FastMed Urgent Care has agreed to acquire NextCare Holdings Inc, an urgent care provider. No financial terms were disclosed. FastMed is backed by Abry Partners and BlueMountain Capital Management LLC. Barclays is serving as financial adviser to FastMed on the transaction while J.P. Morgan Securities LLC did likewise for NextCare.
PHOENIX, Dec. 13, 2018 /PRNewswire/ — FastMed Urgent Care and NextCare Holdings, Inc., two of the nation’s leading urgent care providers, today announced that they will merge. The combined company will be one of the largest urgent care providers in the United States, with 251 clinics in 10 states.
“We are excited about combining with NextCare because it will enable us to bring our unique model of high-quality, convenient, affordable and compassionate care to millions more consumers,” said Web Golinkin, FastMed’s CEO. “The two companies have many complementary strengths, and we look forward to utilizing them for the benefit of our patients and the communities we serve.”
“The combination of FastMed and NextCare is a continuation of Abry’s thesis to partner with best-in-class companies and experienced management teams in the healthcare sector that can increase access and reduce costs for both patients and third-party payors,” said Brent Stone, Partner at Abry Partners, LLC. Abry and BlueMountain Capital Management, LLC are FastMed’s lead investors.
Under the terms of the definitive agreement, Urgent Care Holdings of America, LLC, d.b.a. FastMed Urgent Care, will acquire 100% of NextCare Holdings, Inc. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to be completed within the next 60 days. Barclays is acting as the financial advisor to FastMed for this transaction. J.P. Morgan Securities LLC is acting as the financial advisor to NextCare for this transaction.
For more information about FastMed and its services, visit www.fastmed.com. For more information about NextCare, visit www.nextcare.com
FastMed Urgent Care owns and operates 110 clinics in North Carolina, Arizona and Texas, providing a broad range of acute/episodic and preventive healthcare services 365 days per year. FastMed also provides workers’ comp and other occupational health services at all of its clinics, and family medicine, sports medicine, and telemedicine services at select locations. FastMed has successfully treated nearly six million patients since opening its first clinic in 2005, and is the largest urgent care operator to be awarded the Joint Commission Gold Seal of Approval® for accreditation in healthcare quality and safety in ambulatory healthcare. For more information about locations, services, hours of operation, insurance and prices, visit www.FastMed.com.
NextCare Holdings, Inc. is one of the nation’s largest providers of urgent care and occupational medical services, with an emphasis on customer service to ensure patients experience the highest level of care. NextCare Holdings operates 141 urgent care facilities in Arizona, Colorado, Kansas, Missouri, New Mexico, North Carolina, Oklahoma, Texas, Virginia and Wyoming. For more information, please visit www.NextCare.com or call 888-381-4858. For the latest news, follow NextCare on Twitter (@NextCare) and Facebook.
About Abry Partners
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since their founding in 1989, the firm has completed over $80 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5.0 billion of capital across their active funds. For more information about Abry, visit the firm’s website at: www.abry.com.
About BlueMountain Capital
BlueMountain Capital Management, LLC (“BlueMountain”) is a diversified alternative asset manager with more than $19 billion in firm assets under management. BlueMountain’s team of professionals in New York and London is supported by the firm’s institutionalized and proprietary infrastructure, including specialized operations and risk management technology.