NewSpring Invests in Leading Urgent Care Center Operator
May 10, 2018
NewSpring (the “Firm”), a family of private equity funds, announced today that NewSpring Health Capital (“NewSpring”), the Firm’s dedicated healthcare fund, has co-led an investment round in vybe urgent care (“vybe” or the “Company”) along with Philadelphia College of Osteopathic Medicine (“PCOM”). Proceeds from the transaction will be used to expand the Company’s geographic footprint and service offering.
Based in the Greater Philadelphia region, vybe is an operator of urgent care centers intended to provide treatment for a broad range of illnesses and injuries. Founded in 2015, vybe is initially focused on building out the Philadelphia market and currently operates four facilities in Port Richmond, Roxborough, Center City, and South Philadelphia. Committed to an enhanced focus on patient experience, vybe delivers quality, convenient, and cost-effective healthcare.
“The NewSpring team brings a wealth of experience in supporting healthcare service enterprises and helping them to scale and expand their businesses,” said Peter Hotz, vybe CEO. “Their expertise and relationships in the healthcare and insurance industries will be extremely valuable to vybe as we work to redefine the way that healthcare services are delivered in a patient-focused way.”
“In today’s market, urgent care is a more cost-effective and timely setting to provide care to patients versus the emergency room,” said Kapila Ratnam, Ph.D., NewSpring Partner. “The Company’s defensible market position, coupled with a superior business model and experienced management team, well-positions vybe to grow and exponentially expand its geographic footprint within the next three years.”
As part of the growth equity round, PCOM’s investment provides an innovative and clinical training opportunity for its osteopathic and physician assistant studies students to better prepare them for the forward moving field of healthcare.
Jay S. Feldstein, DO, President and CEO of PCOM, commented, “As patient care continues to evolve, urgent care is becoming a larger part of the healthcare delivery system. Through a clinical affiliation agreement with vybe, we can expand the training prospects for our students , allowing them to interact with diverse patient populations so that they can ultimately become competent, caring healthcare providers.”
Peter Hotz added, “Recruiting and retaining a first-class team of providers will be a critical element in our success. We are excited about the chance to work with PCOM leadership to develop educational programs for physicians and other providers to better prepare them for today’s healthcare environment.”
As part of the transaction, Dr. Ratnam of NewSpring and Dr. Feldstein of PCOM will join vybe’s Board of Directors.
vybe urgent care operates the leading network of walk-in urgent care centers in the greater Philadelphia region, with a focus on high-quality medical care and unparalleled patient service. The Company’s vision is that everyone deserves great care, which is driving development across the region and a unique focus on patient experience. Urgent care is rapidly becoming the new way to be seen for many healthcare consumers. Frustrated with long waiting times to see a primary care physician and the high cost of emergency room visits, consumers appreciate the walk-in access and reasonable price points of urgent care centers. vybe provides a broad range of injury and illness treatments, physical exams, and occupational health and workers’ compensation treatments. For more information, visit www.vybe.care.
Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $1.7 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 135 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
About Philadelphia College of Osteopathic Medicine
Founded in 1899, Philadelphia College of Osteopathic Medicine has trained more than 15,000 highly competent, caring physicians, health practitioners and behavioral scientists who practice a “whole person” approach, treating people, not just symptoms. PCOM offers the doctor of osteopathic medicine, doctor of pharmacy, and doctor of psychology degrees and graduate programs in mental health counseling, school psychology, physician assistant studies, forensic medicine, organizational development and leadership, and biomedical sciences. Our students learn the importance of health promotion, education and service to the community and, through PCOM’s Healthcare Centers, provide care to the medically underserved populations in inner city and rural locations. To learn more, visit www.pcom.edu.