Capstone Partners Advises Calcasieu Urgent Care on its Acquisition by Fast Pace Urgent Care
Capstone Partners, advised Calcasieu Urgent Care, LLC (Calcasieu) on its acquisition by Fast Pace Urgent Care (Fast Pace).
Calcasieu Urgent Care was founded in Lake Charles, Louisiana by Dr. Robert Anderson with the mission to provide quality, affordable, and convenient healthcare to this medically underserved state. As a prior ER director of a major health system, Dr. Anderson witnessed firsthand the shortages of urgent care and primary care providers and long emergency wait times impacting many of the parishes in the state. By delivering quality care and an exceptional patient experience, Calcasieu has capitalized on the lack of healthcare access successfully opening new clinics at a rapid clip; doubling the number of clinics in the past two years with three more openings planned in 2019.
I chose Capstone after receiving a glowing recommendation from Chris Whelan at Health Express and they certainly lived up to it. They were a true partner and trusted advisor every step of the way and created a well-designed competitive process which was key in achieving a great outcome.
Well regarded for a patient-centric focus and the clinical expertise of its staff, Calcasieu has cultivated a sterling reputation and an active patient referral base. Calcasieu garners high patient satisfaction rates and is dedicated to providing quality patient care as demonstrated by management’s clinical philosophy to staff centers with experienced clinicians operating out of modern well-equipped urgent care facilities.
“Calcasieu is thriving due to its ability to deliver compelling value to patients and payors,” commented Eric Williams, Managing Director of the Philadelphia-based Capstone deal team, adding, “Calcasieu Urgent Care is a perfect addition to the Fast Pace family, as both companies possess a ‘patient first’ mentality and a focus on rural markets.” All but one of Calcasieu’s clinics is located in a parish designated by HHS as a Medically Underserved Area.
Mark Surowiak, Director at Capstone, added, “Urgent care is a highly fragmented sector and we expect to see consolidation and M&A activity in this sector continue to increase. Interest is robust from private equity and strategic suitors as well as health systems.” Calcasieu marks the second urgent care transaction Capstone has completed in the past eight months.
“Fast Pace is thrilled to announce this new partnership with Dr. Anderson,” noted Fast Pace CEO Greg Steil. “The acquisition of Calcasieu Urgent Care marks our initial expansion into Louisiana and strengthens our commitment to providing underserved rural markets with quality medical care.”
Fast Pace Urgent Care is the largest independent provider of rural urgent care and primary care services in Tennessee, Kentucky, Mississippi, and Louisiana and one of the fastest growing companies in the industry. Since 2012, Fast Pace has expanded from seven to 95 clinics. Fast Pace provides treatment for a wide range of illnesses, injuries, and common conditions, in addition to diagnostic and screening services. In August 2016, Fast Pace partnered with Revelstoke Capital Partners (“Revelstoke”) to help accelerate the growth and corporate infrastructure of the business. Since the investment by Revelstoke, Fast Pace has added 59 clinics with plans to further accelerate growth and geographic expansion in the near future.