Healthcare services private equity firm Revelstoke Capital Partners (Revelstoke) has completed fundraising for Revelstoke Single Asset Fund II, (RSAF II), with USD111 million of commitments.
Concurrently with the closing of RSAF II, the Fund acquired a minority equity interest in Fast Pace Health, with which Revelstoke has long had a successful partnership. Fast Pace Health is a leading provider of primary, walk-in, urgent care and multi-specialty services serving rural communities through a broad network of 127 clinics across five states. Going forward, the Fund has additional capital available to support Fast Pace Health’s growth strategy of providing high quality and affordable access to healthcare in rural markets across the United States.
Simon Bachleda, Co-Founder and Managing Partner of Revelstoke, says: “We are very excited to extend our partnership with Greg Steil and the Fast Pace Health team, and we look forward to the company’s growth by broadening its strategy to increase market presence and service offerings to comprehensively serve America’s most vulnerable population.”
Revelstoke Operating Partner Ron Kuerbitz, current CEO of Upstream Rehabilitation and former CEO of Fresenius Medical Care North America and Agilon Health, will be joining Fast Pace Health’s Board.
“Since Revelstoke’s initial investment in August 2016, Fast Pace Health has more than tripled its clinic footprint, revenue and visit volume,” said Mr. Steil, President and Chief Executive Officer of Fast Pace Health. “Capital from this new investment will be used to further accelerate our rapid growth through acquisitions, de novos, ancillary service lines, and Covid-19 testing, all during a time when our communities need us the most.”
The Fund is Revelstoke’s second single asset fund, the first of which closed in November 2019 with $660 million of commitments dedicated to the outpatient physical therapy market.
Simpson Thacher & Bartlett LLP provided legal advice to the Fund. McDermott Will & Emery LLP provided legal advice to Fast Pace Health.