PLANO, TX – U.S. Renal Care, Inc., a leading provider of dialysis services for patients suffering from end stage renal disease, today announced that it has entered into a definitive agreement to be acquired by a private investor group led by Chris Brengard and the U.S. Renal management team, along with Bain Capital Private Equity, Summit Partners, Revelstoke Capital Partners, and Mark Caputo (collectively the “Investor Group”). U.S. Renal Care will continue to operate under its current management team, who will remain significant investors in the company. Financial terms of the private transaction were not disclosed.
Founded in 2000 by Chris Brengard and an experienced team of healthcare executives, U.S. Renal Care partners with nephrologists and hospitals to develop, acquire, and operate outpatient treatment centers for patients suffering from kidney failure, also known as end stage renal disease. The company provides patients with their choice of a full range of quality in-center and at-home dialysis. Today, U.S. Renal Care serves approximately 25,000 patients in 335 dialysis facilities across 32 states and the Territory of Guam.
“We are pleased to be partnering with an Investor Group that shares our commitment to serving patients and continuing to be the highest care provider by enhancing the quality of life for people living with chronic renal disease,” said Chris Brengard, Chief Executive Officer of U.S. Renal Care. “With additional support and resources, we and our physician partners look forward to embarking on our next phase of growth while continuing to deliver excellent patient outcomes and the best service available in our communities.”
“We have been impressed with U.S. Renal Care’s focus on strong physician partnerships that allows the company to deliver high-quality care for patients,” said Chris Gordon, a Managing Director at Bain Capital Private Equity. “We look forward to supporting the company’s experienced management team and our partner physicians in continued growth, while remaining focused on the company’s coordinated and compassionate approach to patient care,” said Devin O’Reilly, a Managing Director at Bain Capital Private Equity.
“We have enjoyed a productive partnership with U.S. Renal Care, working closely with Chris Brengard and the management team in supporting their efforts to provide expanded access and care to patients,” said John Baumer, a Senior Partner at Leonard Green & Partners, a current investor in U.S. Renal Care alongside Frazier Healthcare Partners, New Enterprise Associates, Inc., and Cressey & Company. “We are thankful to have had the opportunity to grow the business over the past seven years and we wish Chris and the new ownership group continued success.”
The transaction is subject to customary closing conditions, including requisite regulatory approvals.
Goldman Sachs and Barclays are serving as financial advisors, and Latham & Watkins is serving as legal counsel to U.S. Renal Care. Ropes & Gray is serving as legal counsel, and PwC is acting as accounting advisor, to the Investor Group. Weil, Gotshal & Manges are serving as legal counsel to the management team.
About U.S. Renal Care, Inc.
Founded in Jonesboro, Arkansas, in 2000 by an experienced team of healthcare executives, U.S. Renal Care, Inc. works in partnership with nephrologists to develop, acquire, and operate outpatient treatment centers for persons suffering from chronic kidney failure, also known as End Stage Renal Disease (ESRD). The company provides patients with their choice of a full range of quality in-center and at-home hemodialysis, as well as at-home peritoneal dialysis services. Headquartered in Plano, Texas, U.S. Renal Care serves approximately 25,000 patients in 335 dialysis facilities across 32 states and the Territory of Guam. For more information on U.S. Renal Care, Inc., please visit www.usrenalcare.com.
Source: U.S. Renal Care