ConvenientMD Receives Significant Investment from Starr Investment Holdings
NEW YORK & PORTSMOUTH, N.H.--(BUSINESS WIRE)--Nov 1, 2018--ConvenientMD, New England’s leading provider of urgent care and walk-in medical services, today announced that it has received a significant investment from Starr Investment Holdings, LLC (“SIH”). The partnership is expected to accelerate ConvenientMD’s growth and expansion throughout the Northeast.
Since its inception in 2012, ConvenientMD has played a pivotal role in advancing access to quality, affordable healthcare by offering tangible solutions to some of the biggest issues faced in today’s healthcare environment. Through its unique full-service model, state-of-the-art facilities, and leading local physicians, providers, and clinical teams, ConvenientMD successfully treats a broad scope of injuries and illnesses while significantly reducing unnecessary emergency department visits. ConvenientMD has among the highest patient satisfaction ratings in the urgent care industry, and its differentiated approach to reducing overall medical care costs makes healthcare more affordable for its patients.
With a strong focus on integrating with the communities it serves, ConvenientMD works to coordinate with other area health providers – such as primary care physicians, specialists and hospitals – to ensure patients receive the most comprehensive care. ConvenientMD also partners with local employers to reduce overall medical plan cost as well as provide work injury treatment and occupational health services.
“We’ve developed a unique solution for revolutionizing the patient experience by providing convenient access to expert medical care at affordable rates,” says ConvenientMD Co-Founder and Executive Chairman Gareth Dickens.
Max Puyanic, Co-Founder and Chief Executive Officer of ConvenientMD adds, “Starr’s deep healthcare industry knowledge and long-term capital base will allow ConvenientMD to accelerate our growth in new and existing geographies and continue to achieve our goal of delivering high-quality, convenient and affordable care to our communities.”
“ConvenientMD’s industry-leading metrics and world-class model are a direct result of the team’s commitment to excellence and their unique, full-service approach,” says Geoffrey Clark, Senior Managing Director of Starr Investment Holdings. “Starr Investment Holdings is pleased to partner with ConvenientMD to support their continued growth.”
Darshan Prabhu, Managing Director of Starr Investment Holdings, states, “ConvenientMD is a true leader in the industry, providing exceptional value to all constituents across the healthcare ecosystem. Its differentiated delivery model provides patients with expert care and a first-class experience and generates significant savings for payors and employers. We look forward to partnering with the company to support its continued success.”
ConvenientMD is on track to open a new location in Bangor, ME this November, followed by an expansion into the Massachusetts market, with clinics in Falmouth, Newburyport and Weymouth scheduled to open before the end of the year. Additional growth is planned for 2019.
The financial terms of the investment were not disclosed.
Financing for the SIH transaction is being provided by BMO Sponsor Finance. Starr was advised by Kirkland & Ellis LLP, Epstein Becker & Green, P.C. and KPMG LLP. ConvenientMD was advised by William Blair & Company, L.L.C. and Sidley Austin LLP.
About ConvenientMD Urgent Care
Headquartered in Portsmouth, NH, ConvenientMD is a healthcare provider dedicated to delivering the best medical care and experience for patients throughout New England. By offering fast, quality care at an affordable rate, ConvenientMD is raising the bar for urgent care and reshaping the delivery of modern healthcare. Each urgent care center provides an advanced array of services – including X-rays, IVs, labs and minor surgery – as well as staff committed to following an innovative, full-service approach to satisfying patients’ demands for convenient, compassionate treatment in an urgent care setting. For more information, please visit www.convenientmd.com.
About Starr Investment Holdings, LLC
Starr Investment Holdings, LLC (“SIH”) is a multi-billion dollar New York-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 industries such as financial services and healthcare 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181101005972/en/
CONTACT: For Starr Investment Holdings:
Sard Verbinnen & Company
Paul Scarpetta / David Millar
Ben Collins, 603-660-0339
Chief Growth Officer
KEYWORD: UNITED STATES NORTH AMERICA NEW HAMPSHIRE NEW YORK
INDUSTRY KEYWORD: HEALTH GENERAL HEALTH MANAGED CARE
SOURCE: Starr Investment Holdings, LLC
Copyright Business Wire 2018.
PUB: 11/01/2018 02:11 PM/DISC: 11/01/2018 02:11 PM