Urgent Care of Connecticut said Tuesday that it has closed a “significant” investment from Pulse Equity Partners and PineBridge Investments. No financial terms were disclosed. Urgent Care of Connecticut is a provider of urgent care centers in the state.
BROOKFIELD, CT, November 19, 2013 – Urgent Care of Connecticut (“UCC”), the largest network of urgent care centers in Connecticut, today announced the completion of a significant growth equity investment from Pulse Equity Partners (“Pulse”) and the PineBridge Structured Capital team of PineBridge Investments (“PineBridge”).
The capital and partnership will allow UCC to expand throughout the Northeast. UCC plans to grow both organically and through acquisitions. Robert Rohatsch, MD, FACEP, and Chief Executive Officer of UCC, who will continue in that position, commented, “We have built UCC with a commitment to excellence in the delivery and quality of medical care combined with a high quality patient experience. UCC expects to further solidify strong relationships with all stakeholders as an integrated partner with consumers, payers, health systems and employers in each of its markets.” Already the largest provider of urgent care services in Connecticut with seven clinics, UCC currently operates the only privately owned Joint Commission accredited and Urgent Care Association of America (“UCAOA”) certified clinics in New England. The company is prepared to expand its breadth of services, in addition to its geographic footprint, along with further operational and technological advances.
Chief Medical Officer and co-founder Dr. Jeannie Kenkare, stated, “We are enthusiastic about our partnership with Pulse and PineBridge, which positions us well to execute on our plan to open numerous centers in locations already identified in Connecticut and elsewhere by the end of 2014.” Dr. Rohatsch continued, “We wanted a partner to not just provide capital but to also contribute strategic and operating value. We are already experiencing the benefits of this partnership with Pulse and PineBridge.”
Douglas Lehrman, Founder and CEO of Pulse said, “Urgent care has become an increasingly important part of the healthcare delivery system and UCC has a best in class platform on which to build. We and PineBridge are proud to partner with Drs. Rohatsch and Kenkare and their team.” At $14 billion annually, the urgent care industry is a rapidly growing sector of the U.S. healthcare system. Demand is being driven by crowded emergency rooms, primary care doctor shortages, and lower cost structures.
This latest platform investment by Pulse is consistent with the firm’s strategy of partnering with excellent entrepreneurs and executives across the healthcare, active lifestyle, and nutrition spectrum. “The combination of these industries defines Health and Wellness,” said Mr. Lehrman. The Urgent Care investment by Pulse adds to its portfolio of companies, which include Prospira PainCare and In Shape Health Clubs.
About Urgent Care of Connecticut
UCC is the leading physician-owned urgent care provider in the State. UCC takes pride in being the first urgent care center in Connecticut to be certified by the UCAOA and the only privately owned urgent care center in New England to achieve full accreditation by The Joint Commission, the national gold standard for quality and safety.
UCC’s clinics are conveniently open 365 days and are staffed by board certified/eligible physicians. X-ray, lab, and pharmacy services are available at all times and the clinics are equipped to treat patients of all ages. Most major insurances are accepted, including Medicare, and affordable self-pay options are offered. For more information, please visit www.ucofconnecticut.com
About PineBridge Investments
PineBridge Investments is an independent asset manager with over 60 years of experience in developed and emerging markets. PineBridge manages over US$68.4 billion in AUM globally as of September 30, 2013. PineBridge Structured Capital provides non-control junior capital to middle market companies and has completed approximately US $2.0 billion of investments since 2000. Structured capital financing alternatives include subordinated debt, mezzanine, and senior equity structures customized to address specific needs. For more information, visit www.pinebridge.com.
About Pulse Equity Partners
Pulse Equity Partners is a private equity investor dedicated to improving the future of health and wellness by investing and building businesses in healthcare services, active lifestyle, and nutrition in partnership with entrepreneurs and executives. Its singular focus in health and wellness companies and its world-class leadership team provide strategic, operational and financial expertise for Pulse’s current and future portfolio companies. Pulse has assembled a deep network of value added advisors and professionals to support its portfolio companies. The results of this strategy are building successful businesses at the forefront of the health and wellness revolution. For more information, visit www.pulsequity.com.