Cano Health Acquisition
January 17, 2017
InTandem Capital Partners Acquires and Consolidates Two Primary Care Clinic Companies
Five clinics working across fee for service and global capitation reimbursement models
NEW YORK, NY, January 17, 2017 – InTandem Capital Partners, LLC (“InTandem Capital”) a healthcare services focused private equity firm, announced today that it has acquired Cano Health and Comfort Health. The combined companies, both located in South Florida, will operate under the Cano Health brand (“Company”).
InTandem Capital’s goal is to create a regional consolidator in primary care committed to clinical excellence and efficient operation that caters to all demographics.
Cano Health is a rapidly growing operator of “Primary Care Plus” healthcare centers focused on improving the lives of individuals, families and communities. In addition to primary medical care, Cano Health has specialty programs in the fields of Venous Medicine, Arthritis, Allergy and Weight Loss. Cano Health operates advanced medical centers in both Miami-Dade and Broward counties.
Comfort Health operates Medicare HMO and Medicaid healthcare centers dedicated to enhancing the lives of the patients they serve. Comfort Health’s medical centers place great emphasis on promoting healthy living and preventive care. Their specialty services include two in-house pharmacies, select specialists, transportation to centers for medical services and social work services. Comfort Health’s reputation for personalized care, coupled with a warm and inviting atmosphere, has allowed them to expand services throughout South Florida.
Through this combination, the Company becomes a leader in the global capitation model of care and risk management, with an opportunity to expand already strong relationships with leading health plans. The Company also runs a progressive model of fee for service practice, with physicians trained in providing a broad array of assessments and treatments that typically would be referred to a specialist environment. These specialty programs also serve to enhance the care provided to managed care patients. As a result, the Company becomes well positioned to serve entire families and communities as it focuses on growing its managed care model.
As they have done successfully with other emerging consolidators in health care services, InTandem Capital team members will support the development of new infrastructure designed to support accelerated growth through the opening of new locations and the pursuit of clinic acquisitions. InTandem Capital will also work with the Company to take advantage of economies of scale in areas such as risk management, carrier relations, pharmacy, lab and marketing.
Dr. Marlow Hernandez, Cano Health CEO, said, “As we considered the next stages and emerging needs in patient care, we knew we found the ideal partner in InTandem. Elliot and his team are strategic and knowledgeable partners, who have previously built successful healthcare service companies. They know the industry, they know the special opportunities and they understand the responsibilities around patient care. They immediately understood our challenges and opportunities.”
Gina Portilla, Comfort Health CEO, said, “Our family built this business carefully over two generations, and through our careful, personalized attention to each patient, we have developed a very loyal base of customers. We also choose our partners carefully, and we know we have made the ideal choice in both Cano Health and InTandem Capital. As we thought about the best ways to help patients going-forward, we were pleased to partner with industry professionals who bring additional expertise and resources and share our growth ambitions and our commitment to high quality medical care.”
Dr. Hernandez will serve as CEO of the Company, while Ms. Portilla will join the senior management team and run the managed care operations of the business.
Elliot Cooperstone, Managing Partner of InTandem Capital, said, “We are pleased to partner with such dynamic management teams from Cano Health and Comfort Health. Both companies have grown impressively while maintaining wonderful cultures of caring. We will keep that spirit, while providing substantial resources that will allow the Company to accelerate its growth. We have significant experience and success in this sector. We are excited to build a market leading company together.”
About InTandem Capital
InTandem Capital is a private equity firm that invests in and helps accelerate the growth of select healthcare services companies. Its goal is to build excellent businesses of significant value working collaboratively with its management team partners. InTandem is comprised of former business executives and experienced investors, and is uniquely qualified to provide strategic, acquisition and operating expertise to help companies significantly increase their value over time. InTandem provides active support to the management of its portfolio companies directly, and leverages its network of industry executives to augment its capabilities.
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