Enhanced Equity Funds is close to selling urgent care provider NextCare Holdings Inc, two sources said.
It’s not clear who is buying the company, but the party is from the United Kingdom, the sources said. Jefferies is advising on the process, sources said.
NextCare is selling for a multiple in the mid-teens, one of the sources said.
Enhanced Equity put NextCare up for sale in January 2015, Dow Jones Newswires reported. The auction was pulled, one of the sources said.
New York-based Enhanced Equity, a healthcare-focused private equity firm, targets the lower-middle market. The firm acquired NextCare Urgent Care in 2010.
Enhanced Equity used its first fund to invest in NextCare, the firm’s website said. Fund I collected $225 million in 2005, Buyouts has reported. Fund I produced an average IRR of 8.03 percent and a 1.54x average multiple as of Sept. 30, data provider Bison said.
Founded in 1993 and based in Mesa, Arizona, NextCare provides urgent care and occupational medicine services through 125 clinics nationwide. Most NextCare clinics are open seven days a week and target patients who are unable to see their primary care physician.
Executives for Enhanced Equity and NextCare could not immediately be reached for comment. Jefferies declined comment.
Action Item: See a fact sheet about NextCare here: http://bit.ly/21U3mHa
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