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, NC, and regional headquarters in Phoenix, AZ. FastMed employs more than 1,100 individuals across both markets (www.fastmed.com).
“We are excited to be partnering with the FastMed management team and believe strongly that the urgent care industry is at the center of two large trends in healthcare, providing convenient care to patients and lowering medical cost for insurance payors,” said Brent Stone, a Partner at ABRY. “We believe FastMed’s integrated approach to patient care sets them apart in the industry and will allow them to expand rapidly in the urgent care marketplace. We look forward to providing strategic and operating value in addition to capital that will expand FastMed’s services to a broader base of patients.”
According to ABRY, FastMed is the fastest growing urgent care company in the US. “The additional capital and management talent that ABRY provides will allow us to significantly expand our geographic footprint and grow organically as well as through targeted acquisitions,” said Kevin Blank, CEO of FastMed. “FastMed is in a high growth, high performance mode across all clinical, operational and financial functions.”
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).
Houlihan Lokey acted as the exclusive financial advisor to FastMed. The transaction is expected to close sometime in the second quarter.
2015 PEPD • Private Equity’s Leading News Magazine • 5-26-15