Family Care Partners (“FCP”), a physician-led medical group based in North Florida, has partnered with InnovaCare Health (“InnovaCare”), a portfolio company of Summit Partners. With five practice locations and 44 providers, FCP conducts more than 140,000 patient visits annually and employs more than 230 staff members, making it one of the largest providers of primary care in the region. Provident Healthcare Partners (“Provident”) served as the exclusive financial advisor to FCP. The terms of the transaction were not disclosed.
“I would like to express Family Care Partners’ appreciation for Provident’s assistance with this complex process that ultimately led us to InnovaCare, a partner that shares our vision for the future of physician led, patient centered healthcare reform. From the start, Provident aligned with our values, listened to our needs, and constantly advised us in a way that ensures FCP, in partnership with InnovaCare, continues to be a physician led healthcare leader,” noted Dr. William Carriere, CEO, FCP.
“I want to congratulate the entire FCP team on this partnership with InnovaCare. FCP’s excellent reputation among payors provided multiple options for potential partners. InnovaCare’s extensive experience working within both a clinic setting, as well as with independent providers in an affiliate model, is what made this partnership so attractive,” stated Dustin Thompson, Senior Vice President at Provident.
“FCP believes that InnovaCare presents the best opportunity for growth, particularly with regards to its value-based reimbursement models. This deal will allow for further expansion of InnovaCare’s presence in Northeastern Florida and Southeastern Georgia,” added Bill Bolding, Associate at Provident.
About Family Care Partners
Family Care Partners is a northeastern Florida based physician group that provides primary care, pediatrics, family practice, and internal medicine services. The Company has established an ACO and MSO, which are affiliated with the medical practice, as well as the groups clinical research services. For additional information, visit www.familycarepartners.com.
About InnovaCare Health
Based in White Plains, N.Y., InnovaCare Health improves the lives of members and physicians through innovative solutions for value-based healthcare. Through an integrated portfolio of health plans, medical service organizations, clinical networks and more, the company manages more than 500,000 lives, including more than 150,000 dual-eligible beneficiaries. InnovaCare’s Medicare Advantage plans have received NCQA accreditation and 4.5-star quality ratings from the Centers for Medicare and Medicaid Services (CMS). For more information, please visit http://innovacarehealth.com/.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $23 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. For more information, visit http://www.summitpartners.com.
About Provident Healthcare Partners
Provident is a leading healthcare investment banking firm specializing in merger and acquisition advisory, strategic planning, and capital formation for healthcare companies. The firm has a comprehensive knowledge of market sectors and specialties, including a significant track record of success within primary care services. Provident also has unsurpassed experience and insight into the M&A process, which includes working with a number of buyers such as private equity firms and strategic consolidators. For additional information, visit www.providenthp.com or follow on LinkedIn.
Provident Healthcare Partners
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