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Oncology EBITDA Multiples: Acquisition of The Oklahoma Proton Center

The Oklahoma Proton Center is being purchased for $62m by a newly formed non-profit organization in a transaction exclusively financed with over $72m of municipal bond debt (includes additional funds for debt service reserves and issuance costs). TOPC, which was built for approximately $120m in 2009 and financed with over $100m in debt obligations, has recently undergone a startling turnaround since being purchased out of bankruptcy in late 2018.

According to bankruptcy court filings, the center was purchased by a for-profit entity affiliated with former executives of certain Provision CARES proton therapy centers for a cash purchase price of $17.25m (later adjusted to $17.75m). Fiscal year 2019 financial statements included in the municipal bond prospectus indicate that the purchase was likely financed in part with debt (~$12.3m on the balance sheet as of 12/31/2019).

The prospectus and supplemental documents related to the 2021 deal also outline the swift turnaround at the center from revenue and EBITDA of $11.3m and -($4.7m) in FY 2018, respectively, to pro forma estimates of $26.4m and $6.9m for 2021. If you're interested in more context, have a look at the municipal bond prospectus.


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