $23 billion under management, American Securities partners with businesses generating $200 million to $2 billion in annual revenues, combining deep sector expertise, differentiated insights and proven internal capabilities to serve as transformational partners that drive growth and build enduring value. The Sponsor’s investment philosophy emphasizes capital preservation through disciplined investing and hands-on engagement, paired with repeatable value creation processes and operational excellence. American Securities is based in New York with an office in Shanghai. For more information, please visit https://www.american-securities.com.