The private equity businesses within Goldman Sachs Asset Management and Charlesbank Capital Partners have entered into a definitive agreement to acquire majority ownership of MDVIP, a personalized membership-based healthcare provider, from Leonard Green & Partners and Summit Partners.
“The past 18 months have been a catalyst for Americans to become more engaged in their health, and many are recognizing the need for better prevention and coaching from a primary care doctor who really knows them,” said MDVIP chairman and CEO Bret Jorgensen. “For 21 years, MDVIP has built and scaled its physician practice model to meet this consumer demand, and the market for our services will continue its momentum. This investment by Goldman Sachs and Charlesbank speaks to the strength and resiliency of our business model, and we are excited to partner with them as we embark on our next phase of growth.”
“MDVIP has an impressive track record of delivering business growth to investors and proven healthcare outcomes that benefit patients, physicians and the healthcare system at large,” said Jo Natauri, partner and global head of private healthcare investing within Goldman Sachs Asset Management. “The company’s history and ability to adapt to a rapidly changing healthcare environment make it a strong addition to our investment portfolio, and we look forward to partnering with Charlesbank and the MDVIP management team.”
“MDVIP has a proven and innovative business model that represents the best in membership medicine,” said Brandon White, managing director at Charlesbank. “We are excited to back this talented management team as they build on their historical track record of outstanding services for physicians and members alike.” Added Josh Beer, also a Charlesbank Managing Director, “We look forward to working with Goldman Sachs to help MDVIP accelerate its growth and further solidify its position as the market leader in this consumer-driven healthcare landscape.”
Alyse Wagner, partner at LGP, commented, “MDVIP continues to transform primary care for Americans across the country. It has proven to be a successful model for both doctors and patients, and we have great confidence in the future of its business.”
Jorgensen added, “This is a pivotal moment for U.S. healthcare companies, and we appreciate the support we received from Leonard Green & Partners and Summit Partners. We also thank our community of physicians, members and employees who every day are advancing MDVIP’s purpose of ‘making healthier lives happen.'”