Highlander Portfolio Company Eagle Hospital Physicians Acquires PrimeDoc Management Services
Atlanta, Georgia – July 6, 2011 – Eagle Hospital Physicians (“Eagle”), a portfolio company of private equity firms Highlander Partners, L.P. and Flexpoint Ford, LLC, today announced the acquisition of PrimeDoc Management Services (“PrimeDoc), a hospitalist practice management company based in Asheville, N.C. Following this acquisition, Eagle now employs approximately 300 physicians and provides contract hospitalist management services to more than 30 client hospitals in seven states.
Founded in 1997, PrimeDoc employs more than 100 physicians and serves seven acute-care hospitals in Georgia, Maryland, North Carolina and Virginia. The acquisition further enhances Eagle’s hospitalist portfolio and strengthens the company’s geographic presence throughout the Southeast and Mid-Atlantic.
“This is a major milestone in the ongoing evolution of Eagle Hospital Physicians as a leading hospitalist management company. PrimeDoc’s shared practice model, focused on aligning hospital outcomes and quality patient care, meshes well with Eagle’s model of care,” said Brent McCarty, chief executive officer of Eagle. “Their physicians are respected leaders within the communities they serve, and we look forward to expanding the relationships with their numerous hospital partners.”
PrimeDoc represents the first acquisition for Eagle since partnering with Flexpoint Ford and Highlander Partners in 2010. Bobby Sussman, a partner at Highlander Partners, commented, “We have been very pleased with the job that Brent McCarty and the Eagle management team have done in building a solid infrastructure capable of providing high quality service and patient care for its partner hospitals and serving as a solid foundation for future growth.” Terry Hyman, a senior principal at Flexpoint Ford, added, “We are excited about the prospects of the combination of Eagle and PrimeDoc; Flexpoint Ford and Highlander Partners are committed to continue to provide substantial additional capital to support future growth initiatives of Eagle.”
Founded by Robert J. Reynolds MD, president and CEO, PrimeDoc is one of the largest private-practice hospitalist companies in the southeast United States, offering turnkey hospitalist programs as well as a wide range of consulting services. PrimeDoc hospital clients range in size from 175 to 400 beds. Reynolds, who has almost 20 years of practice experience as an internal medicine specialist, in addition to many years of experience in hospital and medical staff leadership roles, will work with Eagle management to ensure a smooth transition. He also will assist with the evaluation and implementation of long-term strategic business opportunities for the organization.
“We appreciate the tremendous support we have received from Eagle’s experienced management team during this acquisition,” said Reynolds. “Our organizations have had a similar progression and have a long history of cooperation and mutual respect. We look forward to working as a team, continuing to provide innovative management solutions that improve patient care and hospital performance.”
About Eagle Hospital Physicians
Eagle develops and manages hospitalist practices for client hospitals. Founded in 1998, Eagle’s mission is to deliver inpatient professional services that exceed today’s standards and continue to improve quality, satisfaction and efficiency. For more information, visit www.eaglehospitalphysicians.com.
About PrimeDoc Management Services
PrimeDoc Management Services is a physician-owned and managed company founded in 1997 to provide hospitalist programs, staffing and management services to hospital clients. Further information is available at www.primedoc.com.
About Flexpoint Ford, LLC
Flexpoint Ford, LLC is an equity investment firm focused on the healthcare and financial services industries. Flexpoint Ford seeks to build relationships with executives and companies who look for Flexpoint Ford 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.