SOURCE: MDVIP and Summit Partners
BOSTON, MA--(Marketwired - May 2, 2014) - Growth equity investor Summit Partners today announced that it has entered into an agreement to acquire MDVIP from The Procter & Gamble Company (NYSE: PG). The agreement is expected to close shortly subject to standard regulatory approvals. Additional terms of the investment are not being disclosed.
Founded in 2000, MDVIP is the nation's largest national network of physicians and patients in personalized preventive healthcare. The company serves more than 700 MDVIP-affiliated primary care physicians with more than 200,000 patients nationally. MDVIP offers physicians and members an alternative to the traditional primary healthcare deliver model by enabling members to have an enhanced relationship with their primary care physician. MDVIP's approach to primary care places the emphasis on "wellness" care, not just "sick" care.
Summit Partners originally invested in MDVIP in 2004 and sold the company to P&G in 2009. Patient membership in MDVIP practices has nearly doubled in the past four years and expanded across the United States. P&G said the sale of MDVIP is another step in its strategy to focus the company's portfolio on core businesses where P&G can create the most value for consumers and shareowners. The transaction creates value for P&G shareowners, and P&G is confident that Summit Partners will provide strong leadership as an investor to support the needs and advance the goals of the MDVIP national network.
Summit's Mark deLaar, a Managing Director, will rejoin the MDVIP Board. "We know MDVIP very well and have witnessed its growth first-hand," he said. "This is an extraordinary company and we are very excited to pick up where we left off. Its patient-focused healthcare is second to none, and we look forward to partnering once again with its management team." Summit's Marty Mannion will also join the MDVIP Board.
MDVIP will continue to be run as a stand-alone company, and P&G's Dan Hecht, who joined MDVIP in 2010, will transfer to the newly owned company as CEO. "Summit Partners shares my vision for MDVIP -- to continue growing as a national leader in primary care," said Hecht. "Amid all the complexity and uncertainty surrounding healthcare today, MDVIP is able to give patients what they want -- a close relationship with a doctor who has the time to put them first and help them enjoy a healthier, longer life."
MDVIP is the national leader in affordable personalized healthcare. With prevention at the center of its program, MDVIP has proven that its carefully chosen affiliated physicians provide exceptional care and achieve exceptional outcomes. These results published in peer-reviewed medical journals include lower hospitalization rates which yield significant cost savings to patients, employers and the healthcare system. MDVIP-affiliated physicians limit their practices to no more than 600 patients in order to provide a customized wellness and preventive care program. There are currently over 700 MDVIP-affiliated physicians serving over 200,000 patients throughout the country. MDVIP, Inc. was founded in 2000 and is headquartered in Boca Raton, Florida. For more information, visit www.MDVIP.com, www.facebook.com/MDVIP, @mdvip on Twitter or http://www.mdvip.com/press.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised nearly $15 billion in capital. Summit has invested in more than 385 companies in technology, healthcare, and other growth sectors. These companies have completed more than 130 public offerings, and more than 140 have been acquired through strategic mergers and sales. Notable healthcare companies financed by Summit Partners include AmeriPath, HealthCare Partners, Lincare and MEDNAX. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
About Procter & Gamble
P&G serves approximately 4.8 billion people around the world with its brands. The Company has one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Duracell®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, Wella® and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC 388179 and its registered office is at 20-22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.