Legacy ER & Urgent Care currently operates two clinics in the Dallas metropolitan area which provide unscheduled medical treatment services that triages patients to receive the appropriate level of care required. The company was founded in 2008 and is based north of Dallas in Frisco, TX (www.legacyer.com).
Upon closing of the transaction, Altamont and Kingfish hired Joseph Hutts to be the new CEO of Legacy. Mr. Hutts was previously CEO of Surgis, the nation’s largest private ambulatory surgical services company prior to its acquisition by United Surgical Partners in 2006. After his tenure at Surgis, Mr. Hutts founded Breathe America, an operator of allergic, sinus and asthma treatment centers. The founders of Legacy – Doctors Kirk Mahon, Steve Martz and Jay Woody – will remain involved with Legacy post closing.
According to Mr. Hutts, the Legacy model maximizes emergency and urgent care treatment while maintaining appropriate controls on cost. “Legacy has built the leading brand in emergency and urgent care treatment in the North Dallas area, providing outstanding service to thousands of patients each month. Legacy’s model treats patients appropriately and reduces the unnecessary cost that often results from unnecessary emergency-level care – we believe this is best for patients and for the medical system as a whole. We are looking forward to expanding Legacy’s presence to meet the continued demand for top-notch medical care at an appropriate cost.”
“Legacy has demonstrated the ability to deliver outstanding clinical care while saving time and money for both patients and payers. We think this is a good thing for the healthcare system and are committed to providing resources to support Legacy’s continued success,” added Casey Lynch, Managing Director at Altamont.
Altamont Capital Partners invests in middle market businesses with specific interest in the financial services, government services, consumer/retail, industrials and healthcare sectors. Altamont was formed in 2010 by Jesse Rogers, Randall Eason and Keoni Schwartz who previously worked together at Golden Gate Capital and Bain & Company. The firm has over $1 billion of capital under management and is based in Palo Alto (www.altamontcapital.com).
Kingfish Group identifies proprietary investment themes and opportunities by partnering with industry executives and private equity firms. Since founding in 2004, the firm has worked on over 500 transactions alongside several private equity sponsors whose investment interests span an array of industries, styles and strategies. Kingfish Group is based near San Francisco in Foster City, CA (www.kingfishgroup.com).
“Legacy has developed a model that combines the best aspects of traditional emergency room and urgent care services to deliver efficient, top-quality care at a reasonable cost,” said Christian Dubiel, Founder of Kingfish Group. “We are excited to partner with Joe Hutts, Altamont and the founders to support the next phase of Legacy’s growth.”
Avondale Partners (www.avondalepartnersllc.com) served as Legacy’s financial advisor on this transaction.
2014 PEPD • Private Equity’s Leading News Magazine • 10-17-14