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Brentwood Associates Announces Sale of MD Now Urgent Care
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Rhea-AI Sentiment
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Rhea-AI Summary
Brentwood Associates has sold MD Now Urgent Care to HCA Healthcare. This transaction, completed in late 2021, marks a significant move for both companies. MD Now, Florida's largest urgent care provider, operates 59 clinics and treated over 900,000 patients in 2021. Following Brentwood's 2018 investment, MD Now expanded its clinic network despite the pandemic challenges. Both companies aim to enhance patient care in Florida. Financial details of the sale remain undisclosed.
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MD Now is Florida's largest urgent care provider with 59 clinics.
MD Now treated over 900,000 patients in 2021.
Expansion included 23 new clinics since Brentwood's 2018 investment.
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LOS ANGELES--(BUSINESS WIRE)--
Brentwood Associates ("Brentwood"), a Los Angeles-based private equity investment firm, announced it has sold MD Now Urgent Care (“MD Now”) to HCA Healthcare (NYSE: HCA). The transaction was completed at the end of 2021. The terms of the transaction were not disclosed.
Founded in 2005, MD Now is the largest urgent care provider in Florida providing access to quality and affordable non-emergency care. The company provides an exceptional patient experience through its conveniently located clinics, physician-driven operating model, and ability to quickly deliver quality, cost effective medical care in a consumer-friendly setting. MD Now currently operates 59 clinics throughout Florida. HCA Healthcare is one of the nation’s leading providers of urgent care, currently operating more than 170 clinics across 19 markets.
MD Now is led by Chairman and CEO, Keith Gordon, and President, Kim Stukenborg. Commenting on the transaction, Gordon said, “Brentwood has been a great partner, providing both growth capital and significant resources to facilitate our infrastructure and clinic expansion strategy. We are excited about our next chapter with HCA Healthcare and the potential to provide an enhanced patient care experience to the Florida community."
Following Brentwood’s 2018 investment, MD Now expanded its presence significantly by adding 23 new clinics throughout Florida, and the company treated over 900,000 patients in 2021. Steve Moore, Partner at Brentwood, commented, "MD Now made impressive progress in expanding its reach throughout Florida despite the challenges presented by the global pandemic. The MD Now team has always prioritized the patient care experience through the combination of its patient-first culture and strong operational foundation."
Ryan Foltz, Managing Director at Brentwood, added, "MD Now has built a platform with strong patient awareness and an exceptional patient experience. Its physician-led teams and state‐of‐the‐art clinics will continue to serve its communities and surrounding health systems by providing comprehensive urgent care and occupational healthcare services."
Houlihan Lokey acted as exclusive financial advisor, and Kirkland & Ellis LLP acted as legal counsel to MD Now in connection with the transaction.
ABOUT BRENTWOOD ASSOCIATES
Brentwood Associates is a Los Angeles-based private equity investment firm with a 30+ year history of investing in middle-market growth-oriented consumer and business services companies. 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 for entrepreneurs and senior management teams building world-class companies. For more information about Brentwood, please visit www.brentwood.com.
