WorkWell Medical Group provides health products and services to patients and employers to improve healing time for employees, enabling them to return to work more quickly. The company owns and manages five medical clinics that provide occupational medicine, workers compensation care and case management, and urgent care services throughout the central coast of California. WorkWell Medical Group was founded in 2003 by Dr. Sheilaja Mittal and Vikram Mittal and is headquartered in Salinas, CA (www.workwellmedical.com).
“WorkWell has developed an outstanding and diverse client base by delivering high-quality patient care, convenience and experience. We are excited to partner with Dr. Sheilaja and Vikram Mittal on this transaction and look forward to their continued support through the next phase of growth,” said Dan Phelps, a Managing Director of Salt Creek Capital.
Salt Creek Capital invests in executive-led buyouts of companies with EBITDA from $750,000 to $5 million. Sectors of interest are varied making the firm nearly industry agnostic but areas of specific interest include manufacturing, business and consumer services, distribution, and franchisors. The firm is based in Menlo Park (www.saltcreekcap.com).
As part of this transaction Talha Ashraf – a participant in Salt Creek Capital’s Executive Partnership Program and a former senior executive with Kindred Healthcare – will become the new President and CEO of WorkWell. “It has been a great experience working with Salt Creek Capital and Dr. and Mr. Mittal throughout the transaction process,” said Mr. Ashraf. “I am excited to take on the lead operating role with an industry-leading occupational medicine and urgent care provider with such an impressive, caring and dedicated team.”
Healthcare-focused investment bank Edgemont Capital Partners (www.edgemontcapital.com) was the exclusive financial advisor to WorkWell Medical. Luke Mitchell, an Edgemont Managing Director and head of the firm’s efforts with office-based physician services groups, led the transaction for Edgemont along with Associate Vitaliy Marchenko.
“Through twelve years of dedication and tireless devotion to quality clinical care and patient satisfaction, WorkWell has earned its reputation throughout California and the Western US as being the go-to provider of walk-in medical services for patients and employers in central California,” said Mr. Mitchell. “WorkWell was seeking a financial partner to provide the experience, capital, and management expertise to support the company’s tremendous growth, including its plans to expand to other parts of California. Out of a comprehensive and highly competitive marketing process, Edgemont identified Salt Creek as an ideal partner for WorkWell.”
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-12-15