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- Federal Surprise Medical Bill Reform—Team Health and Envision Our Call: Capstone first wrote in December 2018 that federal surprise medical bill legislation—recently introduced in the US Senate—was likely to garner significant momentum in 2019 and pose a meaningful risk to physician staffing companies, particularly those with emergency department exposure such as Team Health Inc. (TMH) and Envision Healthcare Corp. (EVHC). The policy under […]Learn More
- Public Funding for Pre-K and its Risks and Opportunities in a For-Profit Provider’s Business Model The Request: Capstone advised a client on the potential acquisition of a for-profit early childhood education provider. Specifically, we evaluated the key policy-driven risks and opportunities arising from public funding for pre-K programs. Our diligence focused on both federal and a selection of states’ policies. We also provided the client with a scenario analysis based […]Learn More
- Assessing Potential Deutsche-Commerzbank Merger, Wary About Merits of “National Champion” Our Call: On March 14, 2019, Capstone hosted a series of meetings for clients in Frankfurt to discuss the outlook for the German big bank M&A with regulatory and industry stakeholders. Our conversations focused heavily on banking consolidation and the broad sense of skepticism around the merits of creating a “national champion” given the merger […]Learn More
- Evolving State and Federal Regulatory Climate Surrounding Branch-Based Installment Lending The Request: Capstone was engaged by a consortium of private-equity sponsors that was considering acquiring a branch-based installment lender. Specifically, we analyzed existing and potential future legislative and regulatory initiatives that could affect the Company. At the state level, we explored the climate in the nine states that constitute the majority of the Company’s branches. […]Learn More
- Utility Special Situation—SCANA Our Call: Capstone published that shares of South Carolina utility SCANA (SCG) presented an attractive risk-reward after a significant sell-off in the shares appeared to price in an unlikely worst-case regulatory outcome. We believed state regulators were likely to punish the company for its mismanagement of the nuclear reactor project, but believed ultimately they would […]Learn More
- Wastewater Midstream, Oil & Gas Production, and Leasing & Permitting Risks to a Midstream Company’s Business Model The Request: Capstone advised a group of clients on their potential acquisition of a water pipeline network in the Permian that relied on production volumes and rig activity in the region. Specifically, Capstone analyzed federal and state level regulations and legislation, along with potential policy changes as the result of federal elections, that could impact […]Learn More
- Regulatory and Policy Outlook for an Irish Management Company, Governance, and Compliance Services Firm The Request: Capstone advised a client on the acquisition of an Irish Management Company (ManCo), Governance, and Compliance Services Firm. Our diligence explored the policy-driven opportunities and risks from Brexit, more specifically if the firm was positioned to benefit from the increasing demand for regulatory infrastructure services in continental Europe. We also evaluated the relative perception […]Learn More
- Uber, Lyft, and the Sifting Sand of the Gig Economy’s Labor Model Our Call: Capstone first wrote in July 2019 that the likely passage of California’s Assembly Bill 5—then-pending legislation in the state—posed sizable unappreciated risks to companies that rely on independent contractors. Learn More
