Boston private equity firm Abry Partners is set to acquire FastMed Urgent Care, a company that is known as the largest network in both North Carolina and Arizona.
Terms of the deal remain undisclosed. The transaction is expected to close in the second quarter.
FastMed is comprised of a network of physicians, as well as their assistants and nurse practitioners. The Raleigh, North Carolina-based company focuses on the delivery of non-appointment based medicine to the non-emergency patient market through its urgent care centers.
The purchase includes FastMed’s 87 clinics that are open 365 days a year. The firm is also invested in Aegis Sciences Corp., Automated HealthCare Solutions and Infilaw Corp.
Other groups have also been expanding their urgent care networks, as the Affordable Care Act brings more patients into the U.S. health care system. U.S. HealthWorks, for example, acquired two Tustin Irvine Medical Group locations and East Edinger Industrial Urgent Care in December. The deal included 73 centers and worksites in California, and 222 centers and worksites in 19 states. Terms of the deals were not disclosed.
In June, the group bought California Occupational Clinic of Los Angeles, and IndustriCare, an urgent care center in North Carolina.
For more on industry consolidation, see ACA Reshuffles the Deck.