Alternative asset manager MidOcean Partners has made a preferred equity investment in Emergency Care Partners (ECP), a US emergency medicine services provider.
The investment, which does not grant MidOcean control over ECP, will be channelled towards financing planned acquisitions and providing dividends to select long-standing physician shareholders of ECP.
The financial terms of the deal remain confidential.
MidOcean Partners managing director Eric Roth said: “Given its strong fundamentals and management team, ECP is emblematic of the type of investments we seek to make across our structured equity platform.
“MidOcean’s private equity and credit businesses bring a unique combination of underwriting skills, and both have long-standing experience in the healthcare sector, enabling us to swiftly underwrite the investment with conviction.”
This marks MidOcean’s second venture within its Structured Equity Solutions strategy, following last year’s investment in Gridhawk.
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By GlobalDataEstablished in 2018, ECP specialises in managing the clinical services of emergency departments for hospitals and health systems, serving as an entry point for patients.
The company supports a network of more than 1,100 emergency medicine providers, catering to approximately 1.5 million patients annually across 63 clinical sites.
ECP is backed by Regal Healthcare Capital Partners and Varsity Healthcare Partners.
ECP CEO Bill Yarbrough said: “Our partnership with MidOcean positions ECP for continued growth, specifically as we look to further our partnership model with like-minded physician groups.
“As a company, we are always focused on the long-term success of our organisation and the well-being of the clinicians who make it all possible.”
Legal advisory services for MidOcean were provided by Gibson Dunn & Crutcher while Greenhill & Co and Evercore Partners served as placement agents.
In addition, Greenhill & Co also acted as the exclusive financial adviser to ECP for this transaction. Morgan Lewis & Bockius offered legal counsel to ECP.
