Ridgemont Equity Partners today announced the closing of a majority equity investment in Hometown Urgent Care, a provider of urgent care medical services. The company’s growth strategy will entail both new clinic openings and tuck-in acquisitions in select geographies in the Midwest.
Hometown Urgent Care operates 25 walk-in clinics in Ohio, Michigan and Kentucky that provide care for non-emergency injuries and illnesses. In addition, the clinics provide a full range of occupational health services and wellness therapy for its patients. The clinics are open seven days a week and are staffed by an on-site, licensed physician who is supported by a full medical team. The company is based in Columbus, OH (www.hometownurgentcare.com).
“Ridgemont’s investment marks the beginning of a new and exciting chapter for Hometown,” said Tom Watson, the newly appointed CEO of Hometown. “The company is well capitalized and poised to grow as payors, employers and patients shift away from overcrowded and expensive emergency rooms and often inaccessible primary care physicians towards the convenient, affordable and high-quality care provided by urgent care clinics like Hometown. We look forward to partnering with Ridgemont to continue to build a ‘best in class’ medical offering and expand Hometown’s presence.”
Ridgemont Equity Partners (formerly Banc of America Capital Investors) focuses on middle market buyout and growth equity investments of $25 million to $75 million. The firm invests in the following sectors: basic industries and services; energy; healthcare; and telecommunications/media/technology. The firm is headquartered in Charlotte, NC (www.ridgemontep.com).
“Urgent care is a very compelling space and underscores Ridgemont’s thesis that companies that can improve quality of care, reduce cost and increase efficiency are best positioned to succeed in the evolving healthcare landscape,” said Scott Poole, a Partner at Ridgemont. “We are excited to partner with Tom Watson and the Hometown team to support the future growth of a business that reduces healthcare costs while delivering a better patient experience.”
PNC Bank is providing a credit facility to Hometown. Plutus Capital Partners acted as financial advisor to Hometown. K&L Gates LLP acted as legal advisor to Ridgemont.