Goldman Sachs Asset Management and Charlesbank Capital Partners Complete Acquisition of Leonard Green’s MDVIP Primary Care Network
BOCA RATON, Fl. (October 14, 2021) – MDVIP, the national leader in personalized membership-based healthcare, today announced that the Private Equity business within Goldman Sachs Asset Management (“Goldman Sachs”) and funds affiliated with Charlesbank Capital Partners (“Charlesbank”) have completed the acquisition of MDVIP from Leonard Green & Partners and Summit Partners. The transaction gives Goldman Sachs and Charlesbank majority ownership of the company. Financial terms were not disclosed.
MDVIP leads the market in membership-based medicine with a national network of approximately 1,100 primary care physicians serving 362,000 patients. In the MDVIP model, doctors maintain smaller practices, which enables them to spend more time with patients and provide more attentive, individualized care compared to traditional, high-volume practices. Patients receive the MDVIP Wellness Program, a comprehensive yearly health assessment that includes advanced diagnostic tests and screenings to give a more complete picture of their overall health. Using the results, physicians provide education and coaching to help patients make healthier lifestyle choices, prevent disease and achieve their wellness goals.
“For more than two decades, MDVIP has redefined primary care for both physicians and patients to enhance their experience and improve healthcare outcomes,” said MDVIP Chairman and CEO Bret Jorgensen, who will continue to lead the company. “With this investment from Goldman Sachs and Charlesbank, MDVIP is ideally positioned to advance its strategic growth initiatives and continue expanding its portfolio of services to meet increasing demand for more personalized care.”
Commenting on the acquisition, Jo Natauri, Partner and Global Head of Private Healthcare Investing within Goldman Sachs Asset Management, said, “MDVIP has differentiated itself with a proven model, national footprint, reputation and patient satisfaction scores that exceed healthcare industry benchmarks. We are excited to collaborate with Charlesbank and the MDVIP management team to build on the company’s leadership and strengths in primary care.”
“We are pleased to have completed the MDVIP transaction with our partners at Goldman Sachs,” added Brandon White, Managing Director at Charlesbank Capital Partners. “MDVIP has developed a highly successful business model with multiple avenues for growth, and we look forward to supporting their continued momentum.”
MDVIP leads the market in membership-based healthcare that goes far beyond concierge medicine services with a national network of approximately 1,100 primary care physicians serving 362,000 patients. MDVIP-affiliated physicians limit the size of their practices, which affords them the time needed to provide patients with more individualized service and attention, including an annual, comprehensive preventive care program and customized wellness plan. Published research shows that the MDVIP model identifies more patients at risk for cardiovascular disease, delivers more preventive health services and saves the healthcare system hundreds of millions of dollars through reduced hospitalizations and readmissions. In response to growing consumer demand for a more personalized healthcare experience, hospital systems are incorporating the MDVIP model into their primary care offering. MDVIP is also partnering with employers to offer an executive health program as a benefit to their employees. The company, which celebrated its 20th anniversary last year, has been certified by Great Place to Work since 2018 and is recognized by Fortune as one of the 2021 Best Workplaces in Healthcare. For more information, visit www.mdvip.com or follow on LinkedIn.
About Goldman Sachs Asset Management Private Equity
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market–overseeing more than $2 trillion in assets under supervision worldwide as of June 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1986, the Private Equity business within Goldman Sachs Asset Management has invested over $75 billion since inception. We combine our global network of relationships, our unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across our portfolios. Follow us on LinkedIn.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm with more than $15 billion of capital raised since inception. Charlesbank focuses on management-led buyouts and growth capital financings, and also engages in opportunistic credit and technology investments. The firm seeks to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.
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