US Acute Care Solutions, a portfolio company of Welsh, Carson, Anderson & Stowe (WCAS), has acquired APEX Emergency Services, an emergency medicine group based in Denver.
WCAS and Emergency Medicine Physicians (EMP) – one of the largest physician-owned emergency medicine practices in the country – launched US Acute Care Solutions (USACS) in April 2015 to build a national provider of emergency medicine and hospitalist services. EMP’s medical group and practice management operations became the operational foundation for USACS.
At the launch of USACS, the company provided emergency care to over 2.7 million patients each year through 800 doctors and 300 practice providers at 64 hospitals in 15 states. Today, USACS has 120 locations in 22 states serving almost 4 million patients annually. The company is headquartered in Canton, OH (www.usacs.com).
The buy of APEX Emergency Services (APEX) is USACS’ fourth under WCAS ownership: Tampa Bay Emergency Physicians was acquired in December 2015. The group serves 200,000 patients annually through the Florida Hospital system in Tampa; MEP Health was acquired in November 2015. The group, based in Germantown, MD, serves 500,000 patients annually through eight facilities in Maryland (6), Massachusetts (1) and Connecticut (1); Emergency Physicians at Porter Hospitals was acquired in October 2015. The group treats more than 100,000 adult and pediatric patients in Denver.
The buy of APEX positions USACS to serve approximately 250,000 patients annually in 14 Colorado locations. “APEX is an outstanding group of clinicians who value physician ownership and management as the key to compassionate and efficient patient care,” said Dominic Bagnoli MD, CEO, USACS. “This partnership allows us to better serve both our hospital partners and community members. We couldn’t be happier with the outcome.”
WCAS is focused exclusively on investments in business, information and healthcare services. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $21 billion. The firm is based in New York (www.welshcarson.com).
Mid-market investment bank MHT MidSpan (www.mhtmidspan.com) was the financial advisor to USACS on this transaction. MHT MidSpan provides seller advisory, acquisition advisory, corporate finance and strategic advisory services to mid-market companies ($25 million to $500 million in enterprise value) in the business & information services; education; consumer; healthcare services and natural resources sectors. The firm has offices in Boston, Dallas, Houston and San Francisco (www.mhtmidspan.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 6-1-16