BOCA RATON, FLORIDA – MDVIP, the national leader in affordable personalized healthcare, today announced that Leonard Green & Partners, a leading private equity investment firm, has acquired a majority interest in the company from global growth equity investor Summit Partners. Summit Partners, which initially invested in MDVIP in 2004 and later acquired it from Procter & Gamble in 2014, will remain a minority investor in the company. Terms of the transaction were not disclosed.
Founded in 2000 in Boca Raton, Florida, MDVIP leads the market in membership-based medicine with a growing network of over 850 affiliated primary care physicians currently serving more than 280,000 members across the country. Under the MDVIP model, physicians maintain smaller practices, allowing them to spend more time with patients than in a traditional practice model, and to provide highly individualized care with an emphasis on prevention and wellness. The company's patient satisfaction and annual membership renewals consistently exceed 90 percent.
"Leonard Green is an ideal partner for MDVIP, and their investment is a testament to the strength of our business model," said MDVIP Chairman and CEO Bret Jorgensen, who will continue to lead the company. "The core engine of MDVIP's network growth is as strong as it's ever been, and we look forward to working with the Leonard Green team on continuing to build on our success and pursuing new opportunities that deliver greater value to our physician affiliates and members."
Mr. Jorgensen added, "MDVIP has benefited greatly from the resources and expertise of Summit Partners, and we appreciate their longtime support as we embark on our next phase of growth."
"MDVIP has built an unrivaled network and proven model in consumer-directed healthcare that provides both physicians and patients an alternative to traditional, high-volume practices," said Alyse Wagner, Partner at Leonard Green & Partners. "With its market-leading position and strong management team, MDVIP is well-poised for ongoing and long-term success in a dynamic healthcare environment. We are pleased about this new partnership, which expands our portfolio in the healthcare services sector."
Leonard Green & Partners is a leading private equity investment firm with more than $25 billion of assets currently under management. Since its founding in 1989, the firm has invested in over 80 companies primarily in the consumer, business services, healthcare services and retail sectors.
"We are proud of the growth MDVIP has achieved throughout our partnership," said Mark deLaar, Managing Director at Summit Partners. "We're delighted to remain involved with the company as it continues to execute on its strategy to innovate and improve the delivery of primary care."
MDVIP leads the market in membership-based healthcare that goes far beyond concierge medicine services. With a national network of more than 850 primary care physicians serving over 280,000 members, MDVIP is at the forefront of consumer-directed care. MDVIP-affiliated physicians limit the size of their practices, which affords them the time needed to provide patients with highly individualized service and attention, including a comprehensive annual preventive care program and customized wellness plan. Published research shows that the MDVIP model saves the healthcare system millions of dollars through lower hospitalizations and readmissions. For more information, visit www.mdvip.com.
About Leonard Green & Partners, L.P.
Leonard Green & Partners, L.P. ("LGP") is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 80 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail. For more information, please visit www.leonardgreen.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $15 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 460 companies in healthcare, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 180 have been acquired through strategic mergers and sales. Notable healthcare investments include ABILITY Network, CareCentrix, DuPage Medical Group, HealthCare Partners, HealthSun Health Plans and Modernizing Medicine. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.