Bain Capital Private Equity has made a majority investment in InnovaCare Health, a regional provider of integrated and value-based healthcare services. The partnership is designed to accelerate InnovaCare’s growth and enable the firm to scale nationwide.
Going forward, InnovaCare will continue to operate under its current management with Summit Partners, an existing investor, also retaining its equity ownership.
InnovaCare combines physician-led care models with cutting edge technology to manage and improve the lives of its patients. The firm treats over a quarter million patients a year with 27,000 Medicare members.
“We believe we are playing an important role in defining a new standard of excellence in healthcare and have the potential to do so at scale across the country,” said Dr. Richard Shinto, CEO of InnovaCare. “We are excited Bain Capital Private Equity is joining Summit Partners as our trusted partners who share our mission to deliver compassionate, high-quality and innovative care.”
J.P. Morgan Securities LLC is serving as exclusive financial advisor, Kirkland & Ellis LLP as legal counsel, and PwC as accounting advisor to InnovaCare and Summit Partners. Ropes & Gray LLP is serving as legal counsel, and KPMG as accounting advisor to Bain Capital Private Equity.