CityMD, an urgent care provider in the New York metro area and Summit Medical Group, a provider of multispecialty medical practices, have agreed to merge. No financial terms were disclosed. CityMD is backed by Warburg Pincus.
NEW YORK and BERKELEY HEIGHTS, N.J., June 20, 2019 /PRNewswire/ — CityMD, the leading urgent care provider in the New York metro area, and Summit Medical Group (SMG), one of the nation’s premier independent multispecialty medical practices, have entered into a definitive agreement to merge, pending regulatory approvals. The combined organization will offer patients a seamless experience across a full spectrum of high-quality primary, specialty, and urgent care.
The combined company will focus on providing high-quality medical care with exceptional convenience and value. Merging CityMD’s strength in urgent care and Summit Medical Group’s expertise in coordinated, value-based primary and specialty care, will create a uniquely accessible and comprehensive model for patients across the New York / New Jersey metro area.
“Since its inception in 2010, CityMD has built healthier, kinder communities by providing high-quality, convenient, and compassionate care for everyone,” said Richard Park, MD, Chief Executive Officer and co-founder of CityMD. “This exciting merger will integrate our urgent care centers with an exemplary multispecialty medical organization and expand patient access to some of the best medical care in the tri-state area.”
“Our companies are united by a shared belief that upholding a patient-centered philosophy in today’s environment means providing convenient, on-demand access to outstanding primary care, cutting-edge specialty care, and a breadth of ancillary services,” said Jeffrey Le Benger, MD, Chairman and Chief Executive Officer of Summit Medical Group.
Warburg Pincus, a leading global private equity firm focused on growth investing, partnered with CityMD in June 2017. “Warburg Pincus is pleased to support the merger of these two exceptional healthcare companies in creating the leading physician-centric and consumer-oriented integrated delivery system in the largest US healthcare market,” said TJ Carella, Managing Director of Warburg Pincus.
With a 100-year legacy of pioneering coordinated, multispecialty practice of medicine, Summit Medical Group has achieved unprecedented growth and success. With more than 900 providers at over 80 locations in New Jersey, multiple comprehensive ambulatory care campuses and a world class cancer center, SMG handles 1.9 million patient visits annually.
The combined organization will focus on meeting the changing healthcare needs of patients who expect and deserve access to the best healthcare with exceptional customer service. Providers in the combined entity will be supported by a strong administrative support team and advanced technology, enabling them to focus on caring for the patient.
Serving the most dynamic, complex, and competitive healthcare market in the country, the merger will create an organization uniquely positioned to improve the lives of millions of patients, offering flexibility across the healthcare spectrum.
Founded in 2010 by a group of emergency medicine physicians, CityMD’s mission is to serve its communities by providing an exceptional experience through high-quality medical care and convenient access. The company’s unwavering commitment to treating everyone with respect and genuine kindness, while offering exceptional services and a cost-effective alternative to the ER, has enabled CityMD to grow from one Manhattan practice to more than 120 locations in New York, New Jersey, and Washington state. To date, CityMD has treated over 3 million patients.
For more information about CityMD and a list of locations, please visit CityMD.com.
About Summit Medical Group (SMG)
With roots dating back to 1919, SMG pioneered the coordinated, multispecialty practice of medicine and is now recognized as one of the premier physician-governed multispecialty medical groups in the country. With 80+ locations and 900+ providers across specialties, SMG provides multigenerational care and is capable of serving all of the needs of most patients on an outpatient basis, offering everything from walk-in urgent care centers and ambulatory surgery centers to focused, complex treatment at a comprehensive, state-of-the-art cancer center.
For more information about Summit Medical Group, please visit summitmedicalgroup.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm’s active portfolio of more than 180 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 18 private equity funds which have invested more than $74 billion in over 860 companies in more than 40 countries. Since inception, the firm has invested more than $10 billion in more than 150 healthcare companies. The firm’s current and past healthcare investments have included Alignment Healthcare, Modernizing Medicine, Experity, China Biologic Partners (CBPO), Jinxin Fertility, Kyphon, Coventry Health Care, Humana and Bausch + Lomb. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Frankfurt, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore.
For more information, please visit www.warburgpincus.com.