HCA Healthcare Buys Network of Urgent Care Centers in Texas
HCA Healthcare (NYSE: HCA) announced last week it purchased 24 MedSpring urgent care centers in Texas from Fresenius Medical Care (NYSE: FMS). MedSpring centers offer treatment for a wide range of common injuries and illnesses. The 24 clinics are dispersed throughout major cities like Austin, Dallas and Houston. Fresenius acquired MedSpring Urgent Care Centers in 2014 for an undisclosed price. At the time, the company operated 14 centers, so this most recent deal shows significant growth in the target company. HCA Healthcare now operates a total of 160 centers across the country. The MedSpring centers will be rebranded to CareNow Urgent Care and operated by HCA. This deal comes on the... Read More »
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 »