Landauer Metropolitan was a provider of durable home medical equipment, serving more than 240,000 patients in the northeast. In an increasingly competitive market environment, Landauer Metropolitan failed to secure new Medicare contracts, resulting in the loss of customers, rapidly declining revenues, and an inability to meet debt obligations. Efforts by the owners to turn around the business proved unsuccessful, and they put the business up for sale. However, the sale process was unproductive since the lack of Medicare contracts was a barrier to interest even among strategic buyers.
With our deep knowledge of the unique challenges facing health care service providers, Carl Marks Advisors was engaged as financial advisor and chief restructuring officer to find a long-term solution to Landauer Metropolitan’s liquidity and capital challenges.