Revelstoke Capital Partners ("Revelstoke"), a Denver-based private equity firm focused on investing in healthcare services companies, today announced it has made a significant growth investment in ClareMedica Health Partners, LLC ("ClareMedica" or the "Company"), a leader in value-based primary care serving Medicare Advantage members in Florida. This partnership will accelerate ClareMedica's growth and aid the Company in expanding its BetterCare℠ model into new markets.
ClareMedica will continue to be led by CEO Roberto Palenzuela and the current management team, who will retain significant ownership in the business. BPOC, a Chicago-based healthcare investor, which has been an investor in ClareMedica since 2019, will also retain equity ownership.
"We have always believed in a value-based care model that places a priority on high-quality coordinated care designed to improve health outcomes," said Mr. Palenzuela, who reinvested alongside Revelstoke. "We are delighted to partner with Revelstoke, which has a proven track-record of building prominent healthcare services businesses with this patient centric philosophy. We are excited to use this investment to partner with other physician-led practices, expanding our BetterCare℠ model into new markets throughout Florida and into neighboring states."
Russell Cassella, Managing Partner at Revelstoke, said, "Our investment in ClareMedica reflects Revelstoke's avid support of the industry's transition from fee-for-service to value-based healthcare, resulting in a greater emphasis on improving patient outcomes. ClareMedica's commitment to providing high-quality care has made it a partner of choice for physicians and payors throughout Florida. With our experience in physician practice management and value-based care, we look forward to helping management build a broader regional platform that will increase access to high-quality care."
"We look forward to our continued partnership with Roberto and his team because of their patient-centered approach and focus on improving patient outcomes. As value-based care continues to expand, we see significant long-term growth potential as ClareMedica enters new markets and expands access to high-quality care."
Peter Magas, Partner at BPOC
"After a multi-year outbound search in the value-based primary care sector, we are very pleased to partner with ClareMedica's management team and providers who are dedicated to transforming healthcare," said Cy Barton-Dobenin, Principal at Revelstoke. "Throughout our targeted search process, we have built significant industry knowledge and strategic relationships that we are excited to integrate into ClareMedica's growth plans."
SVB Leerink acted as financial advisor and McGuireWoods LLP acted as legal counsel to Revelstoke. Houlihan Lokey acted as financial advisor and Kirkland & Ellis LLP and McDermott Will & Emery LLP acted as legal counsel to ClareMedica and BPOC. Terms of the transaction were not disclosed.
Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare services and healthcare technology sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $4.3 billion of assets under management. Since the firm's inception in 2013, Revelstoke has completed 142 acquisitions, which includes 25 platform companies and 117 add-on acquisitions.
About ClareMedica Health Partners
ClareMedica is a growing health care company that provides and coordinates comprehensive health care services for Medicare Advantage members and other customers through a network of employed and affiliated physicians. We deliver accountable, value-based care for all health care stakeholders by employing a patient-centric care model that provides better care for our patients and a changing health care industry.
Founded in 1996, BPOC is a Chicago-based private equity firm that invests exclusively in healthcare companies and is one of the nation's most experienced investors in the industry having raised five funds with total capital commitments of nearly $1.8 billion. BPOC has invested in numerous provider, manufacturing, outsourcing, distribution and information technology companies through growth equity, management buyouts and leveraged recapitalizations.