M&A Deal Summary

ABRY Partners Acquires FastMed Urgent Care

On May 21, 2015, private equity firm ABRY Partners acquired healthcare services company FastMed Urgent Care from Comvest Partners

Acquisition Highlights
  • This is ABRY Partners’ 5th transaction in the Healthcare Services sector.
  • This is ABRY Partners’ 83rd transaction in the United States.
  • This is ABRY Partners’ 4th transaction in North Carolina.

M&A Deal Summary
Date 2015-05-21
Target FastMed Urgent Care
Sector Healthcare Services
Buyer(s) ABRY Partners
Sellers(s) Comvest Partners
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)
McDermott Will & Emery (Legal)

Target

FastMed Urgent Care

Raleigh, North Carolina, United States
website
FastMed Urgent Care owns and operates 110 clinics in North Carolina providing a broad range of acute/episodic and preventive healthcare services 365 days per year. FastMed also provides workers' comp and other occupational health services at all of its clinics, and family medicine, sports medicine, and telemedicine services at select locations. FastMed has successfully treated nearly six million patients since opening its first clinic in 2005, and is the largest urgent care operator to be awarded the joint commission gold seal of approval for accreditation in healthcare quality and safety in ambulatory healthcare. FastMed Urgent Care was founded in 2001 and is based in Raleigh, North Carolina.

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Buyer(S) 1

Buyer

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

ABRY Partners is a media and communications focused private equity investment firm. Specific areas of interest include television, publishing, convention/trade shows, for-profit training, couponing, monitoring services, telephone companies, communications towers, music libraries, database providers, wireless communications, and in-store advertisers. ABRY can provide both equity and mezzanine capital, typically committing $20 to $200 million of equity or $15 to $50 million of mezzanine capital per transaction. Prospective transaction situations include buyouts, expansion financings, platform acquisitions, consolidations, and recapitalizations. ABRY Partners was formed in 1989 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 95 of 169
Sector (Healthcare Services) 5 of 9
Type (Secondary Buyout) 21 of 39
State (North Carolina) 4 of 4
Country (United States) 83 of 144
Year (2015) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-08 Unison

Dulles, Virginia, United States

Unison is a provider of purpose-built procurement and contract management software solutions to U.S. federal government agencies and government contractors. All software development and support are done within the USA. For over 30 years, Unison has continually advanced software and insight solutions to help Federal programs efficiently achieve their missions. Unison was founded in 1983 and is based in Dulles, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-26 Sentry

Deerfield Beach, Florida, United States

Sentry is a provider of SaaS solutions that simplify the complexity of pharmacy procurement, utilization, and 340B compliance. The company serves over 600 US hospitals, and more than 10,000 clinics and retail pharmacies across all the major pharmacy brands as well as local community pharmacies and clinics. It is involved in turning real-time data into real-world evidence through Comparative Rapid Cycle Analytics, intended to reduce total cost of care, improve care quality and operational efficiency intended to provide better outcomes for all. Sentry was formed in 2003 and is based in Deerfield Beach, Florida.

Buy -

Seller(S) 1

SELLER

Comvest Partners

West Palm Beach, Florida, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2000
PE ASSETS 7.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Comvest Partners' headquarters in West Palm Beach, Florida.
Comvest Partners' headquarters in West Palm Beach, Florida.

Comvest Partners is a private investment firm that provides equity and debt capital to middle-market companies across North America. Comvest funds a variety of investment situations, including buyouts, divestitures, recapitalizations, consolidations, take privates, and turnarounds. Sectors of interest include business services, information services, education, financial services, healthcare services, software, IT, and transportation. For equity investments, Comvest prefers control and looks to invest $50 to $150 million per transaction. For debt needs, Comvest seeks to provide $25 to $250 million per transaction. Comvest Partners was formed in 2000 and is based in West Palm Beach, Florida.

DEAL STATS #
Overall 20 of 40
Sector (Healthcare Services) 3 of 6
Type (Secondary Buyout) 1 of 5
State (North Carolina) 2 of 2
Country (United States) 20 of 40
Year (2015) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-29 Old Time Pottery

Murfreesboro, Tennessee, United States

Old Time Pottery is a retailer of decorative home products. Old Time Pottery offers home decor products, kitchen tools, dinnerware, bedding accessories, outdoor furniture and general merchandise.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-22 Karmaloop

Boston, Massachusetts, United States

Karmaloop, Inc. is an eCommerce business that sells urban fashion and streetwear, including apparel, shoes and accessories.

Buy -
Mergr

Product

Company

Legal