West Palm Beach, FLORIDA – Blue Sea Capital (“Blue Sea”) today announced the closing of its first continuation vehicle to extend its successful partnership with One Physics LLC (“One Physics” or the “Company”). Meaningfully oversubscribed, the transaction was led by Apogem Capital, Churchill Asset Management, Dextra Partners, and Future Standard, with participation from Abbott Capital and Twin Bridge Capital Partners. Reflecting their strong conviction in the Company’s industry positioning and growth trajectory, both Blue Sea and One Physics management reinvested significantly as part of the transaction.

Headquartered in Towson, Maryland, One Physics is the leading provider of comprehensive outsourced medical physics services in North America. The Company’s over 210 medical physicists provide mission-critical, time-based, regulatory-mandated testing, inspection, certification, and compliance services to hospitals, healthcare systems, imaging centers, cancer care groups and other healthcare facilities throughout the U.S. Its mission-critical services ensure the safety, efficacy, and regulatory compliance of radiation-emitting diagnostic imaging, nuclear medicine, and radiation oncology equipment.

Blue Sea’s inaugural single-asset continuation vehicle underscores its excitement and conviction in One Physics’ next phase of growth and value creation, while also providing liquidity to certain existing investors. The continuation vehicle also provides meaningful additional capital to support strategic acquisitions as well as organic growth initiatives.

“Our first continuation vehicle allows us to extend our partnership with a crown jewel platform and provides meaningful capital for One Physics’ next phase of growth acceleration,” said J.R. Davis, Managing Partner at Blue Sea. “We are excited to continue scaling this exceptional business and remain grateful for the ongoing support of our investors.”

Since Blue Sea’s initial investment in 2019, One Physics has completed 22 acquisitions, strategically partnering with leading local and regional medical physics practices nationwide. The Company has grown to serve over 7,000 healthcare client sites across more than 45 states and operates seven residency programs across diagnostic and therapy medical physics. Combining national scale with deep local presence, One Physics’ comprehensive service offerings include diagnostic medical physics, radiation safety services, therapy medical physics, dosimetry services and badge program management, locums physics, shielding design, and commissioning services.

“We are thrilled to continue our partnership with Blue Sea and are well positioned to continue our acquisition strategy and capitalize on the attractive market opportunity before us,” said Jason Schneck, CEO of One Physics. “As we deepen our local market presence across a national footprint, we remain hyper-focused on what’s always driven us: delivering high-quality, reliable service for healthcare clients and being an employer of choice for medical physicists nationwide.”

Lazard Frères & Co. LLC served as sole secondary advisor and Kirkland & Ellis LLP served as legal advisor to Blue Sea and One Physics on the transaction. Piper Sandler & Co. also served as industry advisor to Blue Sea and One Physics. Terms of the transaction were not disclosed.

About One Physics

One Physics (https://onephysics.com) is the largest outsourced medical physics services organization in North America, offering diagnostic and therapy medical physics services to large hospital systems, healthcare facilities, imaging centers and cancer care groups throughout the U.S. Through One Physics, partner physics practices receive an array of differentiated support services, including client services, accounting / finance, sales and marketing, human resources, technical recruiting, information technology and data analytics, vendor management, legal, and insurance.

About Blue Sea Capital

Blue Sea Capital (www.blueseacapital.com) is a private equity firm based in West Palm Beach, Florida, that invests in growth-oriented middle market healthcare companies valued up to $500 million. With over $1.5 billion in assets under management, Blue Sea Capital’s strategy is to partner with talented leaders and differentiated companies, typically as the first or second institutional investor, and deliver strategic and operational value-add that drives growth acceleration, industry outperformance and business transformation.

About Apogem Capital

Apogem Capital is a leading private markets investor with 35 years of experience across private credit and private equity in North America. As of June 30, 2026, the firm manages approximately $44.6 billion in assets. Apogem provides a comprehensive suite of solutions, including direct lending, private equity funds and co-investments, GP-led transactions and LP secondaries, GP stakes, and private real assets.

With a team of over 250 professionals, including approximately 120 investment professionals, Apogem combines deep domain expertise with the stability and long-term perspective of its parent company, New York Life Insurance Company. Apogem Capital is a wholly owned subsidiary of New York Life through New York Life Investment Management Holdings, LLC. For more information, visit apogemcapital.com.

About Churchill Asset Management

Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With $66 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy and investment approach are driven by over 225 professionals in New York, Charlotte, Chicago, Los Angeles and Palm Beach. Together with our sister company Arcmont Asset Management, we comprise Nuveen Private Capital, a $99 billion private capital platform and one of the largest private debt managers globally.

About Dextra Partners

Dextra Partners is an independent, multi-strategy private equity firm that provides a global investor base access to differentiated middle market investments created through holistic partnerships. Headquartered in New York, Dextra has approximately $5 billion in assets under management. For more information, please visit www.dextra.com.

 About Future Standard (“FS”)

With approximately $94 billion in assets under management as of March 31, 2026, FS is a mid-market specialist with primary, secondary, and co-investment capabilities across private equity, private credit, and private real estate. FS has invested approximately $4.0 billion annually in private markets from 2018 through 2025.