WEST PALM BEACH, Fla., May 21, 2015 /PRNewswire/ -- Comvest Partners ("Comvest") is pleased to announce that it has entered into an agreement for the sale of FastMed Urgent Care ("FastMed" or the "Company"), the second largest independent urgent care network in the United States, to ABRY Partners. The transaction is expected to be completed in the next few weeks.
The sale includes FastMed's 52 clinic locations in North Carolina and 35 facilities in 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.
Comvest acquired its original ownership stake in nine Urgent Care Centers of America (now known as FastMed) centers in North Carolina in October of 2010. Since that time, the Company has opened or acquired 78 additional centers in North Carolina and Arizona, and now operates 87 urgent care centers in those two states.
"The FastMed team has done a phenomenal job building and growing one of the premier leaders in the urgent care industry," said Roger Marrero, a Partner at Comvest Partners. "We are delighted to have had such a productive and synergistic partnership with Kevin Blank and the rest of the FastMed senior team and believe the Company is well poised to continue its industry-leading growth under new ownership."
"Comvest has been a valued partner throughout our drive to become a leading urgent care network in the U.S.," said FastMed CEO Kevin Blank. "They've partnered with our senior management to build an urgent care network that is clinically, operationally and financially market-leading, and we believe their contributions have been invaluable."
Mosaic Health Solutions will continue to be a key strategic partner and minority investor in FastMed Urgent Care. "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."
Houlihan Lokey acted as exclusive financial advisor and McDermott Will & Emery acted as legal advisor to FastMed in connection with the transaction. Latham & Watkins represented ABRY Partners.
About FastMed Urgent Care:
FastMed Urgent Care is an owner and operator of urgent care facilities with locations throughout North Carolina and Arizona. FastMed focuses on the delivery of non-appointment based medicine to the non-emergency patient market. The urgent care centers are open 365 days a year and are staffed with experienced and licensed physicians, physician assistants and nurse practitioners. FastMed clinics hold The Joint Commission's Gold Seal of Approval® for accreditation in compliance with the Joint Commission national standards for health care quality and safety in ambulatory health care. For more information, please visit www.fastmed.com.
Comvest Partners, with $2.1 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.7 billion of capital in over 135 public and private companies. For more information, please visit www.comvest.com.
About Mosaic Health Solutions:
Mosaic Health Solutions, headquartered in Durham, North Carolina, is developing an integrated suite of market-leading solutions to accelerate health innovation. Through strategic investments, partnerships and the creation of new companies, Mosaic Health Solutions is making health care better by empowering consumers and enabling healthier living.
SOURCE Comvest Partners