Family Care Partners is Formed as New Varsity Healthcare Partners Platform Company to Consolidate Primary Care Services Practices Across South Carolina
Varsity Healthcare Partners (VHP), a healthcare services-focused private equity investment firm with offices in Los Angeles and Stamford, announced today that it has closed a growth capital investment in Colonial Family Practice, one of the largest providers of primary care and ancillary patient diagnostic services in South Carolina, through a recapitalization transaction in partnership with Colonial’s shareholder physicians.
Scale Finance has provided CFO Services to Colonial for approximately one year and advised on this growth capital transaction process from beginning to end. SF Managing Director, Dave Gilroy, led the Scale Finance advisory team and is now a shareholder in the recapitalized company.
To consummate its investment, VHP and Colonial’s physician partners have formed Family Care Partners, a platform holding company established to facilitate the consolidation of clinically differentiated primary care practices in South Carolina and to centralize non-clinical management functions, in order to maximize provider productivity.
“Consistent with VHP’s investment priorities, we believe the growth of primary care availability is fundamental to lowering the cost of U.S. healthcare delivery, especially at the local level,” said David Alpern, a founding partner of VHP. “Along these lines, we believe Colonial’s unique business model, leading market position, and results-focused clinical leadership provide a great platform to build a leading regional primary care and diagnostic services business. We are excited to partner with Colonial’s physicians and accelerate Colonial’s already strong growth path.” “Along these lines, we believe Colonial’s unique business model, leading market position, and results-focused clinical leadership provide a great platform to build a leading regional primary care and diagnostic services business. We are excited to partner with Colonial’s physicians and accelerate Colonial’s already strong growth path.”
Clay Lowder, Colonial’s Managing Partner, added, “Our growth partnership with VHP will open new opportunities for our physicians and staff as we build on our differentiated patient care capabilities, technology and culture in what should be an exciting chapter of growth for Colonial. VHP brings deep healthcare expertise, a strong track record of growing physician practice management business models, and a strong entrepreneurial spirit. We look forward to working closely with Dave, his VHP Co-Founder Kenton Rosenberry, and the broader VHP team.”
The investment in Family Care Partners is the third investment from the Varsity Healthcare Partners I vehicle, following up on VHP’s successful investments in Forefront Dermatology and EyeCare Services Partners. Your auto insurance oak lawn il should be as unique as your ride. Get info on insurance rates, safety features, discounts and more for your car’s make and model.
About Family Care Partners
Based in South Carolina, Family Care Partners is a leading consolidator of primary care and ancillary diagnostic patient services, providing centralized management infrastructure and differentiated local clinical workflow and resources to a multitude of primary care practices throughout the state. Family Care Partners is led by a talented team of operating executives, with a deep background in physician practice management services, and selected clinical leaders from Colonial Family Practice and selected other practices. Family Care Partners is dedicated to providing its patients with the highest level of innovative care, personal attention and knowledge of the latest in advances in preventative and remedial care.
About Varsity Healthcare Partners
Varsity Healthcare Partners (VHP), founded by David Alpern and Kenton Rosenberry, is a private investment firm serving primarily family investors by originating, acquiring, and growing market-leading healthcare platforms. The principals of VHP bring extensive healthcare domain expertise and relationships and dedicate substantial time and resources to each platform investment. The firm seeks to combine the unique partnership approach and equity capital to accelerate the growth and maximize the returns of each VHP platform. For more information please visit: www.varsityhealthcarepartners.com.
About Scale Finance
Scale Finance LLC (www.scalefinance.com) provides contract CFO services, Controller solutions, and support in raising capital, or executing M&A transactions, to entrepreneurial companies. The firm specializes in cost-effective financial reporting, budgeting & forecasting, implementing controls, complex modeling, business valuations, and other financial management, and provides strategic help for companies raising growth capital or considering M&A/recapitalization opportunities. Most of the firm’s clients are growing technology, healthcare, business services, consumer, and industrial companies at various stages of development from start-up to tens of millions in annual revenue. Scale Finance has multiple offices in the Carolinas including Charlotte, Raleigh/Durham, Greensboro, and Wilmington with a team of more than 45 professionals serving more than 120 companies throughout the region.