November 16, 2017
NEW YORK – November 16, 2017 – Varsity Healthcare Partners (“VHP”), a healthcare services-focused private equity firm, today closed a recapitalization transaction and growth capital partnership with The Orthopaedic Institute (“TOI” or “the Company”), a leading provider of integrated orthopedic surgical care and ancillary patient treatment services across North Central Florida.
VHP is partnering with TOI’s physicians – all of whom will remain significant shareholders in the recapitalized Company – to aggressively grow the Company’s clinical footprint across Florida. This growth will result from the acquisition of clinically differentiated independent orthopedic practices and acceleration of the Company’s recruitment efforts towards talented physicians and surgeons across all relevant sub specialties. VHP’s and TOI’s joint mission is to create the market’s leading provider of musculoskeletal care, consolidating the highest quality orthopedic, sports medicine, reconstructive and neurosurgical capacity with integrated ancillary treatments across the state.
Dr. Andrew Rocca, president of The Orthopaedic Institute, commented, “The physicians and surgeons of TOI are tremendously excited about our growth partnership with VHP. Varsity brings a deep orthopedic category knowledge, a demonstrated track record of success in patient-centered practice growth, and a high level of enthusiasm to our efforts to expand TOI’s clinical footprint throughout the communities of North Central Florida and beyond.”
Based in Gainesville, Florida, The Orthopaedic Institute is among the state’s largest providers of clinical and surgical orthopedic treatment and ancillary patient care services. Utilizing a network of six clinical locations and two physician-owned ambulatory surgery centers, TOI provides a broad spectrum of comprehensive, patient-centric musculoskeletal care. Services range from injury prevention and diagnosis to complex surgical treatment and intensive rehabilitation. TOI’s comprehensive service line is administered by its 33 highly trained physicians, supported by the Company’s long-tenured clinical support staff, seasoned managerial leadership, and centralized business services platform.
Sheppard Mullin Richter & Hampton LLP provided legal counsel to VHP.
About Varsity Healthcare Partners
Varsity Healthcare Partners (VHP) is a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. VHP has been successful in developing and executing a tailored value-creation plan, in partnership with the leadership of each company, that typically emphasizes an appropriate investment in infrastructure followed by an aggressive organic and acquisition growth strategy. VHP draws upon its extensive healthcare industry experience and relationships, as well as its hands-on partnership approach to effectively drive growth and maximize value. For more information please visit: www.varsityhealthcarepartners.com.
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