Revelstoke completes $111m single-asset deal for Fast Pace Health

Revelstoke retained a minority interest in the company, in which it first invested in 2016, as part of the deal.

Revelstoke Capital Partners moved its investment Fast Pace Health out of an older fund and into a continuation vehicle as part of a secondary single-asset process. The deal totaled $111 million in commitments. Revelstoke retained a minority interest in the company, in which it first invested in 2016, as part of the deal. Revelstoke operating partner Ron Kuerbitz, CEO of Upstream Rehabilitation, will join Fast Pace’s board.

Press Release

Revelstoke Capital Partners (“Revelstoke” or the “Firm”), a leading private equity firm focused on investing in healthcare services companies, announced today that it has completed fundraising for Revelstoke Single Asset Fund II, L.P. (“RSAF II” or the “Fund”). RSAF II, with $111 million of commitments, was oversubscribed.

Concurrently with the closing of RSAF II, the Fund acquired a minority equity interest in Fast Pace Health, with which Revelstoke has long had a successful partnership. Fast Pace Health is a leading provider of primary, walk-in, urgent care and multi-specialty services serving rural communities through a broad network of 127 clinics across five states. Going forward, the Fund has additional capital available to support Fast Pace Health’s growth strategy of providing high quality and affordable access to healthcare in rural markets across the United States.

Simon Bachleda, Co-Founder and Managing Partner of Revelstoke, said, “We are very excited to extend our partnership with Greg Steil and the Fast Pace Health team, and we look forward to the company’s growth by broadening its strategy to increase market presence and service offerings to comprehensively serve America’s most vulnerable population.”

Revelstoke Operating Partner Ron Kuerbitz, current CEO of Upstream Rehabilitation and former CEO of Fresenius Medical Care North America and Agilon Health, will be joining Fast Pace Health’s Board.

“Since Revelstoke’s initial investment in August 2016, Fast Pace Health has more than tripled its clinic footprint, revenue and visit volume,” said Mr. Steil, President and Chief Executive Officer of Fast Pace Health. “Capital from this new investment will be used to further accelerate our rapid growth through acquisitions, de novos, ancillary service lines, and COVID-19 testing, all during a time when our communities need us the most.”

The Fund is Revelstoke’s second single asset fund, the first of which closed in November 2019 with $660 million of commitments dedicated to the outpatient physical therapy market.

Simpson Thacher & Bartlett LLP provided legal advice to the Fund. McDermott Will & Emery LLP provided legal advice to Fast Pace Health.

About Revelstoke

Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related business services sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $2.5 billion of assets under management. Since the Firm’s inception in 2013, Revelstoke has completed 83 acquisitions, which includes 19 platform companies and 64 add-on acquisitions.

About Fast Pace Health

Fast Pace Health provides convenient and compassionate urgent care, vital primary care, wellness, telehealth and diagnostic services, and in some clinics, behavioral health, dermatology, and orthopedic specialties. Guided by a “patient first” approach to health care, Fast Pace Health has grown from its first clinic in 2009 to an expanding network of clinics in communities, often in underserved areas, across Indiana, Kentucky, Louisiana, Mississippi, and Tennessee. Fast Pace clinics are open seven days a week with extended hours, and do not require an appointment.