In a significant move within the healthcare sector, Brentwood Associates, a private equity firm based in Los Angeles, has finalized the sale of Md Now Urgent Care (“MD Now”) to HCA Healthcare (NYSE: HCA). The transaction, completed at the close of 2021, marks a notable shift in the urgent care landscape of Florida. While the financial details of the deal remain undisclosed, the acquisition signals HCA Healthcare’s strategic expansion in the urgent care market.
Founded in 2005, MD Now has grown to become the leading urgent care provider in Florida. The company is recognized for delivering accessible, high-quality, and affordable non-emergency medical services. MD Now distinguishes itself through its patient-centric approach, featuring conveniently located clinics, a physician-led operational model, and a commitment to providing efficient and cost-effective care in a welcoming environment. Currently, MD Now operates an extensive network of 59 clinics across Florida, making it a key player in the state’s healthcare system. HCA Healthcare, already a national leader in urgent care with over 170 clinics across 19 markets, further solidifies its position with this acquisition.
Keith Gordon, Chairman and CEO of MD Now, along with President Kim Stukenborg, have been instrumental in the company’s growth trajectory. Gordon commented on the successful partnership with Brentwood, stating, “Brentwood has been an invaluable partner, providing crucial growth capital and resources that have been essential for our infrastructure development and clinic expansion strategy. We are enthusiastic about embarking on this new chapter with HCA Healthcare and the opportunities it presents to enhance patient care for the Florida community.”
Brentwood Associates’ investment in MD Now in 2018 proved to be a catalyst for significant expansion. Under their guidance, MD Now added 23 new clinics throughout Florida and impressively served over 900,000 patients in 2021 alone. Steve Moore, Partner at Brentwood, highlighted MD Now’s resilience and patient focus: “MD Now demonstrated remarkable progress in extending its reach across Florida, even amidst the challenges posed by the global pandemic. The team’s unwavering dedication to the patient experience, combined with a robust operational framework, has always been at the heart of MD Now’s success.”
Ryan Foltz, Managing Director at Brentwood, further emphasized MD Now’s strong market presence and patient satisfaction: “MD Now has successfully established a platform characterized by high patient awareness and exceptional patient experiences. Their commitment to physician-led teams and state-of-the-art clinics will ensure continued high-quality urgent care and occupational healthcare services for their communities and surrounding health systems.”
Houlihan Lokey served as the exclusive financial advisor for MD Now in this transaction, while Kirkland & Ellis LLP provided legal counsel.
About Brentwood Associates
Brentwood Associates is a prominent Los Angeles-based private equity investment firm with over three decades of experience in investing in middle-market, growth-oriented consumer and business services companies. Since its inception in 1984, Brentwood has invested in more than 50 portfolio companies, representing an aggregate transaction value exceeding $6 billion. Known for its expertise in both investment and brand building, Brentwood offers significant value as a partner to entrepreneurs and senior management teams aiming to build world-class organizations. Additional information about Brentwood Associates can be found at www.brentwood.com.
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