Acquisition Facility Facilitates the Consolidation of Primary Care Entities to Positively Impact Patient Health Outcomes
NEW YORK & DENVER–(BUSINESS WIRE)–FLC Credit Partners, a private credit fund manager specializing in family and entrepreneur-owned businesses, announced that it has provided a US$20 million acquisition facility to Skylight Health Group Inc (“Skylight”) (NASDAQ:SLHG; TSXV:SLHG).
Skylight is a healthcare services and technology company working to positively impact patient health outcomes. Skylight operates a US multi-state primary care health network comprised of physical practices providing a range of services from primary care, sub-specialty, allied health, and laboratory/diagnostic testing. The company is focused on helping small and independent practices shift from a traditional fee-for-service (FFS) only model to include value-based care (VBC) through tools including proprietary technology, data analytics, and infrastructure. Skylight has demonstrated that it is positively disrupting legacy health networks in the fragmented U.S. healthcare outpatient market.
The acquisition facility funded Skylight’s purchase of NeighborMD, a primary care entity that operates across Central and Southern Florida with over 2,400 owned and affiliated global capitated risk lives. NeighborMD reported an unaudited trailing 12 months (TTM) primary care revenue of US$35 million, roughly evenly split between owned and affiliate practices, which more than doubles the current Skylight revenue run rate. The facility also provides Skylight access to capital for future acquisitions.
“Providing Skylight with acquisition capital will accelerate its positive impact on patient health outcomes,” said Hendrik Jordaan, Chairman of FLC Credit Partners.
“We believe Skylight is well-positioned to further consolidate the U.S. outpatient market and look forward to partnering with the company in the future,” said Jay Rogers, Partner and Managing Director at FLC Credit Partners.
“FLC Credit is a valued partner and we enjoyed working with them as part of our NeighborMD acquisition,” said Prad Sekar, CEO and Co-Founder of Skylight.
About Family Legacy Capital
Family Legacy Capital Management, LLC (“Family Legacy Capital”) manages, directly or indirectly, private investment funds whose limited partners are comprised of leading family offices. The firm is headquartered in Denver, Colorado. For more information, please visit www.familylegacycapital.com.
About FLC Credit Partners
Family Legacy Capital Credit Management, LLC, operating under the brand “FLC Credit Partners,” is the private credit fund manager of Family Legacy Capital. The investment team is based in New York, New York. For more information, please visit www.flccredit.com.
About Skylight Health Group
Skylight Health Group (NASDAQ:SLHG;TSXV:SLHG) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state primary care health network comprised of physical practices providing a range of services from primary care, sub-specialty, allied health, and laboratory/diagnostic testing. The Company is focused on helping small and independent practices shift from a traditional fee-for-service (FFS) model to value-based care (VBC) through tools including proprietary technology, data analytics and infrastructure. In an FFS model, payors (commercial and government insurers) reimburse on an encounter-based approach. This puts a focus on volume of patients per day. In a VBC model, the providers offer care that is aimed at keeping patients healthy and minimize unnecessary health expenditures that are not proven to maintain the patient’s well-being. This places an emphasis on quality over volume. VBC will lead to improved patient outcomes, reduced cost of delivery and drive stronger financial performance from existing practices.
Contacts
Media
Rick Keating
rkeating@keatingco.com
(917) 767-2400
