On June 23, Latticework Capital Management, a private equity firm based in Dallas, Texas, announced that it made a strategic investment into First Medical Associates (FMA). The financial terms were not disclosed
FMA is a network of primary care and urgent care centers with 11 clinics across Maryland. According to its website, there are 17 physicians on staff who are supported by a team of 21 additional medical professionals.
Latticework Capital Management makes control equity investments in lower-middle market healthcare companies across the country. The investment team has invested more than $1.5 billion of equity.
Funds managed by PennantPark Investment Advisers, LLC provided the debt financing to support the acquisition and continued growth of FMA. McGuireWoods LLP served as legal counsel to Latticework. Norton Rose Fulbright LLP served as legal counsel to PennantPark and Roetzel & Andress LP served as legal counsel to FMA.
According to data in the LevinPro HC database, this transaction represents the 222nd Physician Medical Group acquisition of 2025, and the 16th in the internal medicine specialty. Throughout 2024, 30 internal medicine transactions were reported, and 46 were announced in 2023.
Additionally, through its subsidiaries, Latticework Capital Management has completed five additional acquisitions this year; four were completed by SALT Dental and one was completed by Beacon Behavioral Partners.
