Warburg Pincus Creates Mega-Care Model in NYC Metro Area
It takes a big platform to combine a prominent urgent care company with a major multi-specialty practice. Warburg Pincus is now providing that platform. On June 21, the private equity firm announced its urgent care company, New York City-based CityMD, will merge with Summit Medical Group, a physician-owned multispecialty medical practice anchored in Berkeley Heights, New Jersey. The combined organization aims to deliver high-quality medical care, which is the stated goal of every decent healthcare provider. The key component is convenience, delivered via its network of physicians and care locations from New Jersey to Long Island, New York. CityMD was founded in 2010 by Dr. Richard Park and... Read More » FastMed Plus NextCare Equals Urgent Care Giant
Consolidation continues in the urgent care services sector, as consumers and healthcare provider organizations look for lower-cost services outside hospital walls. One of the largest deals in this area in 2018 is FastMed Urgent Care’s acquisition of NextCare Holdings Inc., a portfolio company of Alcentra Capital Corp. since 2016. FastMed, the business name for Urgent Care Holdings of America, LLC, is backed by Abry Partners and BlueMountain Capital Management. The company owns and operates 110 clinics in Arizona, North Carolina and Texas. NextCare operates 141 facilities in Arizona, Colorado, Kansas, Missouri, New Mexico, North Carolina, Oklahoma, Texas, Virginia and Wyoming. The... Read More »
ZT Corporate Scoops up Six Freestanding Emergency Centers
ZT Corporate, a Houston-based private equity firm formerly known as ZT Wealth, won its stalking-horse bid to acquire six freestanding emergency centers in the Houston area, operating under the Neighbors Emergency Center brand. Founded in 1997, the firm owns and manages Altus Health, whose operations include a surgical hospital, cancer centers and three freestanding emergency centers, all in Texas. Neighbors was founded in Pearland, Texas in 2008 and opened its first center in 2009. At its peak, the company operated 33 centers across three states. However, increased competition, too much corporate overhead and “less favorable insurance payor conditions” led to financial... Read More » Tower Health Adds Urgent Care and ASC Deals
Tower Health, a six-hospital system across southeastern Pennsylvania, is growing its network rather aggressively lately. On October 2, it announced the acquisition of Premier Urgent Care, which runs 19 urgent care centers in Pennsylvania and Delaware. A week earlier, it reported a new joint venture with United Surgical Partners International (USPI), part of Tenet Healthcare (NYSE: THC). Tower Health is the new name for the former Reading Health System, based in West Reading, Pennsylvania. Until May 2017, the system consisted of Reading Hospital, which housed a cancer institute, a cardiac center, a rehabilitation hospital and a physician network of more than 1,000 physicians. On May 30 of... Read More » CityMD Adds 2 Urgent Care Companies
CityMD, the New York City-based urgent care chain, is beginning to tap the services of its partner, Warburg Pincus LLC. On February 13, the company announced its acquisition of STAT Health, a portfolio company of Spaons Barber Jesse & Co., and FirstMed Immediate Medical Care, for an undisclosed price. CityMD was acquired by Warburg Pincus in April 2017 for a reported price of $600 million, including debt, according to Reuters. It was founded in 2010 by Dr. Richard Park, who remains CEO, and other physicians as a single practice in Manhattan. At the time of its sale to Warburg Pincus, it operated 68 walk-in urgent care centers, some of which were added with its 2013 merger with Premier... Read More »