Denver-based private equity Excellere Partners has completed its investment in PhyMed Management, the management services company to Anesthesia Medical Group. This is the second platform investment in Excellere Capital Fund II, L.P. Nashville, Tenn.-based AMG is a provider of anesthesia services.
Excellere Partners, a Denver-based private equity firm focused on partnering with middle-market entrepreneurs and management teams, announced today that it has completed its investment in PhyMed Management, LLC, the management services company to Anesthesia Medical Group, P.C. (AMG), a leading provider of outsourced anesthesia, interventional pain management and other complementary services to hospitals and surgery centers. This represents the second platform investment in Excellere Capital Fund II, L.P.
Nashville, Tenn.-based AMG is one of the largest providers of anesthesia services in the U.S., with more than 60 physicians and 200 certified registered nurse anesthetists (CRNA), serving medical facilities within Tennessee.
Excellere continues to pursue investments within five targeted industries: healthcare; specialty foods; industrial technology and services; business services; and education and training. Since its founding in 2006, the firm has distinguished itself by deploying its proprietary buy-and-build investment strategy and value creation processes, which were developed to support the entrepreneurial companies with which it partners and invests.
To this end, AMG’s physician leaders, senior management and the Excellere team intend to implement a three-pronged, buy-and-build strategy for growing the business. This includes making foundational investments that further solidify AMG’s infrastructure, enabling it to capitalize on pertinent growth opportunities; implementing identified organic growth initiatives in existing and new markets; and, pursuing complementary strategic acquisitions.
“We identified the anesthesiology industry several years ago as a great segment of healthcare in which to execute Excellere’s buy-and-build strategy. We have spent the past four years pursuing an anesthesia platform that had a strong patient-centric clinical model and a passionate leadership team. We believe that we have found in AMG’s leadership team the right partner for Excellere,” said Rob Martin, an Excellere co-founder and managing partner.
“Partnering with AMG directly coincides with our firm’s founding philosophy to align with entrepreneurial businesses — in this case, within the healthcare arena — that are focused and dedicated to providing high quality patient care; while also creating value for the patient, provider, facilities and payers.
Together, AMG and Excellere will further strengthen the company’s presence, not only in Tennessee, but in other geographies by acquiring other anesthesia practices and expanding its service offerings within its customer base. We look forward to the expansion that lies ahead as we build upon AMG’s established leadership position and proven track record with healthcare facilities, surgeons and payers,” Martin explained.
David Whitten, AMG chief executive officer, added: “At AMG, we saw an opportunity to parlay the success of our proven model – focused on the provision of quality anesthesia care, service and patient safety – by expanding the breadth and depth of our services. The Board and senior management decided the time was right to find a partner that shared our vision for growth and passion for delivering unparalleled quality care to a broader market. We believe we found all that and more in Excellere as evidenced by their commitment to help the company achieve its goals and take it to the next level.”
About Anesthesia Medical Group
Anesthesia Medical Group is a leading provider of outsourced anesthesia, interventional pain management and other complementary services to hospital and surgery centers. Formed in 1994, AMG is one of the largest providers of anesthesia services in the U.S.
About Excellere Partners
Excellere Partners is a Denver-based middle-market private equity firm with $737 million of capital under management. The firm specializes in partnering with entrepreneurs and management teams through majority recapitalizations and management buyouts. Excellere employs a buy-and-build strategy that provides its portfolio companies with capital as well as a proprietary value creation system designed to accelerate growth while enhancing corporate infrastructure. Investments are focused on companies within the following industries: healthcare; specialty foods; industrial technology and services; business services; and education and training. Excellere’s current investments include Anesthesia Medical Group, AxelaCare Health Solutions, ASI Government, Flavours, Inc., Integrated Petroleum Technologies, Medtech College, Personable Insurance and U.S. Water Services. Recent successful exits completed by the firm include Advanced Pain Management, MedExpress and MTS Medication Technologies.