US Acute Care Solutions’ (USACS) physician-owners have reached a definitive agreement to buy out minority capital partner Welsh, Carson, Anderson & Stowe (WCAS). Following the transaction, USACS will be 90 percent owned by its physicians. Several leading health systems will be minority owners as well.
This transaction is facilitated in part by an investment made by funds managed by affiliates of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).
Apollo Partner and Head of U.S. Hybrid Value, Jason Scheir, said, “Apollo is excited to advance the USACS physician ownership model, which we view as strategically differentiated in the industry. This transaction allows USACS to continue to be controlled by its physician owners and positions the business for additional growth with capital and strategic support from Apollo’s Hybrid Value business.”
The transaction is subject to customary closing conditions and expected to close in Q1 2021. Barclays, Greenhill and Deutsche Bank acted as financial and strategic advisors to USACS and Ropes & Gray and McDermott Will & Emery served as legal counsel.