Category: Recent News

“We are excited to partner with Lorient and are confident that their involvement will help us serve more patients in more locations – with the same degree of care and compassion we’ve been providing for more than 40 years,” said AFC’s Chief Executive Officer, Randy Johansen. “With Lorient by our side, I am more confident than ever that we will achieve our vision of becoming one of the most widely known and admired brands in healthcare.”

With dozens of new locations in the pipeline across the United States, Lorient’s financial backing and experience in supporting growth-oriented companies is timely. “We are excited to partner with great healthcare operators and clinicians to serve patients and their families,” said David Berman, Managing Partner at Lorient Capital. “We look forward to working with the AFC team to help them continue to grow.”

McDermott Will & Emery LLP acted as legal advisor to Lorient. Goldman Sachs & Co., LLC acted as financial advisor, and Kilpatrick Townsend & Stockton LLP acted as legal advisor to AFC.

About American Family Care:

Founded by Dr. Bruce Irwin with a single location in 1982, American Family Care has pioneered the concept of convenient, patient-centric healthcare. Today, with more than 360 clinics and 1,500 in-network providers caring for millions of patients a year, AFC is the nation’s leading provider of urgent care, accessible primary care, and occupational medicine. Ranked by Inc. Magazine as one of the fastest-growing companies in the United States, AFC’s stated mission is to provide the best healthcare possible, in a kind and caring environment, while respecting the rights of all patients, in an economical manner, at times and locations convenient to the patient. For more information, visit americanfamilycare.com.

About Lorient

Lorient is a private investment firm focused exclusively on the healthcare industry. Our distinctive approach blends our roots as entrepreneurs, operators, and investment professionals to build market-leading healthcare services and technology companies. Visit us at: https://lorientcap.com/.

Read the full press release here.

Eric Gonzalez, Vice President

Prior to joining Lorient, Eric was a Vice President at Comvest Partners where he focused on consumer and e-commerce investments. Previously, he was a hedge fund analyst at Moore Capital Management, executing long/short equity strategies in the tech sector. He also worked as a private equity analyst for CCMP Capital out of undergrad. He holds a BA in Finance and Accounting from University of Miami and is a CFA Charterholder.

Justin Morrell, Senior Associate

Prior to joining Lorient, Justin was a Senior Associate at Nautic Partners where he focused on middle market healthcare services investments. Previously, he was an associate at Five Arrows Capital Partners where he also focused on middle market healthcare investments. Prior to his investing career, Justin was a healthcare services investment banking analyst at Raymond James. He holds a BSBA in Finance from Washington University in St. Louis.

About Lorient Capital

Lorient is a private investment firm that targets equity investments in healthcare services and technology companies. Leveraging our experience as both investors and healthcare operators, we work with founders and management teams to drive growth, optimize operations, and improve healthcare outcomes. The firm invests in cash flow positive businesses at an inflection point that requires additional capital and expertise to take the business through the next phase of growth. For more information visit: https://lorientcap.com/.

Rise Health was founded to accelerate the adoption of value-based primary care to support primary care physicians in helping their patients get the best care possible. Rise Health provides its primary care practices with access to premium care delivery models and top-tier specialists to reduce practitioner administrative burden so they can focus on providing high-quality, evidence-based care for their patients. The technology-enabled model allows Rise Health to focus on outcomes and quality of care over volume of services with a focus on serving underserved patient populations.

“We co-founded Rise Health because we believe that primary care physicians know best how to care for their patients. Our value-based model aligns the business of primary care with the best interest of patients,” said Justin Dangel, Rise Health co-founder and chairman and partner at Despierta. “We could not be more excited to partner with two world-class firms who share our vision for the future of primary care: Lorient and Martis Capital.”

“We are excited to partner with an innovative and experienced management team at Rise Health that have spent their careers dedicated to clinical and operation excellence,” said Jordan Broome, Managing Partner at Lorient Capital. “We have a shared vision to usher in the next generation of value-based care that is focused on partnering with primary care practices to help them evolve into the linchpin and quarterback of the care continuum they were always meant to be.”

“This is an opportunity to partner with a unique value-based platform focused on driving reductions in healthcare cost while providing high-quality patient care,” said Barry Uphoff, Founding / Managing Partner at Martis Capital. “The Rise team has a clear vision for how their differentiated approach and technology infrastructure can address this longstanding challenge.”

The partnership will allow Rise Health to accelerate growth across the Southwest United States, with a focus on partnering with providers who are interested in eliminating unnecessary spending and improving the quality of care for their patients. Rise Health will continue to invest in technology to lower the cost curve and meet the needs of its growing patient population.

“We founded Rise Health because we believe that everyone should have access to high-quality healthcare, and that empowering primary care clinicians with the tools, technology and data to lead the transformation to value-based care is the best way to break down the barriers for traditionally underserved neighborhoods,” said Keith Pinter, CEO and co-founder of Rise Health. “The team we have built to date, including Dr. Mike Phillips as our Chief Medical Officer and Dr. Srinivas Bollimpalli as our Chief Operations Officer, is taking the best of what they have seen in healthcare today and bringing it together to deliver a fundamentally different model to the people who need it most. The partnership announced today is a testament to the confidence we have in the future impact Rise will make on the industry and for our patients.”

About Rise Health 

Founded in 2021 by Keith Pinter, Justin Dangel, Joseph Whitner and Despierta, Rise Health is a primary care platform that leverages technology to support providers in taking full financial risk. With a mission to help keep patients healthy, Rise brings proven care delivery and clinical innovations to its patients to ensure they receive the care when, where and how they need it. To learn more about Rise Health’s approach to primary care, visit us at: https://risehealth.net

About Lorient Capital 

Lorient is a private investment firm focused exclusively on healthcare service and technology companies. Leveraging its experience as both investors and healthcare operators, Lorient works with founders and management teams to drive growth, optimize operations, and improve healthcare outcomes. Visit us at: https://lorientcap.com/

About Despierta 

Despierta is a Miami-based venture studio that brings healthcare innovations to market faster by partnering with clinical customers at launch. The company is composed of seasoned entrepreneurs and investors passionate about making healthcare more equitable, efficient, and accessible. We centralize care models and include proven tech and scientific innovations in each company we build to better serve patients. To date, the company has launched several businesses across value-based care and science-backed consumer health. Visit us at: https://despierta.vc

https://www.prnewswire.com/news-releases/rise-health-launches-with-growth-equity-investment-made-by-lorient-and-martis-301706556.html

Aaron Habriga, Principal

Prior to joining Lorient, Aaron was a Principal with Varsity Healthcare Partners where he focused on healthcare services and technology investments. Previously, he was an investment professional with A&M Capital Opportunities, Silver Oak Services Partners and Pfingsten Partners. Prior to his investing career, Aaron was a Sergeant with the U.S. Marine Corps. He holds a BBA in Finance from the University of Wisconsin and an MBA from Harvard Business School.

Mark Trouville, Vice President

Prior to joining Lorient, Mark was a Vice President with Pine Tree equity where he focused on healthcare services and technology investments. Previously, he was an investment professional with Insight Equity. He also worked as an Investment Banker with the Royal Bank of Canada. He holds a B.S. and M.S. in Finance from the University of Florida.

“We are excited to welcome Aaron and Mark to the Lorient team. Both have a great track record of sourcing, evaluating, and executing deals across multiple healthcare verticals,” said David Berman, Managing Partner at Lorient Capital. “Their experience working directly with management teams to build healthcare businesses further expands Lorient’s ability to provide hands-on, value-added resources to our portfolio companies.”

About Lorient Capital

Lorient is a private investment firm that targets equity investments in healthcare services and technology companies. Leveraging our experience as both investors and healthcare operators, we work with founders and management teams to drive growth, optimize operations, and improve healthcare outcomes. The firm invests in cash flow positive businesses at an inflection point that requires additional capital and expertise to take the business through the next phase of growth. For more information visit: https://lorientcap.com/.

Formed in December 2021 with the acquisition of Indiana-based Purpose Home Health, PurposeCare provides home based care services to more than 3,000 clients a month. The company’s primary audience are individuals who are dually eligible for Medicare and Medicaid. The PurposeCare platform is focused on leveraging the caregiver’s presence in the home to identify changes in its clients condition, enabling timely clinical intervention from the nurses and therapists on the PurposeCare team.

PurposeCare is a portfolio company of Lorient Capital, a private investment firm focused exclusively on the healthcare industry.

“The need for well-coordinated care for our nation’s most vulnerable is the primary driver behind PurposeCare. We greatly appreciate our investment partners who believe in our mission and strategy,” says Rich Keller, chief executive officer, PurposeCare. “With their backing we have the opportunity to serve an unmet need in the home-based care delivery system through improved coordination of home-based services.”

The parent organization’s name is derived from their initial acquisition who operate with a mission of caring for patients ‘as they would care for their own families’. By empowering home health aides as part of the care team and facilitating care management with exceptional nurse leaders, PurposeCare improves quality, reduces cost, creates a rewarding and enriching experience for its caregivers and most importantly offers a better care experience for clients and families.

“PurposeCare has a tremendous opportunity to bring a full continuum of care to Midwest dual eligible patients who are in need of long-term services and supports in their most preferred setting” says Jordan Broome, managing partner at Lorient Capital. “Solving for the well documented gaps in care faced by the dual eligible population has been a mission of ours for some time, and we are proud to be backing Rich Keller and the PurposeCare team in this endeavor.”

Beginning in Indiana with the Purpose Home Health acquisition, PurposeCare has rapidly expanded into in Ohio and Illinois with its subsequent partnerships and intends to continue to build in those markets and throughout the Midwest with further acquisitions, de novo investments and organic growth.

About PurposeCare

Established in December of 2021, PurposeCare offers comprehensive services including home care, home health that are carefully coordinated to keep clients healthy and safe at home. With excellent caregivers, innovative technology, and family care navigation PurposeCare ensures that our most vulnerable are provided with the support necessary to live full lives in their community. For more information visit http://www.purposecare.com

About Lorient

Lorient is a private investment firm focused exclusively on the healthcare industry. Our distinctive approach blends our roots as entrepreneurs, operators, and investment professionals to build market-leading healthcare services and technology companies. Visit us at: https://lorientcap.com/.

https://www.prweb.com/releases/purposecare_launches_home_community_based_services_in_midwest/prweb19019969.htm

“We want to help as many people suffering from pelvic pain as possible. Therefore, increasing access to diagnosis and treatment is at the core of our mission,” shared Dr. Allyson Shrikhande, Co-Founder and Chief Medical Officer, Pelvic Rehabilitation Medicine. “In the past, pelvic pain issues haven’t typically been covered by insurance, and those inflicted were left to suffer in silence.”

Affecting more than 50 million Americans, persistent pelvic pain is often overlooked, untreated, and misdiagnosed. An estimated 1 in 10 women suffer from endometriosis, an inflammatory disease which can cause chronic pelvic pain and infertility. Historically high treatment costs have served as a burden and barrier for sufferers seeking treatment. By expanding access to affordable care to those in-network with BCBS, PRM is able to reach approximately 50-60% of commercially insured patients in the aforementioned states.

The first of its kind in the U.S., PRM is breaking new ground with its outpatient, nonoperative and minimally-invasive, ultrasound-guided approach to pelvic pain treatment, which has proven to help decrease pain and restore function for both women and men. PRM’s innovative approach combines traditional medicine with a functional and restorative approach to healing pelvic pain.

With 13 locations across eight states and plans to open five new U.S. locations in the next 12 months, PRM’s reach is wide and only expanding, bringing life-changing care to more and more patients across the nation. For more information, visit www.pelvicrehabilitation.com.

About Pelvic Rehabilitation Medicine:

Pelvic Rehabilitation Medicine (PRM) is a premier, multi-disciplinary physician practice focused  on treating persistent pelvic pain related symptoms and conditions for women and men through outpatient settings across the country. PRM’s innovative multidisciplinary approach, the first of its kind, combines a unique non-operative, minimally invasive treatment protocol with integrative modalities. PRM is leading the industry in creating the nation’s first integrated, whole body philosophy in diagnosing and treating pelvic pain, a health crisis that affects 15% of women and 10% of men. Filling a gap in healthcare, PRM individualizes functional plans to help patients achieve a pain-free existence while decreasing the need for invasive surgery, hormonal treatment, and opioids to resolve pelvic pain symptoms. Led by renowned MD physiatrist Allyson Shrikhande, Co-Founder and Chief Medical Officer and Co-Founder and CEO, Gautam Shrikhande, PRM launched in 2017 and has since expanded into 13 markets across eight states throughout the U.S. Visit www.pelvicrehabilitation.com for more information.

https://www.prnewswire.com/news-releases/pelvic-rehabilitation-medicine-is-now-in-network-with-blue-cross-blue-shield-301676019.html

The company will be headquartered in Portland, Maine, and is majority backed by Revelstoke Capital Partners. The combined company is one of the most well-capitalized veterinary health platforms in the U.S., positioned for rapid future expansion through acquisition and building veterinary hospitals.

Sean Miller, COO, commented, “The acquisition of VBF represents a major milestone for Rarebreed and the veterinary community. Our goal has always been to reimagine the veterinary experience by creating a working environment where team members feel supported, valued, heard — and happy to come to work every day. As we strengthen our community, in a measured and thoughtful way, the closer we are to reaching that goal.”

VBF CEO Jeff Wilson added, “I am very excited to begin our relationship with Rarebreed. Vet’s Best Friend and Rarebreed are similar mission-based organizations that are highly focused on our people. By joining together, we will be able to accelerate our mission throughout the veterinary industry.”

Rarebreed and VBF share a common purpose: to take care of the people who take care of pets. We believe that when you take care of your team, excellent patient care will follow. Both companies reject the one-size-fits-all partnership model, instead working with hospital owners to create a relationship that works for them. The combined company, which includes general practice, urgent care, and specialty emergency hospitals, will work to create a broad network that values healthcare teams and offers the innovation and cutting-edge technology necessary to expand, improve, and optimize service.

“We are thrilled to welcome the VBF team to Rarebreed,” said Dan Espinal, CEO. “Their vision to take care of the people who take care of our pets mirrors our own. Together we will be able to positively impact the lives of more veterinary team members from Florida to the northeast corner of Maine. I look forward to working together to improve medical outcomes, bettering the lives of veterinary healthcare teams.”

About Rarebreed

Rarebreed is the industry-leading technology-enabled operator of veterinary practices to create the employer of choice, one partnership or team member at a time. We pride ourselves on building trusted, lasting relationships with our partner hospitals, with goals to provide top-notch patient care, world-class client service, and an unparalleled work experience. We continue to build a broad network of practices that values healthcare teams by offering them the tools necessary to grow, improve, and reimagine the veterinary experience. For more information, visit www.rarebreedvet.com.

About Vet’s Best Friend

Vet’s Best Friend acquired and operated veterinary practices with a singular mission to take care of the people who take care of our pets. http://vetsbestfriend.com

Rarebreed is the registered service mark of Rarebreed Veterinary Partners.

Source: Rarebreed Veterinary Partners

Link to press release

“Since our founding, our goal has been to combine the ShiftKey marketplace with a scheduling tool for facility employees. When the opportunity to invest in OnShift came up, we could not have been more excited to join forces with the market leader for scheduling and employee management in post-acute care.” Said Tom Ellis, Founder and CEO of ShiftKey.

The vision behind this partnership is to provide facilities with a wholistic view of their schedule showing their own workforce and independent workers in one place to create visibility into their costs and continuing to offer flexibility for how to meet the needs of their business.

“By offering the first complete solution to effectively manage the nursing schedule, our hope is to help alleviate the incredible pressure the industry is under to provide the best quality care while optimizing costs and creating transparency”, said Ellis.

While ShiftKey and OnShift will continue to operate independently, clients will benefit from additional new and innovative product offerings to help solve the operational challenges impacting healthcare administrators every day.

“OnShift and ShiftKey share a common vision to transform the healthcare industry by solving the staffing crisis,” said Mark Woodka, CEO of OnShift. “This partnership will address the unprecedented workforce challenges that today’s healthcare organizations are facing with modern, cost-effective strategies. We are excited about the long-term opportunities that our two world-class companies will deliver to the industry.”

About ShiftKey, LLC

Founded in 2016, Dallas, TX based ShiftKey is a platform that is disrupting the way healthcare facilities typically find licensed and certified professionals to fill available shifts. Leveraging marketplace dynamics and deep industry knowledge, the company is playing a vital role in mitigating America’s healthcare staffing shortages, enabling direct connections between facilities and healthcare professionals. By offering the opportunity to work as much or as little as they choose and putting the power back into the hands of healthcare workers, ShiftKey is bringing more licensed professionals back into the workforce, a solution that is solving a major crisis in healthcare. Since its inception, healthcare facilities have posted more than 35 million hours of shifts on ShiftKey, interact­ing with hundreds of thousands of professionals looking for flexible work. For more information, visit www.ShiftKey.com

About OnShift:

OnShift’s next-generation platform fundamentally transforms the relationship between healthcare organizations and their workers. Our innovative approach to recruitment, hiring, workforce management, pay and engagement fosters a culture where people want to work. That’s why thousands of healthcare organizations rely on OnShift’s integrated suite of software and services to dramatically reduce turnover rates, decrease costs and improve the quality and continuity of care. For more information, visit www.OnShift.com

SOURCE ShiftKey

https://www.prnewswire.com/news-releases/shiftkey-makes-a-strategic-investment-in-workforce-management-platform-onshift-301573416.html

In 2022, Lorient has closed on two new platform investments and one recapitalization, representing over $100 million in equity co-investment in addition to commitments from Fund II. Since closing on its first fund in 2018, Lorient has completed 7 new platform investments, over 30 tuck in acquisitions, and 5 exits/recapitalizations.

Lorient is a private investment firm focused exclusively on the healthcare industry. Our distinctive approach blends our roots as entrepreneurs, operators, and investment professionals to build market-leading healthcare services and technology companies.

https://www.prnewswire.com/news-releases/lorient-capital-announces-multiple-closings-301389462.html