ConvenientMD Secures Growth Investment from Bain Capital Double Impact
Partnership to Support Expansion of Patient-Centric Care Model to New, Underserved Areas
PORTSMOUTH, N.H., May 12, 2021 /PRNewswire/ -- ConvenientMD ("the Company"), New England's leading urgent care provider, today announced that it has secured an investment to support its continued growth from Bain Capital Double Impact, a leading social impact investor. The Company will continue to operate under its current management team, led by co-founder Gareth Dickens and President Dr. Mark Pundt. The partnership will position ConvenientMD to expand access to its differentiated, affordable and flexible urgent care facilities through both service line expansions designed to make healthcare more affordable and accessible, and opening new locations in underserved areas. Financial terms of the private purchase from current owner Starr Investment Holdings, LLC were not disclosed.
Founded in 2012 and headquartered in Portsmouth, New Hampshire, ConvenientMD operates 26 urgent care clinics in suburban and rural areas across New Hampshire, Maine, and Massachusetts, with a focus on markets that have been underserved by primary care providers and urgent care centers. ConvenientMD offers a wide range of high-quality in-clinic and integrated telehealth episodic care services, including injury and illness care, occupational health, specialty infusion therapy, and moderate and highly complex lab offerings. Each clinic is staffed by a team of physicians, advanced practice providers, registered nurses, radiologic technologists, and other medical professionals, and features state-of-the-art technologies and capabilities, including digital X-ray, EKG and other tests, medical procedure rooms, electronic consultations with specialist providers, post-visit care navigation, and IV fluid/antibiotic treatments. ConvenientMD offers affordable, on-demand care seven days a week, resulting in high customer satisfaction and significantly lower total cost to patients, health plans, and employers than a visit to an emergency department or other points of care for medical episodes.
"ConvenientMD's exceptional quality care and patient-centric platform are powered by dedicated and caring team members who share our mission of expanding healthcare access to individuals and families who are underserved by traditional providers and often pushed towards more costly care models," said Dickens, who will serve as Chairman & CEO of ConvenientMD upon completion of the transaction. "Bain Capital Double Impact shares our passion for continuing to find innovative ways to provide exceptional care to more people in the community. We are thrilled to have a mission-driven partner as we seek to extend our impact and market leadership in New England and beyond with significant planned de novo clinic openings and service line expansions."
Bain Capital has deep experience investing across the health services sector, adding value to companies providing care to underserved populations including Arosa, Aveanna, Beacon Health Options, Broadstep, HealthDrive, Multi-Specialty Healthcare, HCA, Rodeo Dental, and Surgery Partners. Through Bain Capital Community Partnership, the firm is also an active supporter of community-based programs focused on access to quality resources for the underserved in New England.
"We are excited to partner with ConvenientMD, a leader in urgent care medical services that is dedicated to improving health and wellness in New England," said Peter Spring, a Managing Director at Bain Capital Double Impact. "The Company has developed strong relationships with local employers and health plans and is well-established as a quality healthcare provider in the communities where they operate. We are excited to support ConvenientMD in their strategy to add more urgent care centers and expand their geographic reach and service offerings, including primary and value-based care, to make high quality healthcare more accessible and affordable to all."
"Our partnership with ConvenientMD has been a journey of unprecedented growth, underscored by entry into new markets and further innovation in tech-enabled services and clinical offerings," said Darshan Prabhu, Managing Director of Starr Investment Holdings. "We are very proud of how the team has prioritized the needs of their communities, especially throughout the COVID-19 pandemic, setting an example for other healthcare providers and we know that they will continue to differentiate themselves across the care delivery continuum in New England. We wish ConvenientMD continued success on its important mission."
Deutsche Bank Securities Inc. is serving as exclusive financial advisor, and Kirkland & Ellis LLP is serving as legal counsel to ConvenientMD. Ropes & Gray LLP is serving as legal counsel to Bain Capital Double Impact.
About ConvenientMD
ConvenientMD, New England's leading urgent care provider, is dedicated to delivering the best medical care and patient experience throughout Maine, New Hampshire and Massachusetts. All state-of-the-art urgent care centers are staffed with expert medical professionals and certified lead providers who are committed to providing high-quality, convenient and affordable treatment for patients of all ages. Visit any ConvenientMD for injuries and illnesses, on-site COVID-19 testing, X-rays, labs, minor procedures, IV fluids and more, 8am-8pm, 7 days a week. For more information, please visit www.convenientmd.com.
About Bain Capital Double Impact
Bain Capital Double Impact is the impact investing strategy of Bain Capital, a leading global private investment firm. Bain Capital Double Impact leverages deep industry experience and an active, value-added approach to build great companies that deliver both competitive financial returns and meaningful, measurable social and environmental good. Bain Capital Double Impact partners with companies across three themes – health & wellness, education & workforce development, and sustainability to create long-term value and meaningful social impact at scale. For more information, visit www.baincapitaldoubleimpact.com.
About Starr Investment Holdings, LLC
Starr Investment Holdings, LLC ("SIH") is a multi-billion dollar New York and Nashville-based investment adviser that leverages the Starr Companies' unique duration-agnostic capital together with that of select institutions and family offices. SIH invests in privately-held technology-enabled services businesses with a particular focus on healthcare services as well as financial regulatory services. SIH partners with world class management teams, supporting them with flexible capital and strategic resources, with a particular focus on opportunities to deploy or expand investments in strategic software and data-driven opportunities to enhance customer solutions. For more information, please visit www.starrholdings.com.
SOURCE Bain Capital Double Impact
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