ICV Forms Dialysis Platform, Makes First Acquisition
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ICV Forms Dialysis Platform, Makes First Acquisition

ICV Partners has acquired Atlantis Healthcare Group Puerto Rico, a provider of kidney dialysis treatment services. Simultaneous with this acquisition, ICV has partnered with Dr. Randall Maxey, Dr. Otegbola Ojo, and Ms. Ruby Harford to form American Alliance Dialysis Holdings, LLC (“AAD”) to identify and evaluate strategic investment opportunities in North America and the Caribbean.

Atlantis Healthcare Group is Puerto Rico’s second largest provider of kidney dialysis services for patients suffering from end-stage renal disease. The company has 13 facilities located throughout the island of Puerto Rico and provided approximately 200,000 treatments last year and currently has a patient census of nearly 1,400. Atlantis also contracts with 12 hospital networks to provide inpatient acute dialysis services. Atlantis Healthcare Group was founded in 2000 and is headquartered in Trujillo Alto, Puerto Rico (www.atlantishgi.com).

“We are excited to have AAD as our first investment for ICV Partners III. Dr. Ojo has built Atlantis into a strong player within its current market. We look forward to leveraging Dr. Maxey’s medical expertise and strong relationships with nephrologists throughout the U.S. to develop a significant position for AAD in the U.S. dialysis market over the next several years,” said Cory Mims, Managing Director of ICV. “AAD is now well-positioned as a platform investment and we expect to grow the business by pursuing a number of strategic and organic expansion opportunities while, at the same time, identifying new ways to continue providing the highest quality patient care.”

Dr. Maxey is a nephrologist with nearly 40 years of nephrology experience. He has developed a series of dialysis centers in both the private and non-profit sectors. Dr. Maxey will become Chairman and CEO of AAD.  “Atlantis has a successful track record of growth in Puerto Rico and integrating new facilities into its network. We will continue to grow in Puerto Rico by adding new dialysis treatment facilities. In addition, because of the fragmented nature of the industry in the U.S., we will be able to tap into a rich pipeline of opportunities as we execute strategic acquisitions and grow AAD into new geographic areas,” said Dr. Maxey.

Ms. Harford, who brings over 30 years of administrative nursing and executive healthcare experience, will be Chief of Clinical Operations and Regulatory Affairs of AAD.

Dr. Ojo, a nephrologist who prior to founding Atlantis established several dialysis programs in Canada and the Caribbean, retains a significant ownership position in Atlantis Healthcare Group. He will continue with the new organization as President and Chief of Operations and Strategy of AAD and maintains his role as President of Atlantis.

ICV Partners invests in family-owned and closely-held businesses as well as corporate divestitures with revenues from $25 million to $250 million and EBITDAs from $5 million to $30 million. The firm has $440 million in capital under management. ICV Partners was founded in 1998 and has offices in New York and Atlanta (www.icvpartners.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 3-19-13

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