MCCI Holdings, LLC (“MCCI”), a South Florida-based provider of medical management services for managed care organizations, announced today the acquisition of Palm Beach Health Associates, Inc. (“PBHA”). MCCI acquired the privately-held Palm Beach Health Associates for an undisclosed sum. Goldman Sachs Urban Investment Group (“UIG”), Pharos Capital Group, LLC (“Pharos”) and the MCCI management team are among the existing investors in MCCI.
Palm Beach Health Associates, Inc. is a leading provider of primary care physician services in Palm Beach County, Florida. PBHA was founded in 1998 by a group of physicians and currently provides medical services to over 9,000 Medicare beneficiaries enrolled in Humana plans. PBHA differentiates itself by providing superior preventative and urgent care to its patients and focusing its clinical model on improving the overall health of its membership base.
The combined organization will have over 56,000 members and a significant market position in Palm Beach, Dade and Broward counties. The acquisition complements and solidifies MCCI’s existing presence in Palm Beach County.
“We are excited about the opportunity to add PBHA to the MCCI family of medical centers,” said Dr. Jose Armas, Chairman and Chief Executive Officer of the combined companies. “MCCI’s acquisition of PBHA exemplifies our commitment to delivering high-quality, technologically advanced care to a diverse population. The combined companies will be uniquely positioned to support market-leading health plans, physicians, and hospitals in providing exemplary care to patients.”
About MCCI Holdings, LLC:
Headquartered in Miami, Florida, MCCI Holdings is a leading provider of outpatient health care services to approximately 56,000 Medicare, Medicaid, and commercial beneficiaries in the rapidly growing South Florida region. The Company was formed in 1998 by Dr. Jose Armas and Dr. Eduardo Alarcon and has since become a leading provider of medical management services for several managed care organizations. Currently, MCCI provides high quality primary care services on an outpatient basis through its 31 facilities located in South Florida’s Miami-Dade, Broward, and Palm Beach counties and nine affiliated physician groups.
About The Goldman Sachs Urban Investment Group:
The Goldman Sachs Urban Investment Group is a private equity initiative within The Goldman Sachs Group, Inc. (NYSE:GS), that invests capital in ethnic minority-owned or targeted businesses and urban real estate. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. Goldman Sachs also has offices in Miami, Florida and Dallas, Texas. To learn more about The Goldman Sachs Urban Investment Group, please visit www.gs.com/uig.
About Pharos Capital Group, LLC:
Based in Dallas and Nashville, Pharos Capital Group currently has $500 million in capital under management through three private equity funds. Pharos primarily invests in companies seeking later stage equity funding for internal growth, acquisitions, management buyouts or recapitalizations across industry sectors, with particular focus on health care, business services, and applied technology. To learn more about Pharos Capital Group, LLC, please visit www.pharosfunds.com.
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