Investment Banking and Financial Advisory Services
Hector G. Calzada, Jr.
Managing Director
Deloitte Corporate Finance LLC
191 Peachtree Street NE, Suite 2000
Atlanta, GA 30303
Phone: +1 404 631 3015
Fax: +1 404 631 9266
hcalzada@deloitte.com
Profile
Hector G. Calzada, Jr. is a Managing Director in Deloitte Corporate Finance LLC’s corporate finance
and valuation practice. He is also a member of the firm’s Health Sciences & Government industry
group.
Mr. Calzada has extensive experience advising clients in transaction, capital markets and valuationrelated matters. He has been engaged by clients to address matters involving transactions,
strategic alternatives, capital structure, debt planning and restructuring and intellectual property
strategies. Mr. Calzada provides valuation guidance in transaction advisory roles as well as for tax
and financial reporting matters, regulatory compliance issues, estate planning, and shareholder
disputes. Mr. Calzada has conducted and supervised engagements for mergers, acquisitions, buyside advisory, corporate divestitures, restructurings, refinancings, joint ventures, licensing
transactions, equity syndications, and tax planning. He has also advised Boards of Directors and
Special Committees in matters involving fairness and solvency opinions, as well as strategic
alternatives.
Experience

Specializes in healthcare and life sciences, having advised clients in the for-profit and notfor-profit sectors, and has experience with cross-border transactions.
 Co-lead: Financial Advisory Services Accountable Care Organization integration effort
 Co-lead: National Board Advisory Services and Fairness Opinion practice
 Member: Fairness Opinion Committee
 Co-lead: national M&A cross functional transformation team - training

Healthcare experience includes acute care, long term care, home health, hospice,
ambulatory surgery centers, physician and dental practices, IPAs, imaging, dialysis,
catheterization laboratories, disease management, group purchasing organizations,
healthcare products distribution and healthcare information technology.
 Has advised hospital systems in matters including sell-side and buy-side
transactions, affiliation agreements, physician practice acquisitions, joint ventures,
physician alignment strategies, physician compensation agreements (including direct
employment, call arrangements, directorships, and co-management agreements),
debt restructurings, and hospital syndications.
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
Life science experience includes “big” Pharma, specialty pharma, contract research
organizations, contract manufacturing organizations, research institutions, pharmaceutical
services, medical and dental devices, biotechnology, and pharmaceutical distribution
(institutional and pharmaceutical benefit management).
 Has advised Fortune 100 companies, early-stage and late-stage drug development
and medical/dental device companies, private-equity and venture-backed entities,
University-based organizations, and technology spin-outs.

Managed care experience includes commercial, Medicare, Medicaid, pharmaceutical benefit
management and disease management.

Has also addressed a significant number of valuation, strategy, licensing, transaction and
contractual dispute matters involving intangible assets and intellectual property including
patents, trademarks and trade names, copyrights, trade secrets, and goodwill.

Experience in domestic and cross-border transactional matters, advising Boards of
Directors, Special Committees, Management teams and business owners regarding the
value of proprietary assets, investment and strategic alternative considerations, and
transaction / licensing structures.

Advisor to trusts and private equity.

Frequent speaker on matters involving healthcare and life science capital markets, mergers
and acquisitions, and strategic alternatives.
Previous Experience

Prior to joining Deloitte FAS in 2008, Mr. Calzada was a Senior Vice President with Houlihan
Lokey Howard & Zukin, with joint-national responsibility for the Healthcare and Life Sciences
Financial Advisory Services Practice, for six years.

Primary responsibilities included providing financial advisory and investment banking
services, including corporate finance advisory matters, fairness opinions, solvency opinions,
and valuations.
Speaking Engagements and Publications

“Mid-market Perspectives: Solving the Value Puzzle. Four factors mid-market companies
should consider when evaluating M&A targets in today’s post-recession economy;” Deloitte
Mid-Market
Perspectives;
Co-author;
http://www.deloitte.com/assets/DcomUnitedStates/Local%20Assets/Documents/MA/us_ma_solving%20the%20value%20puzzle_
03212012.pdf; 2012.

“Different Paths to Accountability: Provider Experience with the Pioneer ACO Model, the
Shared Savings Program & Other Payment Models;” Accountable Care Organization and
Healthcare Reform Educational Task Forces Joint Luncheon Keynote; Institute on Medicare
and Medicaid Payment Issues; American Health Lawyers Association; March 29, 2012;
Baltimore, Maryland.

“Determining the Value of Intellectual Property;” Innovision Forum Series on Intellectual
Property; Panel Moderator and Speaker; McNair Law Firm, P.A.; March 15, 2012; Greenville,
South Carolina.

“Smart Healthcare Investing;” 2012 Healthcare Services Private Equity Symposium; Panel
Speaker; McDermott Will & Emery; March 8, 2012; Miami, Florida.

“Overview of the M&A Market” and “Company Snapshot;” Corporate Development and M&A
Roundtable; Presenter; Deloitte & Touche LLP; November 29, 2011; Atlanta, Georgia.
Copyright © 2011 Deloitte Development LLC. All rights reserved.
Member of
Deloitte Touche Tohmatsu

“Distressed Hospitals and Healthcare Facilities – Current Trends;” On-Line Presenter /
Speaker; Financially Distressed Healthcare Facilities: Restructuring and Insolvency Options:
Evaluating Bankruptcy and Other Alternatives While Preserving Quality of Care; Strafford
Publications, Inc.; November 16, 2011l Atlanta, Georgia.

“Fairness Opinions: Introduction and Marketing;” Co-Presenter; Deloitte & Touche Financial
Advisory Services LLC; November 8, 2011; CPE Credit; Atlanta, Georgia.

“Corporate Development 2011: Scanning the M&A Horizon;” Publication; Deloitte & Touche
LLP; Co-Contributor; 2011.

Partners in M&A: Working Together to Make Moments Matter; Co-Lead Facilitator; Deloitte &
Touche LLC; June 6 - 8, 2011; Chicago, Illinois.

“An evening with Juan Figuereo, CFO, Newell Rubbermaid Inc.;” Moderator; Inaugural
ALFPA Financial Leadership Event; ALPFA, Atlanta Chapter; May 19, 2011; Atlanta, Georgia.

Financial Advisor Pilot Program; Co-Lead Facilitator – Strategic Alternatives & Valuation
Case Study; Program Co-Lead and program developer; Deloitte Financial Advisory Services
LLC; May 2 - 6, 2011; CPE Credit; New York, New York.

“Healthcare M&A and Financial Health under Health Reform;” Speaker; RMA Texas 58 th
Spring Conference; The Texas Chapter of the Risk Management Association; April 28, 2011;
Houston, Texas.

“Going Private: Examining the Alternative;” On-Line Presenter / Speaker; Financial Advisor
Pilot Launch: Technical Learning – Part I; Deloitte Financial Advisory Services LLP / Deloitte
Corporate Finance LLC; Online Webinar; CPE Credit; April 21, 2011.

“Accountable Car Organization:
Update;” Panel Member; Institute on Medicare and
Medicaid Payment Issues; American Health Lawyers Association; Baltimore, Maryland; CLE
Credit; March 30, 2011.

“Healthcare Reform and the Urge to Merge: What are the Alternatives?”; Panel Member /
Speaker; 20th Annual Health Law and Policy Forum; King & Spalding; March 14, 2011; CPE /
CLE Credit; Atlanta, Georgia.

“Board Service: Be Afraid, Be Very Afraid;” Moderator / Introduction; 2011 Healthcare
Services Private Equity Symposium; McDermott Will & Emery; March 10, 2011; Miami
Beach, Florida.

“Avoiding Stark and CMP Violations in the Formation, Financing, and Implementation of the
Integration of ACOs - Part I: Stark Laws;” Panel Member; National Forum on Clinical
Integration: The Authoritative Guide to ACOs and Other Integrated Models in the Wake of
Health Care Reform; ACI’s Health Care Reform Series; American Conference Institute;
November 16, 2010; CLE Credit; Washington, DC.

“Fairness opinions: Actions board members can take when the debt comes due;” Article CoAuthor;
Deloitte
Publication;
http://www.deloitte.com/view/en_XA/xa/marketinsights/a1b80732da77b210VgnVCM1000001956f00aRCRD.htm; October 2010.

“HFMA Value Project: Current State Focus Group – Quality Management, Costing, and
Performance Improvement;” Facilitator; 4th Annual Thought Leadership Retreat – Payment
Reform: Focus on Value to Succeed; Healthcare Financial Management Association; October
7, 2010; Washington, DC.

“Physician Alignment Strategies;” Centura Physician Enterprises Board Retreat; Centura
Health; October 5, 2010; Denver, Colorado.

“Hospital M&A Business Case: Not-For-Profit Hospital System Acquires a Not-For-Profit
Hospital:
Valuation and Purchase Price Considerations When Acquiring a Hospital;”
Achieving Success in a New Health Care Landscape; Health Care Business Alliance; Owen
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Deloitte Touche Tohmatsu
Graduate School of Management, Vanderbilt University; October 1, 2010; Nashville,
Tennessee.

“Investment Banker Report: Status & Outlook for Healthcare Deal Making;” Moderator; 3rd
Annual Healthcare Deal Making Summit; Infocast; October 1, 2010; Nashville, Tennessee.

“2010 M&A Market Update;” Deloitte Client and Alumni Regional Continuing Education
Conference; September 22 & 23, 2010; Atlanta, Georgia.

“ASC 958-805 (SFAS 164) and New Fair Value Requirements Impact Health Care
Organizations: Are You Ready? What NFP Organizations Need to Know About the Changing
Landscape;” Novant Health Executive Briefing; Novant Health; CPE Credit; July 15, 2010.

“The State of the Dental Industry and Economy – Part II;” The State of the Dental Industry;
Dental Trade Association; June 23, 2010.

“Hospital-Physician Relationships: Balancing financial integration and strategic alignment;”
Naples Physician Community Market Update; NCH Healthcare System; March 23, 2010.

“Healthcare M&A Update;” Baptist Memorial Healthcare Corporation Executive CPE Seminar;
September 18, 2009; CPE Credit; Southaven, Mississippi.

“Alliances versus M&A? What is Biotech to do…;” 7th Annual Healthcare M&A and Business
Development; INSIGHT – Incisive Media; September 10, 2009; Atlanta, Georgia.

“Healing the Healers;” INSOL 2009; June 22, 2009; Panel Member, addressed current state
of healthcare in the U.S., cross border challenges, and distressed healthcare; CLE / CPE
Credit; Vancouver, British Columbia;

Healthcare Capital Finance: In Good and Challenging Times; David A. Lips, Esquire; 2009;
Calzada provides credit spread analyses table.

“Along for the Ride: Implications for Healthcare in the Current Economy;” Strafford
Publications, Inc.; April 8, 2009; Panel Member - Distressed Healthcare Facilities:
Restructuring and Insolvency Options; Planning Strategies for Providers Evaluating
Bankruptcy and Alternatives; CLE Credit; Atlanta, Georgia.

“Financial And Economic Crisis – Law Firms: 18th Annual King & Spalding Health Law And
Policy Forum: Healthcare Companies Face Unprecedented Challenges;” The Metropolitan
Corporate Counsel; Shared Interview; March 2009; p. 10.

“Capital Markets Update;” Baker & McKenzie North America Pharmaceutical & Healthcare
Industry Group Meeting; March 4, 2009; Scottsdale, Arizona.

“Project root canal: the current economic downturn and implications for dental trade
organizations;” Dental Trade Association - 2009 World Dental Trade Conference; February
26, 2009; Chicago, Illinois.

“Eye of the Storm: The Current Economic Downturn and Implications for Healthcare;” King
& Spalding Health Law Policy Forum; February 7, 2009; Co-Presenter; CLE / CPE Credit;
Atlanta, Georgia.

“Aggressive Strategies in the Current Market,” Georgia Bio; January 6, 2009; Atlanta,
Georgia; Panel Member - addressed impact of current global economy on the life science
industry.

“Extracting Value from Intellectual Property,” Emory University – Office of Technology
Transfer; December 8, 2008; Atlanta, Georgia; Co-Presenter.

“Financing in a Liquidity Crisis – Back to Basics;” Nelson Mullins Healthcare M&A and
Finance Summit; September 25, 2008; Atlanta, Georgia; Panel Member, addressed current
healthcare capital markets and current financing challenges.
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Deloitte Touche Tohmatsu

“Dental Industry – Financial Overview;” Financial Panel; Dental Trade Association Annual
Meeting; July 22 – 25, 2008; La Jolla, California.

“Hospital Syndications: Opportunities and Options, or a Thing of the Past?” Emerging Issues
in Healthcare Law - ABA Health Law Section; February 21, 2008; CLE / CPE Credit; San
Diego, California. Co-Presenter.

“Valuing Early Stage Biotechnology;” National Institute of Health; 2007; Washington, DC.
Co-Presenter.

“Quality and Value Measurement for IP: What We Need to Know;” The Corporate IP Institute
- Georgia State University School of Law; October 24, 2007; Atlanta, Georgia; Panel
Member, addressed intellectual property valuation issues and trends.

Hospital Syndications; Emerging Issues in Healthcare Law - ABA Health Law Section;
February 2007; CLE / CPE Credit; Orlando, Florida. Co-Presenter.

“Disease Management Disease Management Industry Update: 2006 and Beyond;” Shared
Initial Keynote Panel; Disease Management (a.k.a. Health Management) Congress;
September 13 - 15, 2006; Las Vegas, Nevada.

“Healthcare Receivables Financing;” Institute on Medicare and Medicaid Payment Issues;
March 22-24, 2006; CLE / CPE Credit; Baltimore, Maryland. Co-Presenter.

"Valuation Methodologies for Early- and Late-Stage Medical Technology Companies;”
Investment In Innovation (In3): A Preview of Early-Stage Medical Technology Companies;
October 9, 2005; Boston, Massachusetts; Co-Presenter.

“Healthcare Receivables Financing;” Institute on Medicare and Medicaid Payment Issues;
March 2005; CLE / CPE Credit; Baltimore, Maryland. Co-Presenter.
Expert Witness / Testifying Experience

Premier Medical Care, P.C. v. Elizabeth Gaary, M.D., v. Mark A Shaman, M.D.; Terrence
Wilkin, M.D.; and Marcio Curvelo, M.D.; Case no. 2010-0383-CK; Hon. J. Richard Johnson;
State of Michigan in the Ninth Circuit Court for the County of Kalamazoo; Deposition
testimony on behalf of Elizabeth Gaary, M.D.; 2011.

Holston Investments Inc. B.V.I. and Albert P. Hernandez v. LanLogistics, Corp.; Case
Number: 08-21569-CIV-Moreno; United States District Court, Southern District of Florida,
Miami Division; Expert Testimony (Bench Trial) and Deposition testimony on behalf of
LanLogistics, Corp related to valuation dispute; 2010.

Public Forum of the Proposed Transaction For the Sale of Assets of Glenwood Regional
Medical Center; Hospital Service District No. 1 of Ouachita Parish, Unit of the Ouachita
Parish Police Jury — 2006.
Copyright © 2011 Deloitte Development LLC. All rights reserved.
Member of
Deloitte Touche Tohmatsu
Professional Affiliations / Associations / Positions

FINRA Series 7, 79 & 63 Licenses

Member – Judging Panel of Innovision Technology Awards (Upstate South Carolina) - (2009
- 2010)

Member – Georgia Bio Transaction of the Year Selection Committee (2008-2010)

Member – Investment Committee of the Roman Catholic Archdiocese of Atlanta

Member – Healthcare Financial Management Association

Senior Executive Advisory Council and Member –ALPFA, Atlanta Chapter

Executive Committee Member – American Heart Association Heart Ball 2011

Board Advisor – HNET (Deloitte Affinity Group) Atlanta Chapter (2008 – 2010)

Deloitte FAS Advisory Life Sciences Co-Leader

Deloitte FAS National Advisory Initiative – Senior Management Leadership Team

Deloitte & Touche M&A Advisory Committee

Deloitte FAS Southeast Diversity & Inclusion Leader

Deloitte FAS Southeast Business Resource Group Leader

Deloitte FAS Partner, Principal & Director Admissions Committee – 2012

Deloitte Faculty Excellence certification

Deloitte “Partners in M&A” Program Dean
Education


Master of Business Administration, Florida International University, Miami, Florida
Bachelor of Science in Management (Finance), Tulane University, New Orleans, Louisiana
Copyright © 2011 Deloitte Development LLC. All rights reserved.
Member of
Deloitte Touche Tohmatsu