Waud sells The Center for Vein Restoration to Cortec Group

Waud Capital Partners completed the sale of The Center for Vein Restoration (CVR Management) to Cortec Group. CVR provides treatment through a network of outpatient clinics in the Northeast and Mid-Atlantic regions.

Press Release

Chicago, IL, January 6, 2016 – Waud Capital Partners (“WCP” or “Waud Capital”) has completed the sale of its portfolio company, CVR Management, LLC d/b/a The Center for Vein Restoration (“CVR” or the “Company”), to Cortec Group (“Cortec”).

CVR is a leading provider of venous insufficiency treatment that operates through a network of outpatient clinics throughout the Northeast and Mid-Atlantic areas of the U.S. WCP acquired CVR in partnership with its founder and Chief Executive Officer, Dr. Sanjiv Lakhanpal, in December 2011. Since WCP’s initial investment, the Company has accelerated its expansion by offering additional clinical services, new center openings and acquisitions. The Company now operates a network of 43 clinics across eight states, including Washington, D.C.

Matt Clary, Partner at WCP and CVR’s Chairman, commented, “Dr. Sanjiv Lakhanpal and his team have built a leading provider of venous treatment in the U.S. They’ve stayed focused on clinical excellence, which has led to more than a four-fold increase in locations and new patient visits since our initial partnership. We are very proud to have been their partner over this period.”

Dr. Lakhanpal, CVR’s founder, President and Chief Executive Officer, noted, “Waud Capital has been a tremendous partner over the past four years. Their team understood the needs of the CVR organization; they shared my vision of building a first-class vein treatment business; and they allowed us to focus on the medicine, but provided exceptional guidance to our efforts to scale across the country. I am most grateful to WCP for the fact that they very patiently led my personal development from a physician entrepreneur to an entrepreneurial physician CEO.”

Chris Graber, Principal at WCP, added, “The growth of CVR is a testament to the partnership between WCP, Dr. Lakhanpal and the Company. The CVR story illustrates how the WCP investment approach leads to the creation of industry-leading companies and superior outcomes for our executive partners, employees and investors.”

Piper Jaffray & Co. and McDermott Will & Emery served as advisors to CVR and Waud Capital on the sale

About The Center for Vein Restoration

Acquired by WCP in 2011, CVR provides venous insufficiency treatment through a network of outpatient clinics in Maryland, Virginia, Washington, D.C., New York, Connecticut, New Jersey, Pennsylvania and Michigan. CVR provides treatment through a variety of minimally invasive procedures to patients suffering from vein disease and other vein disorders caused by venous insufficiency, such as varicose veins, spider veins, and venous ulcers. For additional information on CVR, visit the company website at www.centerforvein.com.

About Waud Capital Partners
Waud Capital Partners is a leading Chicago-based private equity investment firm founded in 1993 that partners with exceptional management teams to acquire or create platforms in the U.S. lower middle market through control-oriented growth equity investments, industry consolidation, buyouts or recapitalizations. The firm seeks to invest $50 million to $100 million (including follow-on investments) of total equity in each platform company and employs a disciplined three-phase investment strategy with staged investments designed to generate superior risk-adjusted returns. WCP targets services businesses in large, growing, fragmented markets within two industries: healthcare services and business and technology services. Typically, the initial platform companies in which WCP invests have enterprise values between $50 million and $250 million. The firm has successfully completed more than 180 investments since its founding.
For additional information on WCP, visit www.waudcapital.com.