Summit Health Management Expands in New York City

Summit Health Management Expands in New York City

After its transformational merger with CityMD in 2019, Summit Health Management has been quick to expand even further. In April this year, the company purchased Active Orthopedics & Sports Medicine, a leading orthopedic practice in New Jersey with 17 providers and three locations. Now, it’s continuing its ventures with the acquisition of Gotham Gastroenterology for an undisclosed sum. The purchase will add 16 gastrointestinal specialists across four offices in New York City to Summit Health’s current portfolio. These additions act as an important step toward Summit’s mission of providing diversified healthcare services in various locations nationwide. Summit Health is a portfolio... Read More »
Summit Health Acquires Leading NJ Orthopedic Practice

Summit Health Acquires Leading NJ Orthopedic Practice

Some might recall in 2019 the merger of CityMD, a portfolio company of Warburg Pincus and the leading urgent care provider in the New York metro area, and Summit Medical Group, a 900-plus physician multi-specialty group in New Jersey. The deal was a huge merger, combining a leading physician medical group with a robust urgent care network. The combined company, Summit Health, has more than 1,600 providers, 8,000 employees and over 200 locations in New Jersey and New York, as well as more than 130 providers and six locations in Central Oregon. And now, Summit Health has entered the M&A market. Last week, the company announced it was... Read More »
SOC Telemed is Going Public in New Deal

SOC Telemed is Going Public in New Deal

One of the nations’ largest telemedicine providers is now going public. Specialists On Call, Inc. (d/b/a SOC Telemed) has been acquired by Healthcare Merger Corp. (NASDAQ: HCCO), a special purpose acquisition company, for $720 million from Warburg Pincus. Institutional Investors including BlackRock Inc., Baron Capital Group, and ClearBridge Investments, have committed to a private investment of $165 million in the combined company.   SOC’s current management and equity holders, including Warburg Pincus, will roll a portion of their equity into the new SOC, and the proceeds generated by the transaction will be used to pay down existing debt. Once the merger is complete, the new company will... Read More »
Doc Group Deals Take Health Care in New Directions

Doc Group Deals Take Health Care in New Directions

With more than 180 deals announced so far in 2019, the Physician Medical Group sector is roaring toward another strong close. The usual specialties—dental, dermatology and ophthalmology—are still very active, but after 10 to 20 years of consolidation, their trajectories are flattening. Other specialties are gaining traction with private equity investors, particularly orthopedics, gastrointestinal (GI), urology, pain management and women’s health. Even ear, nose & throat (ENT) deals are picking up. We spoke with a few deal makers to find out where this sector stands at the end of 2019 and what’s ahead for M&A in 2020. The hot areas this year have been surgical subspecialties,... Read More »
Warburg Pincus Creates Mega-Care Model in NYC Metro Area

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 »