BOCA RATON, Fla., Oct. 14, 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 funds affiliated with
Charlesbank Capital Partners ("Charlesbank") have completed the
acquisition of MDVIP from Leonard
Green & Partners and Summit Partners. The transaction
gives Goldman Sachs and Charlesbank majority ownership of the
company. Financial terms were not disclosed.
With this investment from Goldman Sachs and Charlesbank, MDVIP is
ideally positioned to advance its growth initiatives.
MDVIP leads the market in membership-based medicine with a
national network of approximately 1,100 primary care physicians
serving 362,000 patients. In the MDVIP model, doctors maintain
smaller practices, which enables them to spend more time with
patients and provide more attentive, individualized care compared
to traditional, high-volume practices. Patients receive the MDVIP
Wellness Program, a comprehensive yearly health assessment that
includes advanced diagnostic tests and screenings to give a more
complete picture of their overall health. Using the results,
physicians provide education and coaching to help patients make
healthier lifestyle choices, prevent disease and achieve their
wellness goals.
"For more than two decades, MDVIP has redefined primary care for
both physicians and patients to enhance their experience and
improve healthcare outcomes," said MDVIP Chairman and CEO
Bret Jorgensen, who will continue to
lead the company. "With this investment from Goldman Sachs and
Charlesbank, MDVIP is ideally positioned to advance its strategic
growth initiatives and continue expanding its portfolio of services
to meet increasing demand for more personalized care."
Commenting on the acquisition, Jo Natauri, Partner and Global
Head of Private Healthcare Investing within Goldman Sachs Asset
Management, said, "MDVIP has differentiated itself with a proven
model, national footprint, reputation and patient satisfaction
scores that exceed healthcare industry benchmarks. We are excited
to collaborate with Charlesbank and the MDVIP management team to
build on the company's leadership and strengths in primary
care."
"We are pleased to have completed the MDVIP transaction with our
partners at Goldman Sachs," added Brandon
White, Managing Director at Charlesbank Capital Partners.
"MDVIP has developed a highly successful business model with
multiple avenues for growth, and we look forward to supporting
their continued momentum."
About MDVIP
MDVIP leads the market in membership-based
healthcare that goes far beyond concierge medicine services with a
national network of approximately 1,100 primary care physicians
serving 362,000 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. Published research shows that the MDVIP
model identifies more patients at risk for cardiovascular disease,
delivers more preventive health services and saves the healthcare
system hundreds of millions of dollars through reduced
hospitalizations and readmissions. In response to growing consumer
demand for a more personalized healthcare experience, hospital
systems are incorporating the MDVIP model into their primary care
offering. MDVIP is also partnering with employers to offer an
executive health program as a benefit to their employees. The
company, which celebrated its 20th anniversary last year, has been
certified by Great Place to Work 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 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.
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
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SOURCE MDVIP