ABRY Partners has closed its previously announced buy of FastMed Urgent Care, a provider of urgent care services in North Carolina and Arizona. No financial terms were disclosed. Also, Kyle A. Bohannon has been named CEO of FastMed. His appointment is effective immediately.
BOSTON, June 12, 2015 – ABRY Partners, a leading private equity firm, announced today that it has completed the previously announced majority stake acquisition of FastMed Urgent Care. As the second largest independent urgent care organization in the U.S., FastMed is the largest network in both North Carolina and Arizona, and the fastest growing urgent care company in the country. ABRY also announced that Kyle A. Bohannon has been named as the new CEO of FastMed, effective immediately, succeeding Kevin Blank as part of an established succession plan. Bohannon has been with FastMed for nearly five years, having served as President.
“FastMed Urgent Care is an outstanding company in a strategically important sector of the healthcare system and ABRY Partners is very excited to represent a key component of the company’s future development,” said Brent Stone, a Partner at ABRY Partners. “Kevin Blank played a central role in building FastMed into a national leader, and we thank him for his contributions. We are extremely happy to have someone of Kyle’s caliber assume the CEO role. I have the highest level of respect for Kyle’s strategic insight, character, leadership, integrity and business acumen, and we look forward to partnering with him and the management team to continue FastMed’s momentum.”
Mr. Bohannon, who has held senior leadership positions in the health care services and private equity investment sectors, joined FastMed in 2010 and most recently served as President.
John Randazzo will continue in his role as Executive Chairman of the Board of Directors.
“ABRY’s financial resources and expertise will help advance FastMed to a new level of market leadership. I look forward to partnering with such a high quality institutional investor to accelerate growth, while maintaining the company’s clinical, operational and financial excellence,” Bohannon said. “I am both pleased and honored to follow someone of Kevin’s professional stature as CEO. As a leader and a partner, Kevin’s presence has had a profoundly positive impact on the company and upon me personally. FastMed has the best team in the industry and we remain poised to develop further the preeminent urgent care model in the sector.”
Comprised of a network of board-certified physicians, physician assistants, nurse practitioners and other clinical and administrative personnel, FastMed Urgent Care provides urgent care services throughout North Carolina and Arizona. FastMed focuses on the delivery of non-appointment based medicine to the non-emergency patient market through its urgent care centers, which are open 365 days a year. The acquisition includes FastMed’s 87 clinics throughout North Carolina and Arizona, and the company’s corporate headquarters in Raleigh, NC, and regional headquarters in Phoenix, AZ. FastMed currently employs more than 1,100 individuals across both markets.
About ABRY Partners
Founded in 1989, ABRY Partners is one of the most experienced and successful media, communications, business and information services focused private equity investment firms in North America. Since its founding, ABRY has completed over $42 billion of transactions, representing investments in over 450 properties. The firm is currently managing over $4.3 billion of total capital and investing out of a $1.9 billion private equity fund, $950 million senior equity fund and a $1.5 billion senior debt fund.
About FastMed Urgent Care
FastMed Urgent Care is an owner and operator of urgent care facilities with locations throughout North Carolina and Arizona. FastMed focuses on the delivery of non-appointment based medicine to the non-emergency patient market. The urgent care centers are open 365 days a year and are staffed with experienced and licensed physicians, physician assistants and nurse practitioners. FastMed clinics hold The Joint Commission’s Gold Seal of Approval® for accreditation in compliance with the Joint Commission national standards for health care quality and safety in ambulatory health care. For more information, please visit www.fastmed.com.