Provident Healthcare Partners (“Provident”), a leading healthcare investment banking firm, announced that it has advised Riverside Medical Clinic (“RMC”) in its partnership with Universal Health Services (NYSE: UHS). RMC is a premier multi-specialty physician practice that employs more than 180 physicians and advanced practice providers in seven physician offices located in Murrieta, Eastvale, Jurupa, Temescal Valley and Riverside, California. In addition, the physician owners of RMC operated a Management Services Organization (“MSO”), employing 800+ team members. Provident served as the exclusive financial advisor to RMC, and Best, Best & Krieger served as legal counsel. The terms of the transaction were not disclosed.
“Provident was instrumental in getting this deal closed. I appreciate their persistence and tireless hard work on behalf of Riverside Medical Clinic. We are pleased with the result and look forward to our new partnership with UHS,” stated Ravi Berry, M.D., Chief Executive Officer of RMC.
“It was a great privilege to have represented Riverside in this important transaction. Riverside’s combination of talent, reputation, professionalism, and longstanding presence in the California market made it the ideal partner for UHS as they continue their expansion strategy through targeted acquisitions. Partnering with the UHS team will allow Riverside to continue their impressive growth trajectory while maintaining their exceptional commitment to providers and patients,” noted Rebecca Leiba, Managing Director at Provident.
“It was a pleasure working with the Management team at Riverside Medical Clinic, a premier provider of multi-specialty care in the Southern California market. We wish RMC all the best in their new partnership with UHS,” commented Rich Sciretta, Vice President at Provident.
About Riverside Medical Clinic
Riverside Medical Clinic offers healthcare solutions for families by providing legendary care built on the foundation of overall wellness. When RMC was launched in 1935 within the rotunda of the famous Mission Inn, the clinic demonstrated a forward-thinking approach to medicine. Dr. Ray McCarty and Dr. Philip Corr formed an innovative multi-specialty clinic that was based on a cooperative group medical system. RMC continues to honor their tradition of progress and innovation, especially as the Inland Empire’s largest private provider of ambulatory care. The multi-specialty clinic has grown to seven locations, state of the art outpatient surgery centers, four urgent care centers, laboratories and a comprehensive center for diagnostic imaging and nuclear medicine. For further information, visit www.riversidemedicalclinic.com.
About Universal Health Services
One of the nation’s largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. has built an impressive record of achievement and performance. Headquartered in King of Prussia, PA, UHS has 89,000 employees and through its subsidiaries operates 26 acute care hospitals, 334 behavioral health facilities, 39 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 39 U.S. states, Washington, D.C., Puerto Rico and the United Kingdom. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT). For additional information, visit https://www.uhs.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 multi-specialty physician 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
[holo_button icon=”” link=/wp-content/uploads/2022/01/Riverside-PR.pdf” color=”#003561″ target=”blank”]PRINT/DOWNLOAD[/holo_button]