Brockway Moran & Partners has divested its portfolio company MD Now Holdings to Brentwood Associates for undisclosed amount.
Based in West Palm Beach, Florida, MD Now Urgent Care is an operator of full-service, walk-in urgent care centers in Florida, US.
It offers urgent care, extended hours primary care, occupational medicine, physical therapy, diagnostics, physicals and vaccines.
Set up in 2005 by Dr. Peter Lamelas and his wife, Stephanie Lamelas, MD Now Urgent Care has 42 urgent care centers in Palm Beach County, Florida.
In 2012, Brockway Moran & Partners invested in MD Now Urgent Care. It partnered with the Lamelas to expand the business on aggressive growth path.
In the last six years, it has grown from its six clinics in Palm Beach County to 42 clinics, of which 37 are open locations and five additional leases have been signed across Miami-Dade, Broward, Palm Beach and Indian River counties.
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MD Now Urgent Care upgraded its IT infrastructure for real-time tracking and management of operational metrics; invested significantly in marketing and advertising initiatives to drive brand awareness; set up a multi-disciplined clinic development team for site selection as well as new clinic construction and launch; and completed two add-on acquisitions, thereby bolstering its position in its markets.
MD Now Urgent Care founder Dr. Peter Lamelas and 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.”
MD Now Urgent Care president and CEO Michael Holton said: “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.”
Houlihan Lokey acted as the financial advisor to MD Now Urgent Care, with Peter W. Klein, and Jones Day serving as legal advisors to the company.
Brentwood was advised by Financo and its legal counsel was Kirkland & Ellis.