Cortec Group has acquired CVR Management (DBA The Center for Vein Restoration) from Waud Capital Partners. Waud acquired CVR in partnership with its founder and Chief Executive Officer, Dr. Sanjiv Lakhanpal, in December 2011.
The Center for Vein Restoration (CVR) is a provider of vascular medicine through a network of specialty physician clinics. The company provides treatment for patients suffering from vascular diseases, including vein disorders, such as varicose veins, spider veins and venous ulcers. The company has a network of 43 outpatient clinics in Maryland, Virginia, Washington, DC, New York, Connecticut, New Jersey, Pennsylvania and Michigan. CVR is headquartered just outside Washington, DC in Glenn Dale, MD (www.centerforvein.com).
Cortec made the acquisition through is most recent fund – Cortec Group Fund VI, LP – which closed in May 2015 with $1.1 billion in capital commitments. Dr. Lakhanpal will continue to lead CVR under Cortec ownership while retaining a significant ownership stake.
“We are looking forward to working with CVR’s management team and network of physicians to build upon the company’s successful track record of clinic expansion in CVR’s existing markets and strategically entering new geographies,” said Jeffrey Shannon, a Partner at Cortec.
Cortec invests in middle-market specialty healthcare, consumer and business products, distribution and services companies with revenues of $40 million to $300 million and EBITDA of $7 to $35 million. The firm was founded in 1984 and is based in New York (www.cortecgroup.com).
Waud Capital Partners makes investments from $50 million to $100 million in middle-market companies with enterprise values from $50 million to $250 million that operate in the healthcare services and business services sectors. The firm was founded in 1993 and is headquartered in Chicago (www.waudcapital.com).
Piper Jaffray (www.piperjaffray.com) was the financial advisor to CVR for this transaction.
© 2016 PEPD • Private Equity’s Leading News Magazine • 1-11-16
