Highlander Partners and Flexpoint Ford to Acquire Eagle Hospital Physicians, a Leading Physician Hospitalist Practice Management Company; Brent McCarty Joins as CEO And Chairman
Dallas, Texas, August 17, 2010 – Highlander Partners, L.P., a Dallas-based investment firm focused on private equity investments in mid-market companies in healthcare and other industries, and Flexpoint Ford, an industry focused private equity firm dedicated to the healthcare and financial services sectors, today announced that they have completed the acquisition of Eagle Hospital Physicians (the “Company” or “Eagle”). Eagle is a leading practice management company providing hospitalist contract services, telemedicine and hospitalist temporary staffing to its hospital partners, primarily in the Southeast and Mid-Atlantic regions. Highlander and Flexpoint are joined in the transaction by Health Enterprise Partners (HEP), a New York based growth equity fund focused exclusively on healthcare services and healthcare IT companies. Highlander Partners, Flexpoint Ford and HEP have committed substantial additional capital to support future growth initiatives of the Company.
Eagle Hospital Physicians has named Brent McCarty, a seasoned executive with over 20 years of healthcare experience, as its new Chairman and CEO. Mr. McCarty previously served as Chief Operating Officer and President of Accuro, a provider of revenue management solutions to the healthcare industry. Robert Young, M.D., founder and CEO of Eagle since 1998, will continue to provide leadership and guidance to Eagle and serve on the Company’s Board of Directors. Dr. Mac McCormick, Senior Medical Director with Eagle since 2003, will continue Eagle’s physician leadership as the Chief Operating Officer.
“Over the past decade, Eagle Hospital Physicians has gained recognition as one of the top hospitalist companies in the Southeast, providing inpatient solutions tailored to client hospital size, location and needs,” said Robert Young. “I am excited about Eagle’s future and strategic opportunities and seeing my vision realized and expanded.”
“Eagle has a great history of providing powerful hospital solutions by developing and managing hospitalist programs,” said Brent McCarty. “Moving forward, we’re uniquely positioned to help our hospital partners meet their inpatient physician service needs. I am excited to be a part of a company that is committed to innovation and quality inpatient care. We will be making focused investments in people, process and technology, including improving and developing quality measurement systems and focusing on telemedicine and other specialty lines of business. I am also very excited to partner with healthcare focused and knowledgeable investors, such as Highlander Partners, Flexpoint Ford and Healthcare Enterprise Partners, who not only bring capital for Eagle’s further growth, but also provide strategic insight and a breadth of healthcare relationships that would be helpful for the Company as it is pursuing its business strategy. ”
About Eagle Hospital Physicians
Eagle Hospital Physicians is a leading practice management company providing hospitalist contract services, telemedicine and hospitalist temporary staffing. Founded in 1999, the Company manages patient care by assisting hospital medical staff with improving quality of service while reducing costs in the inpatient setting. Eagle achieves these results by developing unique plans specifically customized for each hospital’s needs and clinical case load. The Company operates as a platform designed to build a national program through organic growth and strategic acquisition opportunities. For more information about Eagle Hospital Physicians, please visit www.eaglehospitalphysicians.com
About Flexpoint Ford, LLC
Flexpoint Ford, LLC is an industry focused private equity firm dedicated to the healthcare and financial services sectors. Flexpoint Ford seeks to build relationships with executives and companies who look for Flexpoint to be a value-added partner. Flexpoint Ford aims to invest $10 to $100 million of equity in each opportunity. For more information about Flexpoint Ford, please visit www.flexpointford.com.
About Health Enterprise Partners
Health Enterprise Partners, L.P. (HEP) is a growth equity fund focused exclusively on healthcare services and healthcare IT companies. HEP’s investors include 16 of the largest hospital systems and health plans in the United States representing over 200 leading hospitals and 50 million insured lives. For more information about HEP, please visit www.hepfund.com.