TeamHealth Holdings (NYSE: TMH) is slowly getting back in its M&A groove, after the $1.6 billion acquisition of IPC Healthcare in August 2015. The company announced its second deal in 2016 on June 1, compared with four transactions announced in the first half of 2015. The latest target is Tri-City Emergency Medical Group in Oceanside, California. Tri-City Emergency Medical Group’s 25 physicians provide emergency medical care in north San Diego, treating approximately 70,000 patients annually through staffing and management of the Tri-City Medical Center emergency department. Financial terms were not disclosed.
Meanwhile, MEDNAX (NYSE: MD) is keeping up with its 2015 acquisition pace. Last year, it announced six acquisitions in the first half of the year. Through June 7, the company has made five deals, with three weeks to go before the end of 1H:16.
The latest additions are Northwest Anesthesia, PA in Minneapolis, and Children’s Eye Care of North Texas, in Plano, Texas. Northwest Anesthesia provides a broad range of anesthesia services, including obstetrics, general surgery, complex cardiac surgery, major spine and neurosurgery and orthopedic surgery, as well as acute pain management services.
Northwest Anesthesia is MEDNAX’ first Minnesota-based practice. The clinical care team consists of 128 full-time equivalent clinicians (37 full-time equivalent anesthesiologists and 91 full-time equivalent anesthestists) who serve seven Allina Health facilities. Northwest Anesthesia is the exclusive provider of professional anesthesia services to several off-campus surgical centers throughout Minneapolis, and other Allina tertiary hospitals. The transaction is expected to be immediately accretive to earnings.
Children’s Eye Care is a solo pediatric ophthalmology practice that provides services related to all aspects of visual care, including visual system development and diseases that disrupt visual development in children. The practice provides services in 15 hospital and clinic locations throughout north Texas, including Medical City Children’s Hospital, The Medical Center of Plano, Texas Health Presbyterian Hospital Plano, Baylor University Medical Center and Centennial Medical Center.