US-based private equity firm ABRY Partners has signed an agreement with Comvest Partners to acquire its independent urgent care organisation, FastMed Urgent Care.
Terms of the deal have not been disclosed.
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FastMed, which includes board-certified physicians, physician assistants and nurse practitioners, provides urgent care services throughout North Carolina and Arizona.
FastMed CEO Kevin Blank said: "The additional capital and management talent that ABRY provides will allow us to significantly expand our geographic footprint and grow organically, as well as through targeted acquisitions.
"FastMed remains in high growth, high-performance mode across all clinical, operational and financial functions and we look forward to working with ABRY to expand the breadth of services and enhance the patient experience, while continuing to deliver high-quality medical care in existing and new markets."
As part of the deal, ABRY will acquire FastMed’s 87 clinics, including 52 clinic locations in North Carolina and 35 facilities in Arizona.
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By GlobalDataThe deal will also allow ABRY to acquire the company’s corporate headquarters in Raleigh, North Carolina. Mosaic Health Solutions will continue as a minority investor in FastMed, representing a key strategic partner.
ABRY partner Brent Stone said: "We are excited to be partnering with the FastMed management team and believe strongly that the urgent care industry is at the centre of two large trends in healthcare, providing convenient care to patients and lowering medical cost for insurance payors."
