CityMD to Acquire STAT Health Urgent Care
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Expanding Presence in New York Metro Area
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NEW YORK, Feb. 13, 2018 /PRNewswire-USNewswire/ -- CityMD, the leading urgent care provider in the New York Metro Area, today announced that it has signed a definitive agreement to acquire STAT Health, a leading urgent care provider on Long Island. CityMD's strategic acquisition of STAT Health's 12 centers (with two additional locations slated to open later this year) expands its presence in Nassau and Suffolk Counties. CityMD also plans to acquire FirstMed Immediate Medical Care, a single urgent care center located in Queens, New York. Following the completion of these transactions, CityMD will have 100 locations primarily in the New York Metro Area. Terms of the transactions were not disclosed.
"I am thrilled to be reaching this milestone of 100 CityMD locations, and excited to welcome STAT Health and First Med to the CityMD team. Our seamless integration will enable us to serve more patients in Eastern Long Island and Queens, and bring us closer to achieving our vision of building healthier, kinder communities," said Dr. Richard Park, CEO of CityMD.
Together with high-quality, like-minded partners who have been serving Suffolk County for over a decade, and Queens County for more than 30 years, and who share a patient-first philosophy, CityMD is poised to further extend its innovative care model to these areas.
With over 400 providers in the combined physician-led network, the company will work to address healthcare access challenges and provide coordinated care through CityMD's unique, centralized Aftercare Department. This expert team of doctors and clinical assistants helps patients coordinate their follow-up care including referrals, pre-approvals and other appointments.
"CityMD's expanded footprint, which has grown by 43 percent over the past year, allows us to not only continue making healthcare more inclusive by providing an exceptional experience through high-quality medical care and convenient access, but also to manage population health, address the needs of our payors, health system collaborative partners and employers in the market, and serve our core constituents where they work and live," said Dr. Nedal Shami, CityMD's Chief Growth Officer.
In 2017, Warburg Pincus, a leading global private equity firm focused on growth investing, announced a majority investment in CityMD to accelerate the company's expansion through new site openings, strategic acquisitions and partnerships.
Dr. Paolo Coppola co-founded STAT Health in 2005 and grew the company to eight units in Long Island before partnering with the investment firm Spanos Barber Jesse & Co ("SBJ") in a 2016 control recapitalization. With SBJ's active involvement, the company was on track to double its locations within the first two years of the partnership.
"It has been an honor and privilege leading STAT Health and I would like to thank SBJ for their valuable support," said Dr. Coppola, President of STAT Health. "I know I speak for the entire STAT organization when I say we look forward to joining CityMD and continuing to provide our patients with the best possible medical care," Dr. Coppola added.
Gus Spanos, Co-Founder and Managing Director at SBJ commented, "We have enjoyed partnering with Dr. Coppola and the entire STAT team. While this opportunity with CityMD and Warburg Pincus materialized sooner in our investment than we had anticipated, the sale to CityMD was too compelling of an opportunity to pass up."
Upon closing of the transactions, STAT Health's and First Med's centers will begin transitioning to the CityMD brand and will benefit from CityMD's corporate infrastructure.
The transactions are subject to regulatory reviews and are expected to close in the first quarter of 2018. Dorsey & Whitney LLP served as legal counsel to CityMD and Credit Suisse acted as financial advisor to CityMD. McGuireWoods LLP served as legal counsel to STAT Health and Houlihan Lokey served as exclusive financial advisor to STAT Health.
About CityMDFounded in 2010 by a passionate group of emergency medicine physicians, CityMD's mission is to serve its communities by providing quality medical care through convenient access and an exceptional experience. The company's unwavering commitment to treating everyone with respect and genuine kindness while offering exceptional services and a cost-effective alternative to the ER, has enabled CityMD to grow from one Manhattan practice to more than 85 locations in the greater New York Metro Area and Seattle, Washington. To date, CityMD has treated over 5 million patients.
For more information about CityMD and a list of locations, please visit CityMD.com.
About STAT HealthSTAT Health was founded in 2005 by Dr. Paolo Coppola and Dr. Marc Salzberg, both Board Certified in Emergency Medicine, who saw a need for a walk-in medical center that could respond in a timely and cost effective manner to both urgent care and routine medical care situations in a convenient and comfortable setting. More than a decade, twelve locations and 1 million patient visits later, STAT Health continues to offer a personalized, expert care alternative to the conventional hospital emergency room or medical clinic. For more information, please visit www.stathealthny.com.
About Warburg Pincus LLCWarburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $44 billion in private equity assets under management. The firm's active portfolio of more than 150 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 17 private equity funds which have invested more than $60 billion in over 800 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com.
About Spanos Barber Jesse & Co.Spanos Barber Jesse & Co. ("SBJ") is a private equity firm with over $250 million of committed capital that invests in lower middle market consumer, healthcare services and business services companies. Founded by a team of professionals with over 75 years of experience growing companies as investors and executives, SBJ draws on the operating experience and domain expertise of its team to support the strategic goals of its partner companies. SBJ's Founders have invested more than $500 million into more than 35 companies including Armor Express, Troy Lee Designs, Swensons Drive-In Restaurants, Jefferson Dental, Peet's Coffee & Tea, and The Wine Group. For more information, please visit www.sbjcap.com.
Media Contact: Nadia Deba CooperKatz for CityMD 1-917-595-3064 email@example.com
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