ABRY Partners has agreed to buy FastMed Urgent Care, a provider of urgent care services in North Carolina and Arizona. No financial terms were disclosed for the transaction that’s expected to be completed in the second quarter of this year. Houlihan Lokey served as financial advisor. FastMed’s backers include Mosaic Health Solutions.
BOSTON, May 21, 2015 – ABRY Partners, a leading private equity firm, today announced that it has entered into a definitive agreement to acquire FastMed Urgent Care, the second largest independent urgent care organization in the U.S. and the largest network in both North Carolina and Arizona. The transaction is expected to close in the second quarter.
Comprised of a network of board-certified physicians, physician assistants and nurse practitioners operating across two states, 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 that are open 365 days a year. The acquisition includes FastMed’s 87 clinics throughout North Carolina and Arizona, and also includes the company’s corporate headquarters in Raleigh, NC, and regional headquarters in Phoenix, AZ. FastMed employs more than 1,100 individuals across both markets.
FastMed is clearly differentiated relative to other urgent care operators through the achievement of The Joint Commission accreditation in ambulatory care and through the demonstration of a strong commitment to quality and safety to patients, staff and the community. FastMed has developed an efficient, affordable, high quality care model and has instituted consistency of operations across markets. Through this fully integrated platform, FastMed has emerged as the fastest growing urgent care company in the U.S.
Brent Stone, a Partner at ABRY Partners, said “We are excited to be partnering with the FastMed management team and believe strongly that the urgent care industry is at the center of two large trends in healthcare, providing convenient care to patients and lowering medical cost for insurance payors. We believe FastMed’s uniquely integrated approach to patient care sets them apart in the industry and will allow them to expand rapidly in the urgent care marketplace. We look forward to providing strategic and operating value in addition to capital that will expand FastMed’s services to a broader base of patients.”
Kevin L. Blank, Chief Executive Officer of FastMed, said “The additional capital and management talent that ABRY provides will allow us to significantly expand our geographic footprint and grow organically as well as through targeted acquisitions. FastMed remains in high growth, high performance mode across all clinical, operational and financial functions and we look forward to working with ABRY to expand the breadth of services and enhance the patient experience, while continuing to deliver high quality medical care in existing and new markets.”
Mosaic Health Solutions will continue to represent a key strategic partner and minority investor in FastMed Urgent Care. “FastMed has put quality, affordable care within reach of millions of consumers,” said Mosaic President Maureen O’Connor. “We are pleased to continue working with FastMed as together we transform healthcare.”
Houlihan Lokey acted as exclusive financial advisor and McDermott Will & Emery served as legal advisor to FastMed, while Latham & Watkins represented ABRY Partners.
About Mosaic Health Solutions
Mosaic Health Solutions, headquartered in Durham, North Carolina, is developing an integrated suite of market-leading solutions to accelerate health innovation. Through strategic investments, partnerships and the creation of new companies, Mosaic Health Solutions is making health care better by empowering consumers and enabling healthier living.
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.