Nautic is said to put Community Medical on block

Nautic Partners has put Community Medical Group up for sale after apparently owning it for a little more than a year, two sources said.

Oppenheimer & Co is advising on the process, one of the sources, a GP, said. How much Nautic is seeking is unclear.

Community Medical operates a dozen medical centers that provide primary physician services to Medicare and Medicaid recipients in Miami-Dade County, Florida. Nautic lists Community Medical on its website but doesn’t provide any information on the transaction, including when it acquired the company.

Nautic invested in Community Medical in 2015, the private equity source said. Harris Williams, in its “Primary Care Sector Overview” from June, gives a more definite date. Nautic bought Community Medical in July 2015, Harris Williams said.

Community Medical isn’t a stranger to short holds. Pine Tree Equity Partners, a Miami PE firm, invested in Community Medical in August 2013. The firm sold Community Medical, which does business as Access Medical, in July 2015 after less than two years, producing a 12.4x gross multiple on its investment and a 293 percent gross IRR, according to SCS Financial.

Nautic, Providence, Rhode Island, invests in healthcare, industrial products and outsourced services. Investments typically range from $25 million to $75 million of equity per deal, the firm’s website said. In January, Nautic’s eighth fund closed on its $900 million hard cap.

Executives for Nautic and Oppenheimer declined comment. Community Medical did not return calls for comment.

Action Item: Contact Nautic: +1 401-278-6770.

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