Private equity firm Summit Partners is buying Mdvip from Procter & Gamble Co. (NYSE: PG) for an undisclosed amount.
Mdvip is a physician network based in Boca Raton, Fla. that provides services to physicians and patients who are focused on preventative health care. Summit originally invested in Mdvip in 2004, but sold the company to P&G in 2009.
Under Summit, Mdvip will continue to run as a stand-alone company. P&G has been selling off assets, including its pet food business to Mars Inc. in a deal announced in April, in order to focus on its core businesses.
Summit, headquartered in Boston, has raised almost $15 billion in capital. The firm invests in technology, health care and other sectors. Previous health care investments include AmeriPath, HealthCare Partners, Lincare and Mednax (NYSE: MD).