M&A Deal Summary

VillageMD Acquires Ocean State Urgent Care

On March 19, 2021, VillageMD acquired healthcare services company Ocean State Urgent Care from New Harbor Capital and Deerpath Capital Management

Acquisition Highlights
  • This is VillageMD’s 5th transaction in the Healthcare Services sector.
  • This is VillageMD’s 5th transaction in the United States.
  • This is VillageMD’s 1st transaction in Rhode Island.

M&A Deal Summary

Date 2021-03-19
Target Ocean State Urgent Care
Sector Healthcare Services
Buyer(s) VillageMD
Sellers(s) New Harbor Capital
Deerpath Capital Management
Deal Type Add-on Acquisition

Target

Ocean State Urgent Care

Cumberland, Rhode Island, United States
website
Ocean State Urgent Care is an independent provider of urgent care, primary care, and related healthcare services in Rhode Island. The Company treats over 200,000 patients annually through a network of 60 physicians and mid-level providers across 20 locations. Ocean State Urgent Care was founded in 2013 and is based in Cumberland, Rhode Island.

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Buyer(S) 1

Buyer

VillageMD

Chicago, Illinois, United States

website


Category Company
Founded 2013
Sector Healthcare Services
DESCRIPTION

VillageMD is a national primary care provider supporting physicians moving toward a primary care-led, high-value clinical model. VillageMD delivers data analytics, a physician practice-based care coordination model, leading technology, and on-the-ground support resources to make improvements at the point of care, resulting in high quality clinical outcomes across all markets and all patient populations. VillageMD also provides access to value-based reimbursement contracts that reward physicians for delivering high quality, cost effective care. VillageMD works with physician groups, independent practice associations, and health systems to improve quality, deliver a first-rate patient experience, and lower total medical costs in the communities they serve. VillageMD was founded in 2013 and is based in Chicago, Illinois.


DEAL STATS #
Overall 5 of 12
Sector (Healthcare Services) 5 of 11
Type (Add-on Acquisition) 4 of 10
State (Rhode Island) 1 of 1
Country (United States) 5 of 12
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-26 Village Medical

Chicago, Illinois, United States

Village Medical offers comprehensive primary care across a broad range of physician services. Village Medical is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-15 Healthy Interactions

Maumee, Ohio, United States

Healthy Interactions provides patients manage their chronic conditions through interactive educational programming. Healthy Interactions is based in Maumee, Ohio.

Buy -

Seller(S) 2

SELLER
DESCRIPTION

New Harbor Capital is a lower middle-market private equity firm focused on investing in and acquiring profitable, growth-oriented companies. New Harbor seeks opportunities in the healthcare services, education, and business services sectors and looks to invest $10 to $40 million per transaction. The Firm prefers control investment situations and typically looks to fund growth capital financings, management buyouts, and recapitalizations. New Harbor Capital was established in 2013 and is headquartered in Chicago, Illinois.


DEAL STATS #
Overall 9 of 10
Sector (Healthcare Services) 5 of 5
Type (Add-on Acquisition) 5 of 5
State (Rhode Island) 1 of 1
Country (United States) 9 of 10
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-12 Advent Home Medical

Pontiac, Michigan, United States

Advent Home Medical is a high-tech medical equipment company. Family owned and operated by a respiratory therapist, Advent's home ventilator program, home tracheostomy program & ventilator weaning program are designed to safely transition home the most complex respiratory patients of all ages. Advent Home Medical was founded in 2004 and is based in Pontiac, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-08 FoodPharma

Sante Fe Springs, California, United States

FoodPharma is a contract developer and manufacturer of nutritional foods, focused on functional bars, soft chews, and confectionery products. The Company leverages a large portfolio of proprietary formulas and recipes as well as in-house research, development, and formulation capabilities to deliver innovative, functional food products to its customers. FoodPharma was founded in 2000 and is headquartered in Sante Fe Springs, California.

Buy -
SELLER

Deerpath Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Lender
Founded 2007
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Deerpath Capital Management, LP makes privately negotiated investments in the debt and equity of lower middle market companies. Deerpath prefers to invest in senior secured loans, but will consider other forms of investment on an opportunistic basis. Prospective companies typically have revenues of $10 to $200 million and EBITDA of $3 to $15 million. The Firm looks to commit $15 to $50 million per transaction. Target sectors include communications, energy/natural resources, healthcare, services, and manufacturing. Deerpath was established in 2007 and is based in New York City and office in Fort Lauderdale, Florida and Houston, Texas.


DEAL STATS #
Overall 6 of 7
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (Rhode Island) 1 of 1
Country (United States) 6 of 7
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-10 Certica Solutions

Wakefield, Massachusetts, United States

Certica Solutions, Inc. provides an education technology platform, content and data solutions that enable K-12 educators and administrators to improve instructional and organizational performance. Certica partners with a diverse network of education technology companies, publishers and assessment providers; and delivers solutions directly to over 500 school districts, charter schools and educational service agencies. Certica Solutions was founded in 2000 and is based in Wakefield, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-01 NY Kids Club

New York, New York, United States

NY Kids Club is a provider of early childhood enrichment, preschool, camps, parties, and events. NY Kids Club was founded in 2001 and is based in New York.

Sell -