We partner with founders who've built something real in a hard industry. They know their markets, their referral sources, and their patients better than we ever will. That's not a limitation—it's the point. Our job is to add value where outside experience actually matters, like best-in-class financial reporting, a disciplined acquisition strategy, new payer contracts, or a key executive hire through a network built over three decades. Capital is part of it too.
Most founders we talk to have heard the other pitch. A capital partner shows up, talks about 'partnership,' and within two months the operator is spending half their time preparing board decks and defending decisions to people who've never run a healthcare business. That's not how we work. Once we close, we focus on what moves the business forward and stay out of the way on everything else.
The founders we back don't need another voice in the room. They need a partner who knows healthcare deeply enough to be useful—and experienced enough to know when not to be.
We saw the opportunity in value-based primary care ahead of Florida's Medicaid conversion to mandatory managed care. As independent sponsor, we identified CMG as a unique platform, and supported Pine Tree Equity's lead investment with a co-investment position, acquiring the company in August 2013. We helped recruit a new management team and supported them in tripling operations while maintaining care quality in a complex payer environment. CMG sold to Nautic Partners in July 2015 for $185 million.
Building on our success with CMG, we identified IMA as a leading value-based primary care provider serving Medicare seniors in Central Florida. Supporting Pine Tree Equity's lead investment, we acquired IMA in January 2016, worked with the founding operator to buy out his partners, expanded the business dramatically, and added Medicaid and new payer contracts. IMA sold to TA Associates in January 2019 for $550 million.
We acquired PFS, a therapeutic foster care provider, as a discontinued operation from Sevita in November 2015 and backed existing leadership through six years of growth in a sector with significant unmet demand. Sold to Health Connect America in December 2021 for $47 million.
We invested in iCare, a vision care services provider, in December 2019 and advised on its sale to VSP in November 2021 for $707 million
We advised in the formation of the nation’s largest kidney care platform through a merger of eight large practices and the simultaneous recapitalization with Audax Private Equity in December 2020. Invested in April 2021. Current hold.
We acquired a therapeutic day school serving 400 students in Marion County, Florida in 2009 and operated it through a successful exit in 2015.
