Sverica Capital Management’s Sverica Fund IV has acquired a majority stake in RMS Healthcare Management, a provider of management services to Med First Immediate Care and Family Practice.
The transaction marks Sverica’s second investment made from Fund IV. Cadiz Capital also participated in the transaction.
Headquartered in Jacksonville, North Carolina, Med First provides primary care, urgent care and occupational medicine services via 13 clinic locations across rural North Carolina and South Carolina. The company addresses the unmet healthcare needs of rural populations through a hybrid primary care and urgent care model. Med First is a Patient-Centered Medical Home (PCMH) and participant in the North Carolina Medical Society’s Rural ACO initiative.
Dr Randy Schilsky, founder and CEO of RMS, will remain involved in business development for Med First moving forward.
“I am excited to partner with an experienced healthcare investor like Sverica Capital. Their track record working with growing healthcare companies was a major factor in my decision to select them as a partner,” he says.
Dave Finley, managing director at Sverica Capital, says: “Randy has built a wonderful company with a strong reputation in rural North Carolina. We look forward to helping Med First expand its unique model into other rural markets in the Southeast.”
Gregg Osenkowski, vice president at Sverica Capital, adds: “Med First is one of only a small number of primary care practices that are both Patient Centered Medical Home certified and offer the convenience of an urgent care model. This combination is particularly relevant for rural markets where there is a chronic shortage of quality primary care services.”
Joining Finley and Osenkowski on the board of directors will be Julius Spears and Dr Edward Murphy. Spears was formerly CEO of Providence Hospital in Washington, DC and chief operating officer of Grady Memorial Hospital in Atlanta, GA. Murphy was formerly CEO of Carillion Clinic in Roanoke, VA as well as director of RestorixHealth, a previously realised investment of Sverica Capital.