Bain Capital Double Impact, a social impact investor, has made a growth investment in ConvenientMD, a New England urgent care provider. The company will continue to operate under its current management team, led by co-founder Gareth Dickens and president Mark Pundt. Financial terms of the private purchase from current owner Starr Investment Holdings LLC were not disclosed.
Headquartered in Portsmouth, New Hampshire, ConvenientMD operates 26 urgent care clinics in suburban and rural areas across New Hampshire, Maine, and Massachusetts, with a focus on markets that have been underserved by primary care providers and urgent care centers. ConvenientMD offers a range of high-quality in-clinic and integrated telehealth episodic care services, including injury and illness care, occupational health, specialty infusion therapy, and moderate and highly complex lab offerings
“ConvenientMD’s exceptional quality care and patient-centric platform are powered by dedicated and caring team members who share our mission of expanding healthcare access to individuals and families who are underserved by traditional providers and often pushed towards more costly care models,” said Dickens, who will serve as chairman and CEO of ConvenientMD upon completion of the transaction. “Bain Capital Double Impact shares our passion for continuing to find innovative ways to provide exceptional care to more people in the community. We are thrilled to have a mission-driven partner as we seek to extend our impact and market leadership in New England and beyond with significant planned de novo clinic openings and service line expansions.”
Bain Capital has experience investing across the health services sector, investing in companies providing care to underserved populations including Arosa, Aveanna, Beacon Health Options, Broadstep, HealthDrive, Multi-Specialty Healthcare, HCA, Rodeo Dental and Surgery Partners.
“We are excited to partner with ConvenientMD, a leader in urgent care medical services that is dedicated to improving health and wellness in New England,” said Peter Spring, a managing director at Bain Capital Double Impact. “The Company has developed strong relationships with local employers and health plans and is well-established as a quality healthcare provider in the communities where they operate. We are excited to support ConvenientMD in their strategy to add more urgent care centers and expand their geographic reach and service offerings, including primary and value-based care, to make high quality healthcare more accessible and affordable to all.”
“Our partnership with ConvenientMD has been a journey of unprecedented growth, underscored by entry into new markets and further innovation in tech-enabled services and clinical offerings,” said Darshan Prabhu, managing director of Starr Investment Holdings. “We are very proud of how the team has prioritized the needs of their communities, especially throughout the COVID-19 pandemic, setting an example for other healthcare providers and we know that they will continue to differentiate themselves across the care delivery continuum in New England. We wish ConvenientMD continued success on its important mission.”
Deutsche Bank Securities Inc. is serving as exclusive financial advisor, and Kirkland & Ellis LLP is serving as legal counsel to ConvenientMD. Ropes & Gray LLP is serving as legal counsel to Bain Capital Double Impact.