Altamont Capital Partners made a majority equity investment in Legacy ER & Urgent Care, a health and urgent care operator in the Dallas area.
Legacy provides unscheduled medical treatment services. The Frisco, Texas-based company will be led by Joe Hutts, the former CEO of private ambulatory service Surgis Inc. Legacy was founded in 2008 by doctors Kirk Mahon, Steve Martz and Jay Woody. Each founder will remain with the business in some capacity once the deal closes. Terms of the transaction were not disclosed.
Altamont, based in San Francisco, has been known to invest in the health care sector. In March, the firm bought Total Life Care RXPharmacy LLC and Legacy RX Holdings LLC through current portfolio company Modern Healthcare, which Altamont bought in 2012.
Co-investing with Altamont on the deal is Kingfish Group, a firm headquartered in Foster City, California.
Avondale Partners and Waller Lansden served as Legacy’s financial and legal advisors, respectively. Ropes & Gray partners Todd Boes, Michael Beauvaisand Steven Rutkovsky provided legal counsel to Altamont.
Health care assets have been attracting investor interest, as a surge in patients triggered by the Affordable Care Act prompts providers to seek savings. For more, see 5 Technologies Drive Health Care M&A.