Cain Brothers

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Cain Brothers & Company, LLC is a boutique investment banking firm that focuses exclusively on the health care services industry and its related businesses.


Cain Brothers was founded in 1982 by Jim and Dan Cain based on the belief that health care organizations in the United States have unique needs that can be best addressed by professionals with knowledge of the health care delivery system as a whole. As a result, the firm’s clients are composed of nonprofit, publicly traded, and privately held health care service providers, such as hospitals, ambulatory care centers, and physician groups; third-party payors like the Blue Cross Blue Shield companies; medical technology companies; and companies that provide services to the health care industry such as information technology and real estate companies. Robert Fraiman Jr. became CEO and President on January 1, 2010, taking the reins from Jim Cain who remains on the firm’s executive committee.[1][2]

Headquartered in New York, Cain Brothers has expanded alongside of the health care industry’s overall rapid growth, and the firm and its affiliates not now have personnel in nine U.S. locations.

Cain Brothers is active in mergers and acquisitions as exemplified by its receiving Deal of the Year honors from Investment Dealer's Digest,[3] for its representation of Caritas Christi Health Care in its sale to Cerberus Capital Management,[4] its representation of privately owned AeroCare Holdings in its merger with MergeWorthRx Corp., a special purpose acquisition company,[5] its representation of Centerre Healthcare in its sale to Kindred Healthcare,[6] and its representation of U.S. Community Behavioral in that company's sale to a private equity firm.[7] Cain Brothers is also very active in raising tax-exempt capital and FHA-insured debt for its health system and post-acute care clients.

KeyCorp's corporate investment banking unit, KeyBanc Capital Markets Inc., on Tuesday afternoon, Aug. 15, 2017 announced a definitive agreement to acquire Cain Brothers & Co. The acquisition was completed on Oct. 4, 2017.[8]


  1. (November 2, 2009) “Cain Brothers Appoints New CEO; Focus Remains Health Care” Archived 2014-12-20 at the Wayback Machine,
  2. (May 14, 2010) “Cain's Prescription for Growth” Archived 2014-12-20 at the Wayback Machine,
  3. (January 28, 2011) “Deal of the Year Awards…Nonprofit? Not Anymore” Archived December 20, 2014, at the Wayback Machine,
  4. (November 23, 2010) “Cain Brothers Advises Caritas Christi Health Care in Sale to Cerberus Capital Management's Steward Health Care System”,
  5. (October 15, 2014) “MergeWorthRx to merge with PE-backed AeroCare”,"
  6. (November 12, 2014) “Kindred to acquire VC-backed Centerre for about $195 mln”,"
  7. (September 5, 2013) “Bregal Partners Announces Acquisition of US Community Behavioral, LLC ”, ""
  8. "KeyCorp Closes Cain Brothers' Deal, Expands Health Advisory". Nasdaq. Retrieved January 1, 2021. Unknown parameter |url-status= ignored (help)

Further reading[edit]

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