H2C Securities Research
Advisory Approach
H2C Securities is a healthcare-focused strategic advisory and investment banking firm with a distinctive thesis: healthcare organizations and higher education institutions make better strategic decisions when partnering with advisors who deeply understand their sector's operational complexity, regulatory environment, and capital markets dynamics. Rather than applying generic M&A frameworks, H2C embeds operational healthcare expertise into every engagement, drawing on team members who bring years of healthcare administration experience. The firm's approach emphasizes thorough deal structuring, capital source identification, and long-term client relationships rather than transaction volume maximization.
Sector Focus & Market Position
H2C maintains specialized expertise across multiple healthcare subsectors:
Behavioral Health: The firm has become a leading advisor in the rapidly growing behavioral health space, completing over 10 behavioral health transactions in a 24-month period (as of June 2023). This includes psychiatric hospital development, operator placements, facility conversions, and behavioral health joint ventures. The firm understands the unique capital requirements, regulatory landscape (CON laws, licensing), and operator dynamics in this space.
Healthcare Real Estate: With over 20 years of real estate investment banking experience, H2C has served as advisor on transactions exceeding $15-17 billion nationwide. The practice covers medical office buildings, specialty healthcare facilities (plasma centers, rehabilitation hospitals), senior living communities, and behavioral health hospital development. The team combines real estate expertise with deep knowledge of healthcare operational requirements.
Senior Living & Long-Term Care: H2C has extensive experience with senior living operators, skilled nursing facilities, and senior housing communities. Recent transactions include providing capital solutions for senior living operators facing pandemic-related financing challenges and converting senior living properties to behavioral health facilities.
Healthcare Facility Monetization: The firm advises healthcare real estate owners on optimizing asset value through sale-leaseback transactions, portfolio monetization, and refinancing strategies. Recent work includes monetizing specialized asset classes like blood plasma collection facilities—an emerging subsector requiring deep biotech and life sciences market knowledge.
Higher Education: H2C serves higher education institutions with capital markets and strategic advisory services, though healthcare is the primary focus area.
Deal Track Record
Based on publicly announced transactions, H2C has completed significant healthcare deals including:
Collection Center Property Company Portfolio Monetization (2023): H2C served as exclusive advisor on the monetization of a 19-property portfolio of blood plasma collection centers across 13 states, totaling ±$136.7 million. The portfolio, leased to ImmunoTek (leading independent plasma collection company), closed in five tranches over 12 months. The transaction attracted diverse investor groups including net-lease REITs, life science investors, and institutional private equity firms. This demonstrates H2C's ability to position specialized healthcare assets to institutional capital sources.
FJM Health Behavioral Health Hospital Operators (June 2023): H2C served as exclusive advisor to FJM Health and Senior Services in securing alternative operators for two newly developed inpatient psychiatric hospitals in Prescott, Arizona (14-bed facility) and Kennewick, Washington (72-bed facility). The engagement required identifying best-in-class behavioral health operators and managing the transition process.
AM Behavioral Health Joint Venture Financing (July 2022): H2C advised AM Behavioral Health, LLC (joint venture between Meridian Senior Living and Midwest Behavioral Management) on securing equity and debt capital for converting a senior living community to a 96-bed behavioral healthcare facility in Dayton, Ohio. The structure included equity from a Texas-based real estate PE firm and debt from an Ohio-based regional bank. The facility was designed to serve three behavioral health modalities: memory care (36 beds for Alzheimer's/dementia with behavioral issues), geriatric psychiatric care (20 beds), and general behavioral health residential treatment (40 beds).
ProHealth Care Real Estate Acquisition (February 2022): H2C served as exclusive real estate and financial advisor to ProHealth Care, a Wisconsin-based not-for-profit health system, on acquiring two medical office buildings and a rehabilitation hospital, plus restructuring long-term leases for four additional assets. The transaction delivered substantial cost savings for the health system's long-term occupancy strategy.
Quality Life Services Financing (September 2023): H2C served as exclusive advisor to Quality Life Services (QLS) in executing a $67 million bridge loan to refinance debt on a portfolio of 10 skilled nursing and senior living facilities. The engagement required evaluating strategic and financing alternatives and ultimately structuring a bridge-to-HUD loan enabling the operator to access lower-cost long-term financing.
Jupiter Medical Center Bond Issue (July 2022): H2C served as financial advisor on a $152 million tax-exempt bond issue.
CharterCARE System Sale (2024-2025): H2C was responsible for marketing the sale of the CharterCARE hospital system in Rhode Island, a major healthcare system transaction.
Across these and other transactions, H2C's professionals have acted as lead advisors on hundreds of transactions representing billions of dollars in cumulative value. The firm notably executed 10+ behavioral health transactions in a 24-month period, demonstrating deep expertise in one of healthcare's fastest-growing segments.
Process & Service Model
H2C combines mergers and acquisitions advisory with capital markets and real estate expertise, structuring engagements to address clients' specific strategic and financial needs:
Real Estate Monetization: Positioning healthcare properties for optimal sale timing and buyer/investor identification, as demonstrated in the blood plasma portfolio transaction.
Capital Sourcing: Identifying and negotiating with capital providers (debt, equity, institutional investors) tailored to healthcare sector requirements, regulations, and risk profiles.
Operational Advisory: Advising on deal structure, facility conversion, operator selection, and post-transaction integration.
Strategic Structuring: Designing transaction structures (sale-leasebacks, joint ventures, conversions, refinancings) that maximize value while achieving clients' operational and strategic objectives.
Regulatory Navigation: Understanding CON requirements, state licensing, FINRA compliance, and other healthcare-specific regulatory considerations.
Competitive Positioning
H2C differentiates itself through:
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Healthcare Specialization: Unlike generalist investment banks, every professional has healthcare sector expertise. The firm does not attempt to serve every industry, maintaining deep vertical focus.
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Operational Experience: Key team members bring healthcare administration and operational backgrounds, not just banking experience.
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Real Estate Expertise Combined with M&A: The firm uniquely combines healthcare real estate investment banking with M&A advisory, allowing integrated structuring of deals that touch both disciplines.
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Emerging Subsector Knowledge: The firm has developed early expertise in rapidly emerging areas like behavioral health and specialty healthcare assets (plasma centers), positioning clients ahead of market trends.
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Relationship Depth: Long-standing relationships with healthcare capital sources, operators, and institutional investors enable deal execution that pure transactional advisors cannot achieve.
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Public and Private Institution Access: The firm serves both for-profit and not-for-profit healthcare organizations, higher education institutions, and PE-sponsored entities, providing broad market perspective.
Team
William B. Hanlon III - CEO and Founder. Founder and principal of original Hammond Hanlon Camp LLC (H2C), bringing 20+ years of healthcare advisory and banking experience. Based in San Diego office.
Matthew Tarpley - Executive Director. Led multiple high-profile transactions including the $136.7M blood plasma portfolio monetization and FJM behavioral health hospital operators engagement. Demonstrates strong expertise in healthcare real estate and capital sourcing.
Michael Fioravanti - Vice President/Senior Associate. Co-led multiple transactions with Matthew Tarpley including plasma portfolio monetization and behavioral health placements. Brings expertise in healthcare real estate analysis and operator identification.
C. Richard Bayman - Atlanta-based team member involved in various healthcare advisory engagements. Extensive healthcare investment banking experience (active from 2013-2024).
The core team ranges from 3-5 senior professionals depending on engagement scope, assembled around specific deal requirements. Regional offices in Atlanta, New York, Chicago, and San Diego provide geographic coverage.
Geographic Coverage & Market Presence
H2C maintains offices in:
- Atlanta, Georgia (headquarters) - 3344 Peachtree Road Northeast, Suite 900
- New York, New York - 623 Fifth Avenue, 29th Floor (healthcare real estate center)
- Chicago, Illinois - 222 S. Riverside Plaza, 30th Floor
- San Diego, California - 4655 Executive Drive, Suite 280 (founder's office)
The firm's deal activity spans multiple states and regions, with particular strength in healthcare markets throughout the Midwest, Southeast, and West Coast.
Ownership & Current Status
H2C Securities Inc. is now a subsidiary of Fifth Third Bank, National Association, as of April 1, 2024 (through acquisition of parent Hammond Hanlon Camp LLC). H2C operates as Fifth Third Capital Markets' healthcare investment banking division while maintaining brand identity and operational autonomy. Securities and services are offered through H2C Securities Inc., member FINRA/SIPC. The firm previously maintained independent status from 2011 (founding) through early 2024, with significant deal activity and market presence throughout that period.
Fee Structure & Deal Types
H2C typically structures engagements around:
- Real estate sales and monetizations
- Capital raising (debt and equity) for healthcare facilities and operators
- Operator placements and facility conversions
- Healthcare system M&A and strategic transactions
- Bond issuance advisory (tax-exempt and taxable)
- Refinancing and restructuring
Fee structures are customized per engagement type (success fees on transactions, advisory retainers on capital raises). Minimum engagement size for significant advisory work typically starts at $10M+, though can vary based on transaction complexity.
Strategic Insights
H2C's positioning reflects key healthcare market trends:
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Behavioral Health Expansion: The firm has recognized and capitalized on explosive growth in behavioral health capacity, positioning itself as a category leader in this emerging subsector.
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Healthcare Real Estate as Core Asset: Rather than viewing real estate as ancillary, H2C treats healthcare real estate as a primary strategic asset, creating opportunities for optimization and value creation.
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Operator Economics: The firm advises on the intersection of real estate ownership and operator selection, understanding that the right facility-operator match drives value creation.
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Institutional Capital Access: H2C maintains relationships with institutional capital sources (PE firms, REITs, regional banks) that understand healthcare, enabling complex deals to close.
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Specialization Premium: By maintaining healthcare-only focus, the firm commands advisory engagement from sophisticated healthcare institutions willing to pay for sector expertise.
Not a Fit If
H2C likely declines or is not optimally suited for:
- Non-healthcare transactions (despite Fifth Third ownership, H2C's focus remains healthcare)
- Standalone M&A without real estate or capital components
- Highly distressed situations requiring turnaround management (advisory focus, not operational management)
- Transactions below $10M (team focus on institutional-scale deals)
- Markets outside core geographic footprint where relationships are not established
Research Summary: H2C Securities represents a differentiated healthcare investment banking franchise built on deep sector expertise, operational healthcare knowledge, and distinctive focus on healthcare real estate combined with M&A advisory. The firm's positioning in behavioral health, senior living, and specialized healthcare asset classes aligns with high-growth healthcare subsectors. Team members demonstrate strong deal execution capability, and publicly announced transaction activity confirms active deal flow across multiple healthcare segments.