Tenet Healthcare Corporation (NYSE: THC) is having a busy holiday season. Early in December, the Texas-based health system purchased a portfolio of 45 ambulatory surgery centers (ASCs) from SurgCenter Development for $1.1 billion. Now, Tenet Healthcare is unloading a bulk of its urgent care platform in a deal valued at $80 million in order to focus on its ASC business.
FastMed Urgent Care, backed by ABRY Partners and BlueMountain Capital Management, is buying Tenet’s platform, which is operated under the CareSpot and MedPost brands and managed by Tenet’s United Surgical Partners International subsidiary. The platform has 87 centers in Arizona and Texas. Tenet will keep a handful of urgent care centers. The transaction is expected to be completed in the first quarter of 2021.
The centers will complement FastMed’s portfolio, which already has locations in Arizona and Texas. FastMed last reported a deal in 2018, according to search results in our Health Deal Database, where it acquired a 100% stake in NextCare Holdings, Inc. from Alcentra Capital Corporation. That deal added a platform of 141 urgent care facilities in Arizona, Colorado, Kansas, Missouri, New Mexico, North Carolina, Oklahoma, Texas, Virginia and Wyoming to FastMed’s network. With the addition of the CareSpot and MedPost platform, FastMed will have more than 200 urgent care centers.