SANTA MONICA, Calif., April 22, 2020 /PRNewswire/ -- SignatureMD, Inc. ("SignatureMD") and Paragon Private Health, LLC ("Paragon"), two leading providers in membership-based concierge medicine (collectively, the "Company"), have merged in partnership with management and Blue Sea Capital LLC ("Blue Sea") to create an industry leader in concierge medicine support services. The Company, with physician practices across the United States, is one of the nation's largest providers of initial conversion and ongoing support services to concierge medicine physicians, with an expanding network of more than 160 affiliated primary care physicians and specialists across 31 states.
"We are proud to merge with Paragon, a leader in concierge medicine. They share our core values to always do the right thing for our affiliated physicians and members and to provide them with the highest level of service and care," said Matthew Jacobson, Founder and Chief Executive Officer of SignatureMD. "Combining our two companies isn't about getting bigger, it's about getting better and stronger together to expand our community of exceptional physicians, to serve more people looking for a closer relationship with their doctor for better health and peace of mind, and to innovate in areas like telehealth and remote monitoring to meet the emerging needs of our affiliated physicians and members. This merger comes at an exciting time as more and more doctors are choosing SignatureMD's flexible care model that puts them back in control without having to decide between practicing medicine on their terms and saying goodbye to thousands of their patients."
"The merger of SignatureMD and Paragon brings together two industry-leading concierge medicine platforms, allowing us to better capitalize on the substantial sector growth opportunity while maintaining a high-quality service offering to our existing affiliated physicians and members," said Hiren Doshi, Founder of Paragon Private Health. "The Company's combined resources and capabilities, coupled with a track record of providing best-in-class support services, portends a sustainable and compelling growth trajectory for years to come. I have always had great respect for SignatureMD and I am excited about what we can accomplish together to improve the lives of more people."
Scott Ames, Principal at Blue Sea, commented, "We are thrilled to be supporting the merger of SignatureMD and Paragon, building on the companies' track records of providing top-quality services to affiliated physicians and members and, in the process, creating an industry leader in member-based concierge medicine, a sector that remains well positioned for long-term growth, driven by a superior value proposition and certainty to providers and members alike."
CapM Advisors acted as financial advisor to SignatureMD and Intrepid Investment Bankers acted as financial advisor to Paragon. McDermott Will & Emery served as legal advisor to SignatureMD and Sherrard, German & Kelly served as legal advisor to Paragon.
About the Company
The Company, operating under the SignatureMD (www.signaturemd.com) and Paragon Private Health (www.paragonprivatehealth.com) brands, with offices in Los Angeles, California and Richmond, Virginia, is one of the nation's largest providers of initial conversion and ongoing support services to concierge medicine physicians, with an expanding network of over 160 affiliated primary care physicians and specialists across 31 states.
About Blue Sea Capital
Blue Sea Capital (www.blueseacapital.com) is a private equity firm based in West Palm Beach, Florida that invests in growth-oriented lower middle market companies valued up to $200 million. The firm has approximately $600 million in assets under management and invests across three industry verticals: healthcare, aerospace & defense and industrial growth. Blue Sea Capital's strategy is to partner with talented managers and differentiated companies, typically as the first or second institutional investor, and deliver strategic and operational value-add that drives growth acceleration, industry outperformance and business transformation.