Fourth 2021 Exit: Blue Sea Capital has sold MD Now Urgent Care to HCA Healthcare (NYSE: HCA)

West Palm Beach, Florida – January 5, 2022 – Blue Sea Capital LLC (“Blue Sea Capital”), a growth-oriented private equity firm, announced it has sold MD Now Urgent Care (“MD Now” or the “Company”) to HCA Healthcare (NYSE: HCA). The transaction was completed at the end of 2021 and represents the culmination of a successful, approximately 10-year partnership between the principals of Blue Sea Capital and MD Now, a decade in which the company grew from 6 to 59 locations and became the market leader in Florida. The sale also represents the fourth exit of Blue Sea Capital’s Fund I in 2021, joining DDS Lab, Deca Dental and RESA Power, in nearly $1.6 billion of aggregate transaction value.

Founded in 2005, MD Now is the largest urgent care provider in Florida providing access to quality and affordable non-emergency care. The Company provides an exceptional patient experience through its conveniently located clinics, physician-driven operating model and ability to quickly deliver quality, cost effective medical care in a consumer-friendly setting. MD Now currently operates 59 clinics throughout Florida. HCA Healthcare is one of the nation’s leading providers of urgent care, currently operating more than 170 clinics across 19 markets.

MD Now is led by Chairman and CEO, Keith Gordon, and President, Kim Stukenborg. Commenting on the transaction, Gordon said, “Blue Sea Capital has been a great partner, providing both growth capital and significant resources to facilitate our infrastructure and clinic expansion strategy. We are excited about our next chapter with HCA Healthcare and the potential to provide an enhanced patient care experience to the Florida community.”

The principals of Blue Sea Capital initially partnered in 2012 with MD Now’s founders, Dr. Peter Lamelas and Stephanie Lamelas, at their prior firm in a proprietary transaction following an over one-year thematic initiative and search in the urgent care sector. Blue Sea Capital subsequently invested in MD Now in a 2018 recapitalization of the Company alongside Brentwood Associates, adding 23 new clinics thereafter and treating over 900,000 patients in 2021 alone.

J.R. Davis, Managing Partner at Blue Sea Capital, commented, “MD Now was founded on the premise of a best-in-class patient experience and we are confident its physician-led teams and state‐of‐the‐art clinics will continue to serve its communities and surrounding health systems by providing comprehensive urgent care and occupational healthcare services.  We are humbled to have partnered with the Company’s management team over the past decade and are excited for their next stage of evolution with HCA.”

Houlihan Lokey acted as exclusive financial advisor, and Kirkland & Ellis LLP acted as legal counsel to MD Now in connection with the transaction.

Blue Sea Capital is a private equity firm based in West Palm Beach, Florida that invests in growth-oriented lower middle market companies valued up to $300 million. The firm has over $1.4 billion in assets under management and invests across three industry verticals: aerospace & defense, healthcare and industrial growth. 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.

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