Brockway Moran & Partners Announces Sale of MD Now Urgent Care
BOCA RATON, Fla.--(BUSINESS WIRE)--Aug 2, 2018--Brockway Moran & Partners, Inc. (“Brockway Moran & Partners”) announced it has sold one of its portfolio companies, MD Now Holdings, Inc. (“MD Now Urgent Care” or the “Company”), to Brentwood Associates (“Brentwood”). Financial terms of the transaction were not disclosed.
Headquartered in West Palm Beach, Florida, MD Now Urgent Care ( www.mdnow.com ) is the largest operator of full-service, walk-in urgent care centers in the Florida market. The Company provides urgent care, extended hours primary care, occupational medicine, physical therapy, diagnostics, physicals and vaccines through a higher acuity delivery model than is typically prevalent in the urgent care industry. MD Now Urgent Care was founded in 2005 by Dr. Peter Lamelas and his wife, Stephanie Lamelas, and over the subsequent seven years, they set the vision for the business, opening six urgent care centers in Palm Beach County, Florida and developing a differentiated urgent care business centered around physician-driven care.
Brockway Moran & Partners invested in MD Now Urgent Care in March 2012, partnering with Dr. and Mrs. Lamelas to transform the entrepreneurial business into a platform that could support aggressive growth. Over the past six years, the Company has grown from its six clinics in Palm Beach County to 42 clinics (37 open locations and five additional leases signed) across Miami-Dade, Broward, Palm Beach and Indian River counties. During this period of rapid expansion, MD Now Urgent Care (i) invested in its organization by hiring externally and promoting from within, (ii) upgraded its IT infrastructure for real-time tracking and management of operational metrics, (iii) invested significantly in marketing and advertising initiatives to drive brand awareness, (iv) established a multi-disciplined clinic development team for site selection as well as new clinic construction and launch, and (v) completed two add-on acquisitions, solidifying its position in its markets and expanding northerly along the east coast of Florida.
Dr. Peter Lamelas, founder of MD Now Urgent Care, with his wife Stephanie, said, “We have been delighted to partner with Brockway Moran & Partners over the past six years. The teamwork among our private equity investor, our management team and us as the founders, has been exceptional as we have built the Company to be the unquestioned leader in urgent care in Florida. And, importantly, we are here for our patients and because of our patients; and they are the reason we have grown and continue to grow and expand.”
Michael Holton, President and CEO of MD Now Urgent Care, added, “We are proud of the substantial growth and development the Company has achieved during our partnership with Brockway Moran & Partners. We are also looking forward to our next phase of growth as we continue to apply our patient first approach to the dynamic and expanding Urgent Care market.”
Brockway Moran & Partners has been exceptionally pleased to have partnered with Dr. and Mrs. Lamelas as well as the management team at MD Now Urgent Care. The vision of Dr. and Mrs. Lamelas, in combination with Brockway Moran & Partners’ experience in working with rapidly growing companies and combined with the abilities of a world class management team has led to an outstanding result.
Houlihan Lokey served as the financial advisor to MD Now Urgent Care, with Peter W. Klein, P.A. and Jones Day acting as legal advisors to the Company. Brentwood was advised by Financo and its legal counsel was Kirkland & Ellis LLP.
About MD Now Urgent Care
MD Now Urgent Care is the largest and fastest growing independent provider of urgent care services in South Florida with locations conveniently located across Miami-Dade, Broward, Palm Beach and Indian River counties. The Company’s clinics are open 8am – 8pm, 365 days per year, with a licensed doctor scheduled onsite at all times ensuring easy access and quality care patients can trust. For more information about the Company, visit www.mdnow.com.
About Brockway Moran & Partners
Since 1998, Brockway Moran & Partners has partnered with a diverse set of dynamic middle market companies and their management teams to build their companies through both organic growth strategies and add-on acquisitions that are tightly integrated. Brockway Moran has completed approximately 100 acquisitions over this time and has, in active concert with management teams, created numerous sector leading companies, while positioning its portfolio companies for long term success. The firm has raised over $1.3 billion of committed equity capital. For more information, visit www.brockwaymoran.com.
About Brentwood Associates
Brentwood Associates is a leading middle-market private equity investment firm with a 30+ year history of investing in leading growth companies. Brentwood focuses on investments in growing businesses where it can leverage its extensive experience. Since 1984, Brentwood’s dedicated private equity team has invested in over 50 portfolio companies with an aggregate transaction value of over $6 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner with entrepreneurs and senior management teams building world-class companies. For more information, visit www.brentwood.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180802005629/en/
CONTACT: Brockway Moran & Partners, Inc.
Peter C. Brockway
Michael E. Moran
Ari M. Zur
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA
INDUSTRY KEYWORD: HEALTH HOSPITALS PROFESSIONAL SERVICES FINANCE GENERAL HEALTH MANAGED CARE
SOURCE: Brockway Moran & Partners, Inc.
Copyright Business Wire 2018.
PUB: 08/02/2018 11:57 AM/DISC: 08/02/2018 11:57 AM