Thurston Group 2021 Year in Review

CHICAGO, Feb. 7, 2022 /PRNewswire/ -- Since its founding in 1986 by Chairman and CEO Patrick J. Haynes III, Thurston Group ("Thurston") has fostered a culture of discipline, respect and partnership that has driven outsized results for their shareholders. In 2021, those principles continued to drive Thurston's growth in healthcare and related business services companies, leading to a very successful year for the firm.

It has been a decade since Thurston recognized and seized the opportunity to focus on and transform the world of physician practice management. Thurston saw the loss of control and autonomy experienced by physicians during the first wave of provider consolidation and set out to do things differently. The Thurston team developed a winning formula for innovating provider groups that centered around the respect, autonomy and shared equity doctors deserve. Thurston views their doctor partners and their employees as family. The Thurston model creates pathways for office staff and young associate providers to grow in their careers and financial success.

Over time this has helped Thurston create a repeatable playbook that has led to meaningful partnerships across healthcare companies.

"The Thurston Group difference is our doctor-centric approach. We respect our providers, put more power in their hands to shape their destiny, and partner with them at the same level. It's how we succeed together," Patrick J. Haynes III, Thurston Group Chairman and CEO.

Thurston is recognized as a pioneer in forming dental specialty partnerships. In 2015, Thurston formed Smile Doctors, the first partnership specific to orthodontic specialists. Following their success with orthodontics, Thurston then created partner companies in oral surgery and endodontics, each platform the first in its specialty segment. Thurston then broadened their focus to innovate other healthcare organizations with successful partnerships in orthopedics, mental healthcare and medical weight loss. Always seeking to bring opportunities for financial growth to their valued partners, Mr. Haynes launched the first dental-focused Real Estate Investment Trust (REIT) followed by a new veterinarian-focused REIT.

2021

In a year of uncertainty, Thurston Group delivered reliability and results. Thurston topped over four billion dollars in cumulative invested capital returned to their shareholders, achieved triple-digit year-over-year growth across their portfolio and launched a new fund.

Across the portfolio Thurston completed 110 acquisitions in 2021. These acquisitions represent over $462M in additional revenue and 316 new doctor partners. This disciplined approach empowered partner companies to reach their full potential at an accelerated pace – often years ahead of anticipated schedule.

Three 2021 Exists (US Endo Partners, US Oral Surgery Management and E78 Partners)

Thurston Group's three realized companies of 2021 outperformed and outpaced expectations, representing over $1.3B in combined enterprise value.

"Three years is a short time to form, grow, and exit a company. As value-added partners, we roll up our sleeves and work alongside our providers so that we have a clear and comprehensive understanding of their business.  Our playbook is intentionally designed to support the improvements necessary to realize our companies' full value, while maintaining clinical autonomy and strong workplace culture with our providers and their team members," Dan Davis, Thurston Group Managing Director.

Five New Partnerships (Gen4 Dental Partners, ARC Health, Options Medical Weight Loss, National Veterinary REIT and SGA Dental Partners)

Thurston Group added five strong healthcare and real estate services companies to their portfolio last year.

"Our entire team takes pride in being good doctor partners and it shows in the momentum we saw last year with multiple new partnerships. Years of experience listening to and truly supporting doctors brings tremendous value to every new relationship we form," Dr. Dana Fender, Thurston Group Partner.

Looking ahead for 2022

Thurston can tally acquisitions and financial returns; what cannot be measured is the impact on patient lives touched by the many dental and medical practices the group elevates and grows. In 2022, Thurston will continue to build relationships and opportunities in the types of meaningful healthcare specialties that drive better health outcomes, longevity, and quality of life.

Along with our partner companies, our lean management team of seven accomplished great things in 2021. This year, Thurston is proud to name Dana Fender, DMD, as partner and look forward to how his leadership and experience will further advance our mission.

Moving forward, the Thurston team will continue to focus on the healthcare and related business services sectors — executing our proven buy-and-build strategy to forge industry-leading companies and partner relationships along the way.  In addition, the firm will continue to support The Marine Corps-Law Enforcement Foundation (MC-LEF), a not-for-profit organization providing financial support for the children of veterans who have sacrificed their lives for our country.

Contact: Dana Hayes III, +1-312-255-0077

SOURCE Thurston Group