Spectrum Medical Partners Inc, a portfolio company of HealthEdge Investment Partners LLC, has acquired Florida-based Cape Coral Hospitalists Inc, a private hospitalist group. No financial terms were disclosed.
Orlando, Florida – May 8, 2018 – Spectrum Medical Partners Inc. (“Spectrum”), a portfolio company of HealthEdge Investment Partners, LLC (“HealthEdge”), announced today that it is continuing its investment in the acute and post-acute market with the addition of Cape Coral Hospitalists Inc. (“Cape Coral”).
Founded in 2006 by Dr. Mahadevan, Cape Coral is one of the largest private hospitalist groups in southwest Florida and the market leader in Ft. Myers. The Company’s physicians provide patient care to the hospitals in the following settings: emergency room care, and long-term care facility staffing. Cape Coral utilizes over 60 practitioners in Ft. Myers and Naples area hospitals and multiple skilled nursing facilities. The investment is expected to add 145,000 encounters at 5 hospitals 18 skilled nursing home facilities.
Cape Coral Hospitalists marks Spectrum’s first add-on acquisition following HealthEdge’s investment and partnership with Central Florida Inpatient Medicine (CFIM) in March 2017, which provided the Company with a foundation to continue building a leading hospitalist provider via acquisitions and organic expansion. “After 12 years since founding Cape Coral, I am thrilled to join the Spectrum platform. This new partnership will provide my practice with the financial, operational, and administrative support that will allow me to devote the majority of my time to patient care.” said Dr. Mahadevan.
Dr. Krishan Nagda, Spectrum’s Chief Executive Officer commented, “Cape Coral is one of the first steps in accomplishing our long-term growth strategy to continue expanding our geographic presence and becoming a regional leader. We are excited to have Dr. Mahadevan join the team, he has built a business that aligns with the objectives and values of Spectrum, ensuring that we invest in quality improvements and provide outstanding care for our patients.”
HealthEdge Partner Scott Heberlein also remarked, “We are pleased to have Cape Coral join the Spectrum platform, and Dr. Mahadevan join the executive team. We plan to use this solid base in Southwest Florida to continue expanding up the West coast of the state.”
ABOUT SPECTRUM MEDICAL PARTNERS
Spectrum Medical Partners is a leading provider in hospital medicine and post-acute services. The Company utilizes over 200 medical doctors and nurse practitioners serving patients in area hospitals in Central Florida and Tampa Bay Market and over 70 skilled nursing facilities and other post-acute settings. Spectrum Medical Partners’ growth has been driven by its mission of being a leader in provider support to Value Based Care partners throughout the healthcare continuum. For more information on Spectrum, please visit www.spectrummedpartners.com.
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit www.healthedgepartners.com.