NEW YORK, March 20, 2014 /PRNewswire/ — After 20-plus years establishing a reputation as a highly proficient technical director in neurophysiological testing, Shane P. Rabalais has decided to sell his entire asset portfolio as step one in simplifying his life, and getting a better handle on estate planning. Simplifying in this case also means spending more quality time with his young daughter, who has cerebral palsy.
The principal asset for sale is Neurology Monitoring Services (NMS), a leader in neurological testing since 1994. Healthcare Private Equity Investments, LLC is the top bidder. As of March 18, the bid for these assets stands at $3.8 million; $2.5 million of that bid consists of long-term restricted annuitization. The remaining $1.3 million is cash, which will go toward capital gains taxes associated with the sale as well as providing seed funding for a private foundation. Asset Capital Advisors is currently analyzing bids that meet a stringent set of criteria. More information on this foundation will be forthcoming once the sale is finalized.
Assets of NMS include a contracted directorship and all neurophysiological testing modalities, as well as all current, active contracts with clinics and hospitals. Physical assets include neurology monitoring equipment and four subsidiary LLCs operating under the Neurology Monitoring Services umbrella. Two of these LLCs hold a significant stake in freestanding MRI centers. A Special Needs Trust comprises the remaining portion of the assets package.
One notable condition of the sale is that Rabalais will not stay on as a consultant, which industry analysts concur reduces the price by 10 or 15%. However, maximizing the financial windfall is not the objective. Rabalais was in New York City with counsel on March 18 and 19; all parties agreed to the sale's terms and stipulations.
Recognizing the scope and complexity of such a transaction, Rabalais sought an objective portfolio assessment from Asset Capital Advisors. Several other organizations have also earned hearty thanks: PricewaterhouseCoopers has been instrumental in the accounting and estate planning arenas. Rabalais has also secured expert legal counsel throughout the sale process.
Despite selling the company he built from the ground up, Rabalais has no intention of retiring. Health permitting, he hopes to focus more on neuroscience research, a field to which he has already contributed a lifetime's worth of achievements. Indeed, Rabalais has had significant input on much of the hardware and software design of all modern recording and monitoring technology.
About Neurology Monitoring Services
Headquartered in Louisiana, Neurology Monitoring Services has been at the forefront of neurophysiological testing procedures, from highly complex critical care to routine testing, since 1994. Shane P. Rabalais is currently majority shareholder and president; due to his broad expertise and leadership, he has received (and declined) numerous requests to remain with the company as a consultant following the sale.
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