Candescent Partners has recapitalized Southeastern Spine Institute, a South Carolina-based medical practice specializing in spine care. No financial terms were disclosed. Provident Healthcare Partners served as exclusive adviser to SSI on the transaction.
BOSTON and LOS ANGELES, April 19, 2017 /PRNewswire/ — Southeastern Spine Institute, LLC (SSI) has completed a recapitalization with Candescent Partners, LLC (Candescent). SSI is the largest medical practice in South Carolina exclusively specializing in spine care. Provident Healthcare Partners (Provident) served as exclusive financial advisor to SSI. The terms of the transaction were not disclosed.
“Candescent has a strong track record of being a first mover in leading consolidation efforts in sub-specialties within physician services. With the leadership at SSI, we expect this partnership to experience tremendous growth in the orthopedic and spine market within South Carolina and beyond,” noted Robert Aprill, Analyst at Provident.
“Southeastern Spine Institute is a true market leader within the spinal care industry, evidenced by the vast geography their patient population covers, and stands as a true center for excellence. We believe partnering that reputation with a proven developer of specialty healthcare practices in Candescent, will lead to tremendous growth and the development of a leading regional platform,” stated Scott Davis, Senior Associate at Provident.
About Southeastern Spine Institute
SSI’s medical campus occupies over 41,000 square feet on three acres of land in Mount Pleasant, South Carolina. The Company has state-of-the-art spine MRIs, digital X-ray and most forms of diagnostic equipment. The medical facility has multiple non-surgical treatment rooms and block suites, as well as an in-house pharmacy and physical therapy center dedicated exclusively to treat spinal related problems. For more information, visit www.southeasternspine.com.
About Candescent Partners
Candescent is a Boston-based private equity firm that invests in the acquisition, growth, and recapitalization of lower middle market companies in healthcare services, business services, software and consumer products and services. Steve Jenks and Sandy McGrath founded Candescent in 2008. Steve Sahlman joined the partnership in 2009. Candescent invests in businesses with annual EBITDA between $2 and $8 million and enterprise values between $10 and $75 million. For more information, visit www.candescentpartners.com
About Provident Healthcare Partners
Provident is the leading investment banking firm specializing in merger and acquisition advisory, strategic planning, and capital formation for middle-market and emerging growth healthcare companies. The firm has a vast network of high-level, senior industry contacts, comprehensive knowledge of market sectors and specialties, and unsurpassed experience and insight into the M&A process. Provident uncovers value and opportunities that others often overlook to create transaction premiums for its clients. For more information, visit www.providenthp.com.