Bahrain: 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.
Hazem Ben Gacem, Co-CEO of Investcorp, said: “The acquisition of Health Plus is in line with Investcorp’s strategy of investing in successful founder-run businesses and in companies that are experts in their industry. Health Plus has a proven track record of helping physicians establish their own practices and we are excited to work alongside Stuart Blumberg, the CEO and founder, as the company garners momentum to excel in its next stage of growth.”
Yusef Al Yusef, Investcorp’s Managing Director in Kuwait and Abu Dhabi, said: “The addition of Health Plus to our global private equity portfolio offers our clients another way to invest in the healthcare industry, an industry we believe is set for long term growth. This is another testament of Investcorp’s ability to identify attractive opportunities to help our clients have a more diversified investment portfolio.”
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 fifth healthcare deal, the most recent include, Reem Integrated Healthcare Holdings, a state-of-the-art International Rehabilitation Centre, Children’s & Women’s Hospital and Walk-In Family Medical Clinic in Abu Dhabi, as well as Privatzahnarztklinik Schloss Schellenstein GmbH (“PSS”), one of the leading centers for implantology and dental surgery in Germany.
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About Investcorp
Investcorp is a leading global manager of alternative investments. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. The Firm continues to focus on generating value through a disciplined investment approach in four lines of business: private equity, real estate, absolute return investments and credit management.
As at June 30, 2018, the Investcorp Group had US$22.6 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.
Since its inception in 1982, Investcorp has made over 175 Private Equity deals in the U.S., Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 600 commercial and residential real estate investments in the US and Europe, for in excess of US $57 billion in transaction value.
Investcorp employs approximately 390 people across its offices in New York, London, Singapore and the Gulf region. For further information, including our most recent periodic financial statements, which details our assets under management, please refer to: www.investcorp.com
About Health Plus
Health Plus is a market leader in clinical practice management in the physical medicine and rehabilitation market.
Health Plus provides independent physician practices with business development, marketing and back-office support typically seen in much larger organizations, enabling its clients to start up and/or grow their private practice beyond what might otherwise be feasible while maximizing clinical service and patient care.
Health Plus is based in Long Island, NY and employs ~250 dedicated team members.
Media Contacts:
Investcorp
Firas El Amine
+973 3998 7838
felamine@investcorp.com
Brunswick Group
Celine Aswad
+971 (4) 560 9600
Investcorp@brunswickgroup.com
caswad@brunswickgroup.com
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