Fieldman, Rolapp acquisition adds strength in healthcare sector

California municipal advisory powerhouse Fieldman, Rolapp & Co. started the new year with an acquisition enabling it to deepen its bench in healthcare finance.

Fieldman acquired Orem, Utah-based municipal advisor G.L. Hicks Financial on Jan. 1.

"This acquisition represents a significant step forward for Fieldman," said Adam Bauer, who has been chief executive officer of the firm since 2016.

"G.L. Hicks Financial has an outstanding reputation for its specialized focus on healthcare financing and its commitment to client success," Bauer said. "Together, we are poised to bring even greater value to our clients and further support the critical work of healthcare providers in our communities."

Bauer said the acquisition is expected to add 8% in business activity to Fieldman, an independent municipal advisory firm founded in 1966.

The 30-year-old G.L. Hicks, founded by Gary Hicks, specializes in healthcare finance advising clients on projects including hospital expansions, facility upgrades, and bond issuances for nonprofit and public healthcare districts. The firm's team of experts "will join Fieldman bringing extensive knowledge and experience to the combined organization."

As part of the integration, Hicks' office in Utah will continue operations under the Fieldman brand, ensuring continuity and seamless service for all clients, Bauer said.

Fieldman operates a small healthcare practice, and the addition of Hicks' expertise and client base will significantly expand Fieldman's footprint in the healthcare sector, Bauer said.

Fieldman has been working to expand operations into other states and this merger will further those efforts, Bauer said.

The firm "is focused on growing both its practice sectors and geographic presence over the next decade," Bauer said.

In 2024, the firm entered New Mexico and now has several active projects there and also priced two bond transactions for New Mexico clients.

Though Hicks is located in Utah, its clients are in California and Washington. Fieldman entered Washington in 2020 with the addition of Un Chu Reardon, a senior vice president.

"The driving force behind this merger is a mutual recognition that both Hicks and Bauer emphasize a client-first approach in their services," Bauer said.

Fieldman is a founding member of the National Association of Municipal Advisors, the trade association that provides and promotes educational efforts for municipal financial advisors, and is a registered municipal advisor with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board.