May 19, 2021

BlackTree and Simione Merge to form SimiTree

Simione Healthcare Consultants and BlackTree Healthcare Consulting Merge, Supported by Sheridan Capital Partners, to Form SimiTree Healthcare Consulting

Brentwood Capital Advisors Serves as Exclusive Financial Advisor to BlackTree and Simione.

Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to BlackTree Healthcare Consulting (“BlackTree”) and Simione Healthcare Consultants (“Simione”) in the companies’ merger to become SimiTree Healthcare Consulting (“SimiTree”). The merger was sponsored by Sheridan Capital Partners (“Sheridan”).

BlackTree and Simione are both pre-eminent service providers in the post-acute care market. BlackTree, founded in 2011, is a trusted provider of revenue cycle outsourcing, consulting, and outsourced coding & OASIS review services to the home health, hospice and skilled nursing facility markets. Founded in 1966, Simione provides industry-leading consulting, talent management, revenue cycle management, and technology solutions to its agency clients. “Simione and BlackTree ran parallel as successful companies leading the healthcare industry,” said Bill Simione, previously Managing Principal at Simione, and now Managing Principal at SimiTree. “Now, our collective expertise, experience and resources as a united company, SimiTree, make us stronger together.”

Led by the brightest minds in the industry, SimiTree will help post-acute healthcare organizations achieve clinical and financial excellence through consulting, outsourcing, and talent solutions. SimiTree will offer clients a robust suite of services, including outsourced billing, coding and revenue cycle management; executive recruiting, interim staffing and other talent solutions; guidance through mergers and acquisitions; sales consulting and education; and data analytics.

The merger was sponsored by Sheridan Capital Partners, a leading lower middle-market private equity firm focused exclusively on the healthcare industry. “We are excited to join forces with Sheridan to help bring these two great companies together to drive continued growth with our complementary service offerings,” said Mike Freytag, Managing Principal of SimiTree. “BCA was an invaluable resource in guiding us through the M&A process. They provided the necessary support and expertise to reach a successful close that yielded a great outcome for shareholders and the right partners at Sheridan.”

“The combination of these two organizations creates a leading presence in consulting, outsourcing, and talent solutions to the post-acute healthcare sector,” said John Allgood, Director at BCA. “The post-acute sector continues to be a key focus area for BCA’s healthcare services practice, and this transaction bolsters BCA’s leadership position in post-acute healthcare investment banking. We were honored to work with the leadership teams from both companies, and we expect nothing but success for SimiTree.”

Robinson & Cole LLP served as legal advisor to BlackTree and Simione.

About Brentwood Capital Advisors

Headquartered in Franklin, Tennessee, Brentwood Capital Advisors is one of the nation’s leading independent investment banks, specializing in providing financial advice on mergers, acquisitions, corporate divestitures, and capital raising to growth-oriented, middle-market healthcare, technology, and tech-enabled services companies. For more information, visit

About SimiTree Healthcare Consulting

SimiTree Healthcare Consulting helps post-acute care providers grow stronger and healthier by optimizing operations and revenue while maintaining clinical excellence. SimiTree brings industry expertise and a wide range of proven solutions together to guide organizations through challenges, changes, and growth. To learn more, visit

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