BOCA RATON, Fla., Aug 19, 2021 /PRNewswire/ -- MDVIP, the national
leader in personalized membership-based healthcare, today announced
that the Private Equity business within Goldman Sachs Asset
Management ("Goldman Sachs") and Charlesbank Capital Partners
("Charlesbank") have entered into a definitive agreement to acquire
majority ownership of MDVIP from Leonard
Green & Partners ("LGP") and Summit Partners.
Founded in 2000, MDVIP leads the market in membership-based
healthcare with a national network of over 1,100 primary care
physicians serving 357,000 patients. In the MDVIP model, doctors
have smaller practices compared to those in traditional,
high-volume medicine. This allows them to spend more time with
patients and provide attentive, individualized care with an
emphasis on preventive health and wellness. MDVIP has achieved
unrivaled patient satisfaction scores, which in addition to its
annual membership renewals, consistently exceed 90 percent.
"The past 18 months have been a catalyst for Americans to become
more engaged in their health, and many are recognizing the need for
better prevention and coaching from a primary care doctor who
really knows them," said MDVIP Chairman and CEO Bret Jorgensen. "For 21 years, MDVIP has built
and scaled its physician practice model to meet this consumer
demand, and the market for our services will continue its momentum.
This investment by Goldman Sachs and Charlesbank speaks to the
strength and resiliency of our business model, and we are excited
to partner with them as we embark on our next phase of growth."
As part of its growth strategy, MDVIP is continuously expanding
its portfolio of services to meet the needs of new customer
segments. For example, the company is working with hospital systems
to incorporate the MDVIP model into their primary care offering. To
address the unique health concerns of women, the company has
introduced a Women's Health Program that pairs gynecological health
with preventive primary care. These are in addition to the
company's existing partnerships with employers to offer an
executive health program as a benefit to employees.
"MDVIP has an impressive track record of delivering business
growth to investors and proven healthcare outcomes that benefit
patients, physicians and the healthcare system at large," said Jo
Natauri, Partner and Global Head of Private Healthcare Investing
within Goldman Sachs Asset Management. "The company's history and
ability to adapt to a rapidly changing healthcare environment make
it a strong addition to our investment portfolio, and we look
forward to partnering with Charlesbank and the MDVIP management
team."
"MDVIP has a proven and innovative business model that
represents the best in membership medicine," said Brandon White, Managing Director at Charlesbank.
"We are excited to back this talented management team as they build
on their historical track record of outstanding services for
physicians and members alike." Added Josh Beer, also a Charlesbank
Managing Director, "We look forward to working with Goldman Sachs
to help MDVIP accelerate its growth and further solidify its
position as the market leader in this consumer-driven healthcare
landscape."
Over time, the MDVIP primary care model has improved patient
outcomes as demonstrated by clinical data published in ten
peer-reviewed studies. The research shows that patients in
MDVIP-affiliated practices have fewer heart attacks and strokes,
better chronic care management of diseases like diabetes and high
blood pressure, and more preventive screenings including regular
colonoscopies, mammograms and bone density scans. Compared to
patients in traditional practices, MDVIP members have also
experienced reduced hospitalizations, lower hospital readmission
rates and fewer visits to urgent care centers and emergency rooms,
which have led to significant cost savings to the healthcare
system.
Alyse Wagner, Partner at LGP,
commented, "MDVIP continues to transform primary care for Americans
across the country. It has proven to be a successful model for both
doctors and patients, and we have great confidence in the future of
its business."
MDVIP Chairman and CEO Bret
Jorgensen added, "This is a pivotal moment for U.S.
healthcare companies, and we appreciate the support we received
from Leonard Green & Partners
and Summit Partners. We also thank our community of physicians,
members and employees who every day are advancing MDVIP's purpose
of 'making healthier lives happen.'"
The transaction is expected to close in Q4 following receipt of
customary regulatory approvals. Financial terms were not
disclosed.
About MDVIP
MDVIP leads the market in membership-based
healthcare that goes far beyond concierge medicine services with a
national network of over 1,100 primary care physicians serving
357,000 patients. MDVIP-affiliated physicians limit the size of
their practices, which affords them the time needed to provide
patients with more individualized service and attention, including
an annual, comprehensive preventive care program and customized
wellness plan. MDVIP, which celebrated its 20th anniversary last
year, has been a Great Place to Work-Certified®
company since 2018 and is recognized by Fortune as one
of the 2021 Best Workplaces in Healthcare. For more
information, visit www.mdvip.com or follow on LinkedIn.
About Goldman Sachs Asset Management Private
Equity
Bringing together traditional and alternative
investments, Goldman Sachs Asset Management provides clients around
the world with a dedicated partnership and focus on long-term
performance. As the primary investing area within Goldman Sachs
(NYSE: GS), we deliver investment and advisory services for the
world's leading institutions, financial advisors and individuals,
drawing from our deeply connected global network and tailored
expert insights, across every region and market—overseeing more
than $2.3 trillion in assets under
supervision worldwide as of June 30,
2021. Driven by a passion for our clients' performance, we
seek to build long-term relationships based on conviction,
sustainable outcomes, and shared success over time. Goldman
Sachs Asset Management invests in the full spectrum of
alternatives, including private equity, growth equity, private
credit, real estate and infrastructure. Established in 1986, the
Private Equity business within Goldman Sachs Asset Management has
invested over $75 billion since
inception. We combine our global network of relationships, our
unique insight across markets, industries and regions, and the
worldwide resources of Goldman Sachs to build businesses and
accelerate value creation across our portfolios. Follow us on
LinkedIn.
About Charlesbank Capital Partners
Based in
Boston and New York, Charlesbank Capital Partners is a
middle-market private investment firm with more than $15 billion of capital raised since inception.
Charlesbank focuses on management-led buyouts and growth capital
financings, and also engages in opportunistic credit and technology
investments. The firm seeks to build companies with sustainable
competitive advantage and excellent prospects for growth. For more
information, please visit www.charlesbank.com.
About Leonard Green &
Partners
LGP is a leading private equity investment firm
founded in 1989 and based in Los
Angeles with over $50 billion
of assets under management. The firm partners with experienced
management teams and often with founders to invest in
market-leading companies. Since inception, LGP has invested in over
100 companies in the form of traditional buyouts, going-private
transactions, recapitalizations, growth equity, and selective
public equity and debt positions. The firm primarily focuses on
companies providing services, including consumer, business and
healthcare services, as well as retail, distribution and
industrials.
About Summit Partners
Founded in 1984, Summit Partners
is a global alternative investment firm that is currently managing
more than $28 billion in capital
dedicated to growth equity, fixed income and public equity
opportunities. Summit invests across growth sectors of the economy
and has invested in more than 500 companies in technology,
healthcare and other growth industries. Summit maintains offices in
North America and Europe, and invests in companies around the
world. For more information, please
see www.summitpartners.com or follow
on LinkedIn.
Media Contacts
For MDVIP:
Nancy Udell
(561) 310-5455
nudell@mdvip.com
For Goldman Sachs:
Avery
Reed
(212) 902-5400
avery.reed@gs.com
For Charlesbank:
Maura
Turner
(617) 619-5457
mturner@charlesbank.com
For Leonard
Green:
communications@leonardgreen.com
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SOURCE MDVIP