Revelstoke Capital Partners has expanded its team with the addition of two new operating partners: Steve Geringer, Chairman of publicly traded AmSurg and Greg Steil, the founder of privately held ATI Physical Therapy.
“I’ve worked closely with Steve and Greg for many years. Their combined knowledge in clinic-based healthcare operations and healthcare services is unmatched,” said Simon Bachleda, Managing Partner and Co-Founder of Revelstoke. “Both are successful entrepreneurs, experienced CEOs and invaluable board members. We look forward to tapping their expertise to help grow Revelstoke’s portfolio companies.”
Mr. Geringer is the Chairman of AmSurg Corp. (NASDAQ: AMSG), an owner and operator of ambulatory surgery centers and provider of outsourced physician services. AmSurg recently announced that it will merge with Envision Healthcare (NYSE: EVHC), which provides medical transportation services and other site-based and at-home physician services. Mr. Geringer is also the Chairman of Addus HomeCare (NASDAQ: ADUS), a provider of home-based personal care services, and serves on the board of several private healthcare services companies. Mr. Geringer was previously President and CEO of PCS Health Systems, a pharmacy benefits manager which was acquired by Eli Lilly.
Mr. Steil founded ATI Physical Therapy – one of the largest physical therapy providers in the country – in 1996 and built the company from one clinic to over 550 clinics operating in 19 states. He also managed the business as a CEO and later Chairman through four private equity sale transactions. The company was acquired by Advent International in March 2016 from KRG Capital Partners.
In addition to their operating partner duties, Mr. Geringer and Mr. Steil will join the board of directors of Fast Pace Urgent Care, Revelstoke’s most recent portfolio company which it acquired in August 2016. The company is one of the largest independent providers of urgent care and primary care services in Tennessee. Fast Pace provides treatment for a wide range of illnesses, injuries, and common conditions, in addition to diagnostic and screening services. The company is headquartered south of Nashville in Brentwood, TN (www.fastpaceurgentcare.com). Ally Corporate Finance and NXT Capital provided the senior debt for this acquisition and mezzanine capital was provided by Yukon Partners.
Revelstoke invests from $10 million to $250 million in companies that have at least $5 million of EBITDA. Sectors of interest include healthcare services and products; transportation and logistics; specialty distribution; energy and energy services; building products; business and outsourced services; marketing services; financial services; industrial services; and medical technology. Since founding in 2013, Revelstoke has raised more than $700 million in equity commitments. The firm is headquartered in Denver (www.revelstokecp.com).
© 2016 Private Equity Professional • 9-20-16
