Akron, OH – October 1, 2016 – Sverica Capital Management LLC (“Sverica”), a private equity investment firm, announced today it has reached an agreement to sell a majority stake in Inpatient Medical Services, Inc. (“IMS”) to Island Medical Management, LLC (“Island Medical”) for an undisclosed amount. Based in Akron, Ohio, IMS is a leading provider of hospitalist and post-acute care physician services in Ohio, Indiana and Kentucky. Sverica will retain a minority interest in the business.
Sverica acquired a majority interest in IMS in September 2012. Over the course of its investment, Sverica recruited a new management team, expanded the company’s geographic footprint and entered the post-acute care physician services market through the acquisition of Advanced Healthcare Associates (“AHA”).
“We are happy to be partnering with an organization such as Island Medical to continue IMS’ mission of providing the highest quality medical care to patients in central Ohio, Indiana and Kentucky” said Frank Young, Managing Director of Sverica and Chairman of the Board of IMS. Mr. Young continued, “Island Medical has built a strong platform and IMS further solidifies that position.”
Inpatient Medical Services, Inc. is a leading provider of outsourced hospitalist and post-acute care physician programs to acute care facilities and skilled nursing facilities in Ohio, Indiana and Kentucky. IMS serves over 150,000 patients annually and has built a premier reputation with community physicians who rely on IMS as its inpatient service partner. The Company’s quality and value proposition is validated by its long-term relationship with some of the top healthcare systems in the region and nationally. For more information, please visit http://www.imshospitalist.com/
About Island Medical
Island Medical Management, LLC is a clinically-led, privately-held organization with over 20 years of management experience. IMM’s unique model offers every advantage of a local community based group, backed by the resources of a national organization. The group provides services to over 75 hospital programs throughout the United States, with more than 1.6 million patient encounters each year. IMM is a portfolio company of New Mountain Capital, LLC, a New York based investment firm with over $15 billion in aggregate capital commitments. For additional information, please visit http://www.immh.com/