Emergency Care Partners, backed byVarsity Healthcare Partners and Regal Healthcare Capital Partners, announced it will acquire Progressive Emergency Physicians. Both groups provide emergency medicine and outsourced emergency department management services to hospital facilities.
The merged companies will service departmental operations at 19 hospitals across Louisiana, New York and Pennsylvania. The combined clinical workforce of 194 physicians will treat more than 670,000 ER patient visits annually. The deal did not have disclosed financial terms.
Last year, there was a growing trend of acquisitions involving E.R. management groups, so it doesn’t surprise us to see this trend continuing in 2019. American Physician Partners reported two deals alone. In November 2018, it acquired Progressive Medical Associates, PLLC and gained a foothold in the Arizona market. It also bought Northeast Tennessee Emergency Physicians in March 2018, whose healthcare practitioners staff seven of the busiest emergency departments in the Tri-Cities area of northeast Tennessee and southwest Virginia. Neither deal disclosed terms.
In fact, it was only last year that Emergency Care Partners was formed by Varsity Healthcare Partners. The private-equity firm created Emergency Care Partners by acquiring and merging Professional Emergency Medicine Management and Professional Emergency Physician Associates. The acquisition of Progressive Emergency Physicians is the subsidiary’s first announced deal.
Shepard, Mullin, Richter & Hampton LLP acted as legal adviser to Emergency Care Partners and Varsity Healthcare Partners, while Nexus Health Capital and Greenburg Traurig, P.A. acted as financial and legal advisors, respectively, to Progressive Emergency Physicians.