November 14, 2019
Transaction Creates One of the Largest Orthopedic Platform Practices in the US
This Is OCP’s Fifth Practice Affiliation and Expands its Operations into the West
GAINESVILLE, Fla.–(BUSINESS WIRE)–Orthopedic Care Partners (OCP), the holding company for The Orthopaedic Institute (TOI) and other affiliated practices, today announced a strategic practice affiliation with The Steadman Clinic, a world-renowned integrated orthopedic and sports medicine practice.
Founded in 1990, the physicians at The Steadman Clinic are internationally recognized surgeons for their unparalleled track record of diagnosing and treating the most complex orthopedic cases, resulting in superior outcomes and shortened recovery. The Steadman Clinic is also dedicated to pairing its concierge patient experience with the finest technology and medical equipment available. The Steadman Clinic will operate under its own brand and Dr. Marc Philippon, The Steadman Clinic’s managing partner, will continue to lead the practice. The Steadman Clinic operates out of three Colorado-based clinical locations in Vail, Frisco and Edwards. Steadman Philippon Research Institute, one of the world’s top orthopedic and sports medicine research centers, was not involved in the transaction and its work and relationship with The Steadman Clinic will continue unchanged.
Rich Gilbert, M.D., CEO of OCP, stated, “We could not be more thrilled to work with The Steadman Clinic with its absolutely world-class reputation for clinical innovation and surgical excellence. Dr. Philippon and his team are consistently at the forefront of breakthroughs in the orthopedic field and The Steadman Clinic will serve as the western base of operations for the OCP platform. This is truly a transformational transaction for us.”
Dr. Philippon added, “Our team is excited to join the OCP platform and gain access to its robust capabilities, which will enable us to quickly and methodically execute on our growth plans. Like us, OCP understands that high quality outcomes and an outstanding patient experience are at the foundation of everything we do. After considering a number of different alternatives, it was clear to us that OCP not only shares our values, but also has the expertise and network to help us grow while maintaining our commitment to providing state-of-the-art patient-centric care.”
OCP is backed by Varsity Healthcare Partners (“VHP”), a lower middle-market healthcare services private equity investment firm with expertise in growing care provider platforms. As part of the transaction, VHP invested additional equity, and Dr. Philippon and his partners have become significant shareholders of OCP.
Sheppard, Mullin, Richter & Hampton LLP acted as legal adviser to OCP and VHP.
About The Steadman Clinic
Headquartered in Vail, Colorado, The Steadman Clinic is a world-renowned orthopaedic clinic with additional facilities located in Frisco and Edwards, Colorado. The clinic specializes in sports medicine including knee, hip, shoulder, elbow, hand, spine, foot and ankle injuries and joint replacement. With 16 elite physicians who practice the latest, evidence-based treatments, The Steadman Clinic’s experience and research have led to significant advances in the fields of orthopaedics and regenerative sports medicine. The Steadman Clinic treats patients from all walks of life, including recreational and professional athletes from all over the world. To learn more, visit www.thesteadmanclinic.com.
About Orthopedic Care Partners (OCP)
Orthopedic Care Partners (OCP) is the leading partner for high-performing, quality and patient-focused orthopedic surgery practices. OCP provides a full spectrum of services and enhanced resources to help its family of practices thrive and grow while fostering the unique identities that have made them so successful. To learn more, visit www.ocpmgmt.com.
About Varsity Healthcare Partners
Varsity Healthcare Partners is a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. Varsity has been successful in developing and executing a tailored value creation plan, in partnership with the leadership of each company, that typically emphasizes an appropriate investment in infrastructure followed by an aggressive organic and acquisition growth strategy. Varsity draws upon its extensive healthcare industry experience and relationships, as well as its hands-on partnership approach to effectively drive growth and maximize value. For more information please visit: www.varsityhealthcarepartners.com.
Contacts
For More Information Contact:
Mickey Mandelbaum or Nick Rust
Prosek Partners
(212) 279-3115
mmandelbaum@prosek.com / nrust@prosek.com
