Philadelphia, PA – Capstone Headwaters, a leading international middle market investment bank, advised Health Express, LLC (“Health Express”) on its acquisition by South Shore Health System (“South Shore”). Terms of the deal were not disclosed.
Health Express, the largest urgent care provider in the Boston metro area, has cultivated a sterling reputation in its market based on a patient-centric focus and the clinical expertise of its staff. The Company is dedicated to excellence in patient care demonstrated by management’s clinical philosophy to staff centers with highly educated and experienced emergency room clinicians. With the vast majority of physicians board certified in emergency medicine, Health Express can adeptly provide more advanced care than many other urgent care peers while also cost-effectively treating patients with more routine injuries and minor illnesses. “This new partnership will help alleviate some of the burden on South Shore Hospital’s busy Emergency Department, and give patients an option that will save them time and money for care that is closer to home,” said Chris Whelan, MD, founder, and owner of Health Express. “We are thrilled to join an organization that has a shared vision for the health of the communities we serve.”
South Shore Health System, a not-for-profit, charitable health system, is the largest independent health organization in Southeastern Massachusetts. South Shore offers primary and specialty care, hospital care, home health, and community care, and preventive and wellness services. “This partnership is about meeting the needs of an ever-changing health care landscape, and we are excited to be part of how health care should be delivered now and into the future,” said Gene E. Green, MD, MBA, President and CEO, South Shore Health System. “Health Express has established a reputation for clinical excellence, and this is an opportunity to work together for patients and families on the South Shore.”
“With a proven track record of successfully developing new clinics and generating robust growth at already established centers, Health Express is well positioned to capitalize on the inherent need for quality, cost-effective, and convenient health care treatment options,” commented Eric Williams, Managing Director of the Philadelphia-based Capstone Headwaters deal team, adding, “Both organizations share a common goal of providing exceptional care.” “Demand for urgent care continues to be fueled by a variety of factors including an aging population and increasing healthcare utilization, migration to value based reimbursement models, proliferation of high deductible plans, lack of access to and shortage of primary care physicians, and mounting consumer demand for more expedient healthcare treatment.”
Mark Surowiak, Director at Capstone Headwaters, added, “Due to these factors as well as the fragmented nature of the sector, we expect to see further consolidation and ample merger and acquisition interest in urgent care both from health systems and private equity.” In addition to the Health Express deal, other recent urgent care transactions include the announced merger of FastMed and NextCare, the recapitalization of CRH Healthcare by Freeman Spogli & Co., the acquisition of Premier Urgent Care by Tower Health, private equity firm Brentwood Associates purchase of MD Now, GoHealth Urgent Care’s acquisition of the six urgent care centers operated by Golden Gate Urgent Care, and Urgent Care Group’s expansion in South Carolina with the acquisition of Health First.