Investcorp Announces Acquisition of Health Plus Management
Bahrain – January 28, 2019 – Investcorp, a leading global provider and manager of alternative investment products, today announced its acquisition of Health Plus Management, LLC (“Health Plus”), a provider of business management and operations services for independent physician practices in the physical medicine and rehabilitation market. The terms of the transaction were not disclosed.
Based in Long Island, New York, Health Plus provides physician-owned practices with an effective administrative solution for outsourcing non-medical, front and back office operations. Services include site selection and buildout, front and back office management, marketing, human resources support, technology and reporting. Health Plus supports physicians across all phases of growth – from start-up and launch of new sites to practice expansion and improvement of efficiencies within well-established practices.
“The acquisition of Health Plus further underscores our global track record and commitment to investing in services businesses,” said Dave Tayeh, Head of Private Equity North America at Investcorp. “We are excited about the opportunity to partner with Stuart Blumberg and to continue our strong history of investing in founder-led businesses.”
“Over the past 25 years, Health Plus has developed a broad range of value-added services to support physicians looking to build and grow their own practice,” said Kevin Nickelberry, Managing Director in Private Equity at Investcorp. “We believe Health Plus is well positioned to leverage its compelling service proposition and sector expertise to drive growth both organically and through acquisition.”
Health Plus was founded in 1994 by its current CEO, Stuart Blumberg, who remains a meaningful shareholder and will continue to lead the company in this next phase of growth.
“We’re thrilled to be partnering with Investcorp, a firm we feel is fully aligned with our growth strategy and truly understands the markets we serve,” added Blumberg. “Our goal has always been to help our clients achieve full clinical autonomy, reduce the administrative burden and allow them to focus on patient care as they build practices positioned for long-term success. We believe Investcorp’s expertise and experience will help us to achieve just this.”
Health Plus represents Investcorp’s 5th healthcare deal, the most recent of which have been in Reem Integrated Healthcare Holdings, a state-of-the-art International Rehabilitation Centre, Children’s & Women’s Hospital and Walk-In Family Medical Clinic expected to open at the end of 2019, as well as Privatzahnarztklinik Schloss Schellenstein GmbH (“PSS”), one of the leading centers for implantology and dental surgery.
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