Avista Capital Partners’ National Spine & Pain Centers has joined forces with Prospira PainCare, a portfolio company of Enhanced Healthcare Partners and Webster Equity Partners, according to three sources familiar with the matter.
The marriage of the pain management platforms left Avista with the largest ownership stake, followed by Enhanced and Webster, in that order. The deal involving the three healthcare-focused private equity firms closed earlier this month, one source said.
The newly combined company generates north of $50 million in EBITDA, another source said, creating the largest national platform in the pain management specialty.
There were no advisers or sale processes that precipitated the deal, sources said. Rather, the deal has been in the works since the JPMorgan Global Healthcare Conference in January – before the pandemic fueled widespread market volatility.
National Spine CEO Doug Wisor has taken on the role of CEO of the combined company, some of the people said.
Avista’s investment in National Spine dates to June 2017, when the New York firm purchased the Rockville, Maryland, company from Sentinel Capital Partners.
National Spine is affiliated with more than 70 locations and 750 medical professionals across nine states, according to its website. It specializes in administrative services to interventional pain management clinics focused on relieving chronic back and neck pain.
Prospira PainCare, of Roswell, Georgia, offers comprehensive pain management services spanning four states.
The company was founded in 2012 by Barry Karlin – the formerly CEO of behavioral health company CRC Health Group – in partnership with Enhanced, Webster and Pulse Equity Partners.
Avista and Webster declined to comment. Enhanced didn’t return requests for comment.
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