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Citation: Ayers A. Private Equity Ownership in Urgent Care By Number of Centers, 2024. J Urgent Care Med. 2024; 18(7):33-34

Although private equity started nibbling on urgent care as far back as 2007, its full investment push kicked off with the 2010 acquisitions and scaling of NextCare, MedExpress, and FastMed. Since that time, some regional platforms like Physicians Immediate Care, MD Now, and PhysicianOne have completed the entire private equity investment lifecycle of acquisition, scaling, and final sale. Today, more than 2,300 of the nation’s urgent care centers, or approximately 17% of the total, are backed by private equity investment. 

Over the past 15 years, the private equity investment thesis has evolved from an arbitrage on price-earnings multiples in the consolidation of independent operators, to realizing scale economies through de novo rooftop growth, to cash flow from COVID-19 operations, to the current trend of growth in revenue and EBITDA through expansion into rural health geographies, Medicaid populations, health system partnerships, and integration of new services. Such new services include specialists, physical therapy, behavioral health, and primary care.

Private Equity InvestorsTotal Center CountOperating Platform
Lorient Capital402American Family Care, Midwest Express Clinic
TPG266GoHealth Urgent Care
Revelstoke255Fast Pace Health
Leonard Green & Partners, Ares Private Equity198WellNow Urgent Care
Enhanced Equity Partners170NextCare Urgent Care
FFL Partners149WellStreet Urgent Care, Perlman Clinic
Shore Capital Partners95Community Care Partners
Freeman Spogli87CRH Healthcare
Petra Capital Partners, Crestline Investors87Urgent Team
Scopia, Jefferson River Capital79PM Pediatrics
ICV Partners55Urgent Care Group
Orangewood Partners, Quilvest55Exer Urgent Care
Latticework Capital Management52Xpress Wellness
Trinity Hunt Partners48Main Street Family Urgent Care
Onex Falcon, Crestline Capital47CareSpot Urgent Care
The Catalyst Group43NextLevel Urgent Care
Bain Capital Double Impact42ConvenientMD
Summit Partners36AllCare Family Medicine and Urgent Care
Iron Path Partners33Emergence Health Holdings
Altamont Capital Partners29Intuitive Health
Sverica International21Med First Urgent Care & Family Practice
Great Point Capital20Little Spurs Pediatric Urgent Care
Kain Capital LLC18MY DR NOW
NewSpring Capital15Vybe Urgent Care
Traverse Pointe Partners10Greater Midwest Urgent Cares
Webster Equity Partners10MyTown Health Partners
Cequel III8Springfield Urgent Care
McKinney Capital8Urgent Care for Children
Seven Hills Capital7ExperCare Urgent Care
Walnut Court Capital7LevelUp MD Urgent Care
City Ventures4Midlands Family Urgent Care
Kinderhook Industries2Rural Healthcare Group
Praesidian Capital1Care+Pediatrics Urgent Care
Compiled by Alan Ayers, President of Experity Consulting and Senior Editor of The Journal of Urgent Care Medicine, after consultation with investment bankers, private equity partners, and a review of press releases, news articles, and transaction reports. Center counts are courtesy of National Urgent Care Realty.

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Private Equity Ownership in Urgent Care By Number of Centers, 2024

Alan A. Ayers, MBA, MAcc

President of Experity Consulting and is Practice Management Editor of The Journal of Urgent Care Medicine