Flexpoint Ford said Wednesday it is investing up to $75 million into Corva, a platformed focused on acquiring and operating dialysis clinics. Jerry Simonsen, the former CEO of Renal Management, will serve as Corva’s CEO. Separately, Corva has agreed to buy Innovative Renal Care, of Houston, that currently serves approximately 100 patients with end stage renal disease.
Flexpoint Ford, LLC (“Flexpoint”), a private equity firm focused on the healthcare and financial services sectors, and Corva, LLC (“Corva”) announced today that Corva has signed a definitive agreement to acquire the assets of Innovative Renal Care (“IRC”). Corva is a new partnership between Flexpoint, Jerry Simonsen and other senior managers that is focused on acquiring, developing, and operating dialysis clinics. IRC is located in Houston, Texas and currently serves approximately 100 patients with end stage renal disease. Dr. Freemu Varghese, one of the owners of IRC, will remain as its medical director.
Corva will continue to acquire independent dialysis clinics, develop de novo clinics in partnership with nephrologists and seek other opportunities to integrate all dialysis services, doings so with superior quality and patient results, throughout North America. Flexpoint Ford plans to invest up to $75 million of equity capital to support Corva’s strategy. Mr. Simonsen, the former CEO of Renal Management, Inc., which was acquired by Gambro Healthcare, will serve as Chief Executive Officer of Corva.
“We are excited to partner with Jerry to build an industry-leading dialysis company focused on delivering clinically superior treatments to patients,” said Ethan Budin, a Senior Principal at Flexpoint Ford. “We believe Jerry’s combination of industry expertise and operational experience makes him an ideal partner as Flexpoint Ford commits to a platform in the dialysis industry.”
“I am thrilled about the opportunity to build a significant dialysis company and excited to begin the process in the Southeast,” said Mr. Simonsen. “The Principals at Flexpoint Ford have a long history of backing experienced managers and providing them with the resources and support required to build successful companies through both organic growth and acquisitions. Flexpoint Ford’s very successful track record with other healthcare services companies makes them the ideal partner for Corva.”
“We are enthusiastic about the IRC acquisition and the larger opportunity to build a high-quality business in the dialysis sector,” added Perry Ballard, a Principal at Flexpoint Ford. “We are actively looking for acquisitions and see a number of compelling investment opportunities in the market today.”
About CORVA, LLC
Corva is an owner and operator of dialysis clinics focused on delivering clinically superior treatments to improve patient outcomes. The company was formed to acquire dialysis clinics with a focus on partnering with leading nephrologists to improve patient care. For more information about Corva, please visit www.corvaclinics.com.
About Flexpoint Ford, LLC
Flexpoint Ford, LLC is a private equity firm dedicated to the healthcare and financial services sectors. Flexpoint Ford seeks to build relationships with executives and companies who look for Flexpoint Ford to be a value-added partner. Flexpoint Ford currently manages approximately $1 billion in committed capital on behalf of its limited partners. For more information about Flexpoint Ford, please visit www.flexpointford.com.