ABRY Partners has completed its previously announced acquisition of FastMed Urgent Care, the second largest independent urgent care organization in the US and the largest network in both North Carolina and Arizona.
FastMed provides non-appointment based medicine to the non-emergency patient market through its urgent care centers. The acquisition includes FastMed’s 87 clinics in North Carolina and Arizona and also includes the company’s corporate headquarters in Raleigh and regional headquarters in Phoenix. FastMed employs more than 1,100 individuals across both markets (www.fastmed.com).
According to ABRY, FastMed is the fastest growing urgent care company in the US. “FastMed Urgent Care is an outstanding company in a strategically important sector of the healthcare system and ABRY Partners is very excited to represent a key component of the company’s future development,” said Brent Stone, a Partner at ABRY Partners.
Upon closing of the transaction, ABRY has named Kyle Bohannon as the new CEO of FastMed. Mr. Bohannon has held senior leadership positions in the health care services and private equity investment sectors. He joined FastMed in 2010 and most recently served as its President. He succeeds Kevin Blank as part of an established succession plan.
“Kevin Blank played a central role in building FastMed into a national leader, and we thank him for his contributions,” said Mr. Stone. “We are extremely happy to have someone of Kyle’s caliber assume the CEO role. I have the highest level of respect for Kyle’s strategic insight, character, leadership, integrity and business acumen, and we look forward to partnering with him and the management team to continue FastMed’s momentum.”
Mosaic Health Solutions, a healthcare-themed investment company based in Durham, NC (www.mosaichealthsolutions.com), will continue as a minority investor in the company alongside ABRY. “FastMed has put quality, affordable care within reach of millions of consumers,” said Mosaic President Maureen O’Connor. “We are pleased to continue working with FastMed as together we transform healthcare.”
ABRY Partners invests in the media, communications, and business and information sectors. The firm is currently managing over $4.3 billion of total capital and investing out of a $1.9 billion private equity fund, $950 million senior equity fund and a $1.5 billion senior debt fund. ABRY was founded in 1989 and is headquartered in Boston (www.abry.com).
“ABRY’s financial resources and expertise will help advance FastMed to a new level of market leadership. I look forward to partnering with such a high quality institutional investor to accelerate growth, while maintaining the company’s clinical, operational and financial excellence,” said Mr. Bohannon.
Houlihan Lokey was the exclusive financial advisor to FastMed.
© 2015 PEPD • Private Equity’s Leading News Magazine • 6-15-15