Case Study

Jobson Healthcare Information

CLIENT: Jobson Healthcare Information ("Jobson" or the "Company")

Gordian Group acted as investment banker to Jobson Healthcare Information in connection with its successful restructuring, successfully negotiating a prepackaged plan of reorganization in which the private equity sponsor maintained 80% of the reorganized equity and the Company emerged from bankruptcy in little more than one month.


A portfolio company of The Wicks Group, Jobson is a leading provider of information and marketing services to the healthcare industry. The Information Services Group provides leading proprietary information databases and publications/journals to the pharmacy and eye-care market, and the Marketing Services Group is a leading provider of alerts/notifications and advertisements for drug, medical device and healthcare supply manufacturers.

Since 2003, Jobson expanded its operations through a combination of acquisitions and internal growth, resulting in a company with approximately 20 different businesses and more than 50 products.

Due to softness in advertising during the recession, as well as the deterioration in the continuing medical education portion of the business, Jobson found itself with an impending maturity of more than $117 million of secured debt (or roughly 6x trailing twelve month EBITDA).


Gordian was engaged in September 2011 – or less than two months before the maturity of Jobson’s secured debt – to advise the Company and its sponsor with the assessment of the financial alternatives available and to assist in negotiating the restructuring of the Company’s debt.

Over the next several months, Gordian, among other things: (i) undertook third-party capital raising efforts to assist the Debtors in evaluating potential alternatives to an internal restructuring; (ii) performed extensive valuation, debt capacity and capital markets analyses and prepared a draft expert report in those respects; (iii) developed a viable non-consensual plan of reorganization; (iv) organized a disparate group of senior lenders that included both traditional banks and hedge funds (including certain members that had stated a desire to take over the Company); and (v) negotiated the terms of a prepackaged plan of reorganization that included $122 million in exit financing.


Gordian was instrumental in orchestrating a successful prepackaged plan of reorganization with a disparate group of lenders comprised of traditional lenders and hedge funds.

As a result of these efforts:

(i) the Company was able to emerge from Bankruptcy in little more than one month;
(ii) the private equity sponsor maintained an 80% ownership interest in the reorganized Company; and
(iii) the maturity date of the secured debt was extended by approximately 3 years, providing ample runway for continued growth and the maximization of shareholder value.