[sheet: Summary]
Field | Value
Document | Master Closing Checklist — Final Version
Prepared By | Megan Chu, Lead Associate, M&A — Calderwood & Harkness LLP
Responsible Partner | Beatrice Holloway, Partner, M&A — Calderwood & Harkness LLP
Billing Partner | James Prentice, Partner, M&A — Calderwood & Harkness LLP
C&H Matter No. | 0478231.0001
Date of Final Version | April 18, 2025
Transaction | Acquisition of 100% of the equity of MedVance Health Systems, Inc. (the 'Company') by Ardent Healthcare Holdings Inc. (the 'Purchaser'), a portfolio company of Ardent Capital Partners III LP
Purchase Price | $620,000,000
Purchaser | Ardent Healthcare Holdings Inc. (DE Corp; EIN 93-2047861; DE File No. 7201548)
Purchaser Address | 1209 Orange Street, Wilmington, DE 19801 (registered)
Sponsor | Ardent Capital Partners III LP (DE LP; EIN 87-3541982)
Sponsor Address | 599 Lexington Avenue, 34th Floor, New York, NY 10022
General Partner | Ardent Capital Management III LLC
Target / Company | MedVance Health Systems, Inc. (DE Corp; EIN 62-7083149; DE File No. 4938217)
Company HQ | 4200 West End Avenue, Suite 1100, Nashville, TN 37205
Company Registered Agent (DE) | Capitol Statutory Agents Inc., 1209 Orange Street, Wilmington, DE 19801
Company Registered Agent (TN) | Tennessee Registered Agent Services LLC, 312 Rosa L. Parks Avenue, Nashville, TN 37243
Founded | 2009
Majority Seller | Crestline Growth Equity Fund II LP (68.2% equity; EIN 04-8291653), 200 Clarendon Street, 42nd Floor, Boston, MA 02116
Minority Seller | Ryland Family Holdings LLC (19.5% equity), Tennessee
Management Rollover Equity | ~12.3% of equity (~$18,600,000 rollover)
Seller Representative | Marcus Delgado (Partner, Crestline Growth Equity Fund II LP)
Buyer's Counsel | Calderwood & Harkness LLP, 1221 Avenue of the Americas, 40th Floor, New York, NY 10020
Seller's Counsel | Whitaker, Poole & Simms LLP, 333 Commerce Street, Suite 2800, Nashville, TN 37201
Buyer's Investment Bank | Hargrove Bancroft & Co., 383 Madison Avenue, 22nd Floor, New York, NY 10179
Seller's Investment Bank | Pemberton Marsh Securities LLC, 191 Peachtree Street NE, Suite 3200, Atlanta, GA 30303
Buyer's Accounting Advisor | Blackwell Thornton LLP, 1900 K Street NW, Suite 600, Washington, DC 20006
Target's Historical Auditor | Prumvane & Reese LLP, 424 Church Street, Nashville, TN 37219
Buyer's External Tax Advisor | Osgood & Vail CPAs LLP, 80 Pine Street, New York, NY 10005
Healthcare Regulatory Counsel | Langford Moss & Crane LLP, 1717 Pennsylvania Avenue NW, Suite 850, Washington, DC 20006
SPA Execution Date | February 10, 2025
Target Closing Date per SPA | April 15, 2025
Actual Closing Date | April 18, 2025
Post-Closing Adjustment Deadline | July 17, 2025 (90 days post-closing)
Escrow Release / Survival Expiration | October 18, 2026 (18 months post-closing)
Escrow Agent | Continental Fiduciary Trust Company, 111 Wall Street, New York, NY 10005
Escrow Amount | $49,600,000 (8% of purchase price)
Indemnification Cap | $124,000,000 (20% of purchase price)
Total Checklist Items | 82
Items Complete | 82
Items Outstanding | 0
[sheet: Transaction Documents]
Item No. | Description | Responsible Party | Secondary Party | Target Date | Date Completed | Status | Notes
T-1 | Stock Purchase Agreement, executed by Ardent Healthcare Holdings Inc. (Purchaser), Crestline Growth Equity Fund II LP, Ryland Family Holdings LLC, management sellers, and MedVance Health Systems, Inc. | Calderwood & Harkness LLP / Whitaker, Poole & Simms LLP | All Parties | 2025-02-10 | 2025-02-10 | Complete | Signed February 10, 2025; purchase price $620,000,000
T-2 | Disclosure Schedules to Stock Purchase Agreement (Seller Disclosure Schedules and Buyer Disclosure Schedules) | Whitaker, Poole & Simms LLP (Seller) / Calderwood & Harkness LLP (Buyer) | MedVance / Purchaser | 2025-02-10 | 2025-02-10 | Complete | Delivered concurrently with SPA execution
T-3 | Escrow Agreement among Purchaser, Seller Representative (Marcus Delgado), and Continental Fiduciary Trust Company as Escrow Agent | Calderwood & Harkness LLP | Continental Fiduciary Trust Company (Patricia Ng, VP, Escrow Services) | 2025-02-10 | 2025-02-10 | Complete | Escrow Account No. CFT-ESC-2025-00327; escrow amount $49,600,000 (8% of purchase price)
T-4 | Escrow Funding — wire of $49,600,000 to Continental Fiduciary Trust Company escrow account | Ardent Capital Partners III LP | Continental Fiduciary Trust Company | 2025-02-12 | 2025-02-12 | Complete | Funded February 12, 2025; 111 Wall Street, New York, NY 10005
T-5 | Seller Representative Agreement — appointment of Marcus Delgado (Crestline Growth Equity Fund II LP) as Seller Representative | Whitaker, Poole & Simms LLP | Crestline / Ryland Holdings / Management Sellers | 2025-02-10 | 2025-02-10 | Complete
T-6 | Equity Commitment Letter — Ardent Capital Partners III LP commitment of $290,000,000 | Calderwood & Harkness LLP | Ardent Capital Partners III LP (Graham Whitfield) | 2025-02-10 | 2025-02-10 | Complete | Equity contribution: $290,000,000
T-7 | Management Rollover Agreements — rollover of ~$18,600,000 equity by management sellers (12.3% ownership at ~24.4% rollover rate) | Calderwood & Harkness LLP | Daniel Burch, Angela Moretti, Dr. Samir Patel, Karen Tolliver | 2025-04-18 | 2025-04-18 | Complete | Rollover equity approximately $18,600,000
T-8 | Employment Agreements — Daniel Burch (CEO), Angela Moretti (CFO), Dr. Samir Patel (CMO), Karen Tolliver (COO) | Calderwood & Harkness LLP | Ardent GP / MedVance Management | 2025-04-18 | 2025-04-18 | Complete | New employment terms effective at closing
T-9 | Non-Competition / Non-Solicitation Agreements — Dr. Catherine Ryland (Founder & Board Chair) and other departing equityholders | Calderwood & Harkness LLP | Whitaker, Poole & Simms LLP | 2025-04-18 | 2025-04-18 | Complete
T-10 | Funds Flow Memorandum — closing date funds flow detailing all wires | Calderwood & Harkness LLP (Megan Chu / Derek Okonkwo) | All Parties | 2025-04-18 | 2025-04-18 | Complete | Circulated and approved by all parties; reflects $620M purchase price, $49.6M escrow (previously funded), debt payoff, expenses
T-11 | Payoff Letter and Lien Release — Granton Savings Bank, N.A. (existing MedVance term loan of $41,300,000) | Whitaker, Poole & Simms LLP | Granton Savings Bank, N.A. (500 Church Street, Nashville, TN 37219) | 2025-04-18 | 2025-04-18 | Complete | Existing debt of $41,300,000 repaid from seller proceeds at closing; UCC termination statements to follow
T-12 | Formation Certificate — Ardent Healthcare Holdings Inc. (Certificate of Incorporation filed with DE Secretary of State) | Calderwood & Harkness LLP | Capitol Statutory Agents Inc. | 2025-01-08 | 2025-01-08 | Complete | Formed January 8, 2025; DE File No. 7201548
T-13 | Closing Statement / Purchase Price Allocation | Calderwood & Harkness LLP / Blackwell Thornton LLP | All Parties | 2025-04-18 | 2025-04-18 | Complete | Estimated closing working capital: $35,100,000 (within ±$2,000,000 collar of $34,500,000 target; +$600K vs. target; no adjustment required)
T-14 | Wire Transfer Instructions — all parties | Calderwood & Harkness LLP (Derek Okonkwo) | All Parties | 2025-04-18 | 2025-04-18 | Complete | Verified wiring instructions for all recipients
T-15 | Closing Wires — funding of purchase price and distribution to sellers | Ardent Capital Partners III LP / Ridgeline National Bank | All Parties | 2025-04-18 | 2025-04-18 | Complete | Wires confirmed April 18, 2025; Crestline est. proceeds ~$389,124,800 (68.2%); Ryland Holdings est. proceeds ~$111,325,200 (19.5%)
T-16 | Transition Services Agreement | Calderwood & Harkness LLP | Whitaker, Poole & Simms LLP | 2025-04-18 | 2025-04-18 | Complete | Covers transitional services post-closing
T-17 | Assignment and Assumption of Contracts | Calderwood & Harkness LLP | Whitaker, Poole & Simms LLP | 2025-04-18 | 2025-04-18 | Complete | Includes Vertex Health Technologies Inc. IT services agreement
T-18 | Seller Transaction Expense Certification (cap of $12,000,000) | Whitaker, Poole & Simms LLP | Sellers | 2025-04-18 | 2025-04-18 | Complete | Seller expense cap: $12,000,000 deducted from aggregate seller proceeds
[sheet: Financing Documents]
Item No. | Description | Responsible Party | Secondary Party | Target Date | Date Completed | Status | Notes
F-1 | Debt Commitment Letters — Term Loan B ($340,000,000) and Revolving Credit Facility ($50,000,000) from Ridgeline National Bank, N.A. (Agent / Lead Arranger) and Pinnacle Commercial Credit Corp. (Co-Lender) | Calderwood & Harkness LLP | Ridgeline National Bank (Laura Fitzpatrick, MD, Healthcare Lending) | 2025-02-10 | 2025-02-10 | Complete | Executed concurrently with SPA; TLB: SOFR + 425 bps; Revolver: SOFR + 375 bps
F-2 | Credit Agreement (Reference No. RNB-HC-2025-0418) among Ardent Healthcare Holdings Inc. (Borrower), Ridgeline National Bank, N.A. (Administrative Agent), and Pinnacle Commercial Credit Corp. (Co-Lender) | Calderwood & Harkness LLP | Ridgeline National Bank (225 Liberty Street, New York, NY 10281) / Pinnacle Commercial Credit Corp. (100 Federal Street, Boston, MA 02110) | 2025-04-18 | 2025-04-18 | Complete | Term Loan B: $340,000,000; Revolving Credit Facility: $50,000,000 (undrawn at closing)
F-3 | Security Agreement / Pledge Agreement — grant of liens on Company assets and equity | Calderwood & Harkness LLP | Ridgeline National Bank | 2025-04-18 | 2025-04-18 | Complete | Collateral includes substantially all assets of the Company
F-4 | Guaranty Agreement — guarantees by Purchaser and material subsidiaries | Calderwood & Harkness LLP | Ridgeline National Bank | 2025-04-18 | 2025-04-18 | Complete
F-5 | UCC-1 Financing Statements — filing in Delaware and Tennessee | Calderwood & Harkness LLP (Derek Okonkwo) | Ridgeline National Bank | 2025-04-18 | 2025-04-18 | Complete | Filed with DE Secretary of State and TN Secretary of State
F-6 | Mortgage and Deed of Trust (if applicable) — Company-owned real property | Calderwood & Harkness LLP | Commonwealth Abstract & Title Co. (211 Commerce Street, Suite 100, Nashville, TN 37201) | 2025-04-18 | 2025-04-18 | Complete | Title searches performed by Commonwealth Abstract & Title Co.
F-7 | Intercreditor Agreement (if applicable) | Calderwood & Harkness LLP | Ridgeline / Pinnacle | 2025-04-18 | 2025-04-18 | Complete
F-8 | Term Loan B Funding — wire of $340,000,000 to closing account | Ridgeline National Bank | Pinnacle Commercial Credit Corp. | 2025-04-18 | 2025-04-18 | Complete | Funds wired April 18, 2025
F-9 | Solvency Certificate — delivered by CFO of Purchaser | Calderwood & Harkness LLP | Ardent Healthcare Holdings Inc. | 2025-04-18 | 2025-04-18 | Complete
F-10 | Lender's Counsel Legal Opinion | Ridgeline outside counsel | Ridgeline National Bank | 2025-04-18 | 2025-04-18 | Complete
F-11 | Evidence of Insurance — lender-required insurance certificates naming Ridgeline National Bank as additional insured / loss payee | Calderwood & Harkness LLP | Velthorn Risk Advisors LLC / MedVance | 2025-04-18 | 2025-04-18 | Complete
F-12 | Payoff of Existing Granton Savings Bank Indebtedness ($41,300,000) and UCC Termination Statements | Whitaker, Poole & Simms LLP | Granton Savings Bank, N.A. | 2025-04-18 | 2025-04-18 | Complete | Cross-reference T-11; existing term loan fully retired at closing
[sheet: Regulatory Approvals]
Item No. | Description | Responsible Party | Secondary Party | Filing Date | Approval Date | Status | Notes
R-1 | Hart-Scott-Rodino (HSR) Act Pre-Merger Notification Filing (Filing Ref. No. HSR-2024-7231) | Calderwood & Harkness LLP (Nora Castillo, Partner, Antitrust & Competition) | Ardent Healthcare Holdings Inc. / MedVance Health Systems, Inc. | 2024-12-18 | 2025-01-22 | Complete | Filed December 18, 2024; early termination of waiting period granted January 22, 2025
R-2 | Tennessee Department of Health — Healthcare Facility Licensure Transfer Approval | Langford Moss & Crane LLP (Dr. Patricia Langford, Of Counsel) | MedVance Health Systems, Inc. | 2025-01-15 | 2025-03-05 | Complete | Approved March 5, 2025
R-3 | Alabama Department of Public Health — Healthcare Facility Licensure Transfer Approval | Langford Moss & Crane LLP | MedVance Health Systems, Inc. | 2025-01-20 | 2025-03-18 | Complete | Approved March 18, 2025
R-4 | Georgia Department of Community Health — Healthcare Facility Licensure Transfer Approval | Langford Moss & Crane LLP | MedVance Health Systems, Inc. | 2025-01-22 | 2025-03-27 | Complete | Approved March 27, 2025
R-5 | Kentucky Cabinet for Health and Family Services — Healthcare Facility Licensure Transfer Approval | Langford Moss & Crane LLP | MedVance Health Systems, Inc. | 2025-01-25 | 2025-04-10 | Complete | Approved April 10, 2025; final state licensure approval received
R-6 | Medicare / Medicaid Provider Number Change of Ownership (CHOW) Notifications | Langford Moss & Crane LLP | MedVance Health Systems, Inc. | 2025-02-15 | 2025-04-15 | Complete | Notifications filed in all four states (TN, AL, GA, KY)
R-7 | State Attorney General Notifications (as applicable) | Langford Moss & Crane LLP | MedVance Health Systems, Inc. | 2025-02-20 | 2025-04-01 | Complete | No objections received
[sheet: Certificates]
Item No. | Description | Responsible Party | Signatory / Issuer | Target Date | Date Completed | Status | Notes
C-1 | Officer's Certificate of MedVance Health Systems, Inc. — bring-down of representations and warranties; satisfaction of covenants | Whitaker, Poole & Simms LLP (Rebecca Whitaker) | Daniel Burch, CEO, MedVance | 2025-04-18 | 2025-04-18 | Complete
C-2 | Officer's Certificate of Ardent Healthcare Holdings Inc. — bring-down of representations and warranties; satisfaction of covenants | Calderwood & Harkness LLP | Priya Ranganathan, on behalf of Purchaser | 2025-04-18 | 2025-04-18 | Complete
C-3 | Secretary's Certificate of MedVance Health Systems, Inc. — charter documents, bylaws, board resolutions approving transaction, incumbency | Whitaker, Poole & Simms LLP | MedVance Corporate Secretary | 2025-04-18 | 2025-04-18 | Complete | Board resolution signed by Dr. Catherine Ryland, Board Chair
C-4 | Secretary's Certificate of Ardent Healthcare Holdings Inc. — certificate of incorporation, bylaws, board resolutions, incumbency | Calderwood & Harkness LLP | Ardent Healthcare Holdings Inc. Secretary | 2025-04-18 | 2025-04-18 | Complete
C-5 | Good Standing Certificate — MedVance Health Systems, Inc. (Delaware Secretary of State) | Whitaker, Poole & Simms LLP | Delaware Secretary of State | 2025-04-18 | 2025-04-15 | Complete | DE File No. 4938217; dated within 10 days of closing
C-6 | Good Standing Certificate — MedVance Health Systems, Inc. (Tennessee Secretary of State) | Whitaker, Poole & Simms LLP | Tennessee Secretary of State | 2025-04-18 | 2025-04-14 | Complete
C-7 | Good Standing Certificate — Ardent Healthcare Holdings Inc. (Delaware Secretary of State) | Calderwood & Harkness LLP | Delaware Secretary of State | 2025-04-18 | 2025-04-16 | Complete | DE File No. 7201548
C-8 | Good Standing Certificate — Crestline Growth Equity Fund II LP (Delaware Secretary of State) | Whitaker, Poole & Simms LLP | Delaware Secretary of State | 2025-04-18 | 2025-04-14 | Complete
C-9 | Good Standing Certificate — Ryland Family Holdings LLC (Tennessee Secretary of State) | Whitaker, Poole & Simms LLP | Tennessee Secretary of State | 2025-04-18 | 2025-04-14 | Complete
C-10 | FIRPTA Certificate (IRS Section 1445) — non-foreign person affidavit from each Seller | Whitaker, Poole & Simms LLP | Crestline / Ryland Holdings / Management Sellers | 2025-04-18 | 2025-04-18 | Complete
C-11 | IRS Form W-9 — from each Seller | Whitaker, Poole & Simms LLP | Crestline (EIN 04-8291653) / Ryland Holdings / Management Sellers | 2025-04-18 | 2025-04-18 | Complete
C-12 | Legal Opinion of Calderwood & Harkness LLP (Buyer's Counsel) | Calderwood & Harkness LLP (Beatrice Holloway) | Calderwood & Harkness LLP | 2025-04-18 | 2025-04-18 | Complete | Addressed to Sellers and Ridgeline National Bank
C-13 | Legal Opinion of Whitaker, Poole & Simms LLP (Seller's Counsel) | Whitaker, Poole & Simms LLP (Rebecca Whitaker) | Whitaker, Poole & Simms LLP | 2025-04-18 | 2025-04-18 | Complete | Addressed to Purchaser
C-14 | Tax Opinion — Osgood & Vail CPAs LLP | Osgood & Vail CPAs LLP | Osgood & Vail CPAs LLP (80 Pine Street, New York, NY 10005) | 2025-04-18 | 2025-04-18 | Complete | Tax structuring opinion; coordinated with Leonard Cross (C&H Tax Partner)
C-15 | Solvency Certificate — Purchaser | Calderwood & Harkness LLP | Ardent Healthcare Holdings Inc. | 2025-04-18 | 2025-04-18 | Complete | Cross-reference F-9
C-16 | Estimated Closing Working Capital Certificate | Blackwell Thornton LLP (Eric Vonn, Partner, TAS) | Angela Moretti, CFO, MedVance | 2025-04-18 | 2025-04-18 | Complete | Estimated closing working capital: $35,100,000; WC target: $34,500,000; within ±$2,000,000 collar; no purchase price adjustment at closing
[sheet: Consents]
Item No. | Description | Responsible Party | Counterparty | Target Date | Date Completed | Status | Notes
CN-1 | Consent / Change-of-Control Notice — BlueLine Health Plan of Tennessee (Major Payor #1) | Whitaker, Poole & Simms LLP / MedVance (Karen Tolliver, COO) | BlueLine Health Plan of Tennessee | 2025-04-15 | 2025-04-07 | Complete | Written consent received; no change to payor contract terms
CN-2 | Consent / Change-of-Control Notice — SouthPoint Insurance Co. (Major Payor #2) | Whitaker, Poole & Simms LLP / MedVance (Karen Tolliver, COO) | SouthPoint Insurance Co. | 2025-04-15 | 2025-04-03 | Complete | Written consent received
CN-3 | Consent — Vertex Health Technologies Inc. (IT Vendor; Master Services Agreement) | Whitaker, Poole & Simms LLP / MedVance | Vertex Health Technologies Inc. (Texas) | 2025-04-15 | 2025-04-10 | Complete | Consent to assignment of MSA upon change of control
CN-4 | Landlord Consents — all leased facility locations (TN, AL, GA, KY) | Whitaker, Poole & Simms LLP (Jonathan Garrett, Senior Associate) | Various landlords | 2025-04-15 | 2025-04-14 | Complete | Consents received for all material leased locations
CN-5 | Consent — Granton Savings Bank, N.A. (existing lender consent to payoff and lien release) | Whitaker, Poole & Simms LLP | Granton Savings Bank, N.A. | 2025-04-15 | 2025-04-11 | Complete | Lender consent to prepayment of $41,300,000 term loan
CN-6 | Notices to employees — WARN Act compliance and general employee notifications | MedVance (Karen Tolliver, COO) | MedVance employees | 2025-04-18 | 2025-04-18 | Complete
CN-7 | Notices to customers and referral sources | MedVance (Daniel Burch, CEO) | Customers / referral sources | 2025-04-18 | 2025-04-18 | Complete | Post-closing notifications prepared; distributed on closing date
CN-8 | Consent — material supplier and service contracts (as identified in Disclosure Schedules) | Whitaker, Poole & Simms LLP | Various counterparties | 2025-04-15 | 2025-04-12 | Complete | All material consents obtained
CN-9 | Board / Equityholder Approvals — MedVance stockholder written consent | Whitaker, Poole & Simms LLP | Crestline (68.2%) / Ryland Holdings (19.5%) / Management (12.3%) | 2025-02-10 | 2025-02-10 | Complete | Unanimous written consent in lieu of meeting
CN-10 | LP Advisory Committee Approval — Ardent Capital Partners III LP | Calderwood & Harkness LLP | Ardent Capital Partners III LP LPAC | 2025-02-05 | 2025-02-05 | Complete | LPAC approved healthcare platform investment