On Wednesday, NAPA and American Securities announced the completion of a recapitalization of NAPA’s practice management company, NAPA Management Services Corp.
Here are six things to know about the transaction.
1. The transaction adds significant growth capacity to NMSC and “will fuel the organization’s ability to actively pursue expansion opportunities and grow its leadership position,” both parties said.
2. “With American Securities as our new partner, NMSC and NAPA are poised to pursue multiple avenues that will extend our excellent clinical capabilities and business model into new healthcare settings and geographies,” John Di Capua, MD, CEO of NMSC, said in a prepared statement. “As our organization celebrates its 30th anniversary and looks to the future, the recapitalization reinforces our value proposition.”
3. The recapitalization marks the second transaction for NMSC since 2011, when it entered into an agreement with Moelis Capital Partners. With that transaction, NAPA has grown from 22 hospitals in five states in 2011 to 81 hospitals in 11 states today.
4. McDermott Will & Emery served as legal counsel to NMSC with respect to the American Securities transaction, and Weil, Gotshal & Manges served as legal counsel to American Securities.
5. Moelis & Company and Harris Williams & Co. acted as financial advisors to NMSC with respect to the transaction.
6. Affiliates of Leonard Green & Partners made a minority investment in the transaction along with American Securities and NAPA’s management team.
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