BOSTON–(BUSINESS WIRE)–Sverica Capital Management LP (“Sverica”) announced today the sale of its portfolio company RMS Healthcare Management (d.b.a “Med First” or the “Company”). During Med First’s partnership with Sverica, the Company grew from 13 to 27 clinics with 2 additional under letter of intent, while increasing profitability nearly four times and solidifying its market position as a leader within the North Carolina primary care market.
Headquartered in Raleigh, NC and founded in 2007 as a small network of urgent care clinics, Med First is one of the leading primary care providers throughout the Carolinas, operating a “hybrid” medical clinic model that provides both primary care and primary-care-on-demand services. Med First has been a leader in value-based care since entering the space in 2019, achieving strong accountable care organization (ACO) quality outcomes and shared savings growth in a highly cost-effective manner through utilization of a mid-level staffing model.
Med First focuses on serving patients in tier-2 and rural markets that are generally underserved by healthcare providers. Med First experienced growth during Sverica’s investment period through a combination of organic new clinic openings, acquisitions of multiple single-clinic practices and broadening clinical service offerings to patients. Med First also participated in an at-risk ACO, achieving increasing shared savings income in each year of its participation.
Dave Finley, Managing Partner at Sverica, said, “The Med First business model and strategy of serving Tier-2 and Tier-3 communities with a primary care on-demand offering proved to have value in the marketplace. It has been a pleasure working with the senior team over these years. Paul Feneck’s leadership through many challenges allowed us to build one of the largest independent primary care models in North Carolina and I look forward to watching him continue to drive growth under new ownership.”
Paul Feneck, CEO of Med First, stated, “Med First has had a positive impact on hundreds of thousands of Carolinian lives by delivering quality care in some of our most needy communities. The evolution of Med First from delivering predominantly urgent care services to a primary care/family practice with a broad array of offerings that deliver comprehensive whole health to entire families would not have been possible without the guidance, support and collaboration with Sverica. They have played a very strategic role in our transformation and growth, and I would like to thank Dave Finley, Doug Patrican, and the rest of the Sverica team for their consistent engagement, steady hand, and unwavering support of the Med First leadership team.”
About Sverica Capital Management
Sverica Capital Management is a leading growth-oriented private equity firm that has cumulative committed capital of $2.2 billion since inception. The firm acquires, invests in and actively builds companies that are, or could become, leaders in their industries. Since inception, Sverica has followed a “business builder” approach to investing and takes an active supporting role in its portfolio companies. Sverica devotes significant internal time and resources to help its management teams develop and execute growth strategies and proactively looks for levers to pull to accelerate growth by reinvesting back into those companies. Sverica firmly believes in building businesses collaboratively that can endure for the long term by starting with a strong foundation and bringing the right people and playbook to drive reinvestment and ultimately strong returns for our investors.
For more information, please visit www.sverica.com
About Med First
Established in 2007, Med First is one of the largest independent providers of primary care services in North Carolina. Its mission is to provide access to care in traditionally underserved markets. Headquartered in Raleigh, NC, the company operates twenty-seven clinics and treats over 220,000 patients annually. Med First is recognized for providing exceptional levels of quality of care and consistently achieves one of the industry’s highest levels of patient satisfaction. As healthcare continues to transition, Med First has positioned itself as a leader in delivering “value-based reimbursement” models with over 50,000 attributed lives under management. The company’s corporate support services eliminate the additional burden of labor and administrative challenges placed upon practitioners and their teams by implementing technological resources, operational support, and evidence-based clinical best practices. The executive management team has over 120 years of combined heath care experience and is led by Paul Feneck, President & CEO.
For more information, please visit https://thinkmedfirst.com/
Contacts
Media Inquiries:
Nathalie Allen
Sverica Capital Management
(415) 249-4906
[email protected]
