[August 02, 2018] |
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Brockway Moran & Partners Announces Sale of MD Now Urgent Care
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. Pter 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/
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