Investors pump another $18M into urgent care company
Former WellNow looking to build and buy
By Geert De Lombaerde
The leaders of Urgent Team have raised $18 million in funding from their existing backers.
The investor group led by Crestline Investors out of Texas is funding Green Hills-based Urgent Team with a combination of equity and debt. Also chipping in are locally based Petra Capital Partners as well as SV Health Investors and River Cities Capital Funds. That consortium invested $35 million in Urgent Team two and a half years ago, when the company was half its size today.
“We are excited to continue our partnership with Urgent Team to further its impressive growth trajectory,” said Chris Semple, a partner at Crestline. “We believe strongly that the urgent care industry is at the center of two large trends in health care, providing convenient care to patients and lowering medical cost for insurance payors.”
Urgent Team, which began life as WellNow, owns 41 facilities (under four brands) in Arkansas, Mississippi, Tennessee and Alabama and leases another nine. Chairman and CEO Tom Dent, CFO Rudy Blank and their team plan to open new centers and make acquisitions with their new funds and will remain focused on markets within a day’s drive of Nashville.
Article originally appeared on the NashvillePost, link here.