Edgemont Completes Sale of Wolverine Anesthesia Consultants to TeamHealth
Edgemont Capital Partners Serves as Exclusive Financial Advisor to Wolverine in Transaction
NEW YORK & ORLANDO, Fla.–(BUSINESS WIRE)–Edgemont Capital Partners, L.P., a boutique healthcare investment bank focused on the advisory needs of healthcare companies worldwide, today announced the sale of Wolverine Anesthesia Consultants, Inc. (“Wolverine”), to TeamHealth Holdings Inc. Edgemont Capital Partners, L.P. acted as the exclusive financial advisor to Wolverine. Terms of the transaction were not disclosed.
“Edgemont provided great advice at every step of the process and was totally committed throughout the engagement. Edgemont’s work resulted in a great partnership between Wolverine Anesthesia Consultants and TeamHealth.”
Wolverine provides anesthesia care and pain management services at three hospitals and one ambulatory surgery center that together serve as the keystone of Orlando Health. The transaction closed on November 8, 2013, and was led by Jeff Swearingen, the head of Edgemont’s Physician Services Group and Luke Mitchell, a principal at the firm. Brent Hill and Amanda Jester of Waller Lansden Dortch & Davis, LLP acted as legal counsel to Wolverine in the transaction.
“The Patient Protection and Affordable Care Act is driving significant change and increased complexity in healthcare. This increasingly complex and challenging operating environment has led many of the hospital-based specialty practices to sell or merge their practices into large organizations with the management depth, access to capital, and IT expertise to support physician practices in the current environment. We believe this trend will only accelerate into 2014,” said Swearingen, managing director and co-founder of Edgemont Capital Partners, L.P.
Edgemont’s role as Wolverine’s exclusive advisor marks the firm’s third successfully closed transaction on behalf of anesthesia groups. Edgemont previously represented Milford Anesthesia Associates in its sale to Envision Healthcare Holdings, Inc. (formerly known as EmCare) and South Oakland Anesthesia Associates in its sale to MEDNAX, Inc.
“Independent, high quality anesthesia practices are seeking the same high level of quality and experience in the financial advisors they hire. Edgemont has had an unparalleled level of success serving our anesthesia practice clients,” added Swearingen.
Based in Orlando, Fla., Wolverine’s more than 60 physicians and certified registered nurse anesthetists (CRNAs) provide care for more than 33,000 patients annually through anesthesia management services for three hospitals and one ambulatory surgery center: Orlando Regional Medical Center, Dr. P. Phillips Hospital, MD Anderson Cancer Center and Orlando Regional Ambulatory Care Center. These facilities are all part of Orlando Health, a private, not-for-profit healthcare network.
“Edgemont is clearly the best firm to work with for independent anesthesia groups that are seeking an advisor to explore their strategic options. We found their level of transaction expertise and knowledge of anesthesia and hospital-based physician services to be a perfect match for our advisory needs,” said Ed Stockton, one of Wolverine’s founding partners. “Edgemont provided great advice at every step of the process and was totally committed throughout the engagement. Edgemont’s work resulted in a great partnership between Wolverine Anesthesia Consultants and TeamHealth.”
Edgemont Capital Partners, L.P. (www.edgemontcapital.com), is a specialty investment bank focused on the advisory needs of healthcare companies worldwide. The firm’s deep healthcare industry knowledge, extensive relationship network and substantial transaction expertise allows Edgemont to address healthcare companies’ strategic advisory (M&A) and financing needs with great success. Edgemont Capital Partners, L.P. provides sell-side and acquisition advisory, restructuring advisory, board advisory and private placements services.
For more information on Edgemont Capital Partners, L.P.’s efforts in Physician Services contact Jeff Swearingen at +1 (212) 867-8935.
Investment banking services are provided by Edgemont Capital Partners, L.P., a registered broker-dealer and member of FINRA and SIPC.
Mike MacMillan, 212-473-4442