ICV Partners Establishes Dialysis Treatment Platform With Acquisition Of Atlantis Heathcare Group Puerto Rico, Inc.
Formation of American Alliance Dialysis Holdings, LLC in Partnership With
Dr. Randall Maxey, Dr. Otegbola Ojo, and Ms. Ruby Harford Will Acquire and Build Operations in North America and the Caribbean
NEW YORK, March 19, 2013 – ICV Partners (ICV), a leading investment firm focused on lower middle market companies, announced today that it has established a kidney dialysis treatment platform with the acquisition of Atlantis Healthcare Group Puerto Rico, Inc. (“Atlantis”), one of the island’s leading providers of kidney dialysis services.
Concurrent with the transaction, ICV, in partnership with Dr. Randall Maxey, Dr. Otegbola Ojo, and Ms. Ruby Harford, is forming American Alliance Dialysis Holdings, LLC (“AAD”) to identify and evaluate strategic investment opportunities in North America and the Caribbean. Dr. Maxey, a noted nephrologist who has nearly 40 years of nephrology experience and developed a series of successful dialysis centers in both the private and non-profit sectors, will become Chairman and CEO of AAD. Ms. Harford, who brings over 30 years of administrative nursing and executive healthcare experience, will be Chief of Clinical Operations and Regulatory Affairs of AAD.
Atlantis, headquartered in Trujillo Alto, was founded in 2000 by Dr. Otegbola Ojo and has since grown into Puerto Rico’s second largest provider of kidney dialysis services for patients suffering from end-stage renal disease (“ESRD”). With 13 facilities strategically located throughout the island of Puerto Rico, Atlantis provided approximately 200,000 treatments last year and currently has a patient census of nearly 1,400. Atlantis also contracts with 12 hospital networks to provide inpatient acute dialysis services.
Dr. Ojo, a leading nephrologist who prior to founding Atlantis established several dialysis programs in Canada and the Caribbean, retains a significant ownership position. He continues with the new organization as President and Chief of Operations and Strategy of AAD and maintains his role as President of Atlantis.
Cory Mims, Managing Director of ICV, said, “We are excited to have AAD as our first investment for ICV Partners III. Dr. Ojo has built Atlantis into a strong player within its current market. We look forward to leveraging Dr. Maxey’s medical expertise and strong relationships with nephrologists throughout the U.S. to develop a significant position for AAD in the U.S. dialysis market over the next several years. AAD is now well-positioned as a platform investment and we expect to grow the business by pursuing a number of strategic and organic expansion opportunities while, at the same time, identifying new ways to continue providing the highest quality patient care.”
Dr. Maxey said, “Atlantis has a successful track record of growth in Puerto Rico and integrating new facilities into its network. We will continue to grow in Puerto Rico by adding new dialysis treatment facilities. In addition, because of the fragmented nature of the industry in the U.S., we will be able to tap into a rich pipeline of opportunities as we execute strategic acquisitions and grow AAD into new geographic areas.”
Dr. Ojo, said, “Atlantis is an outstanding company and our highly skilled management team, outstanding physicians, and compassionate medical staff provide the highest standards of patient care with a unique integrated focus on quality of life to over one thousand patients each year. There continues to be a growing need for dialysis treatment and I believe our new partnership with ICV will prove to be extremely valuable as we seek ways to ensure better patient outcomes.”
About ICV Partners
Founded in 1998, ICV Partners is a leading private investment firm that supports management leaders of strong companies at the lower end of the middle market. The principals of ICV have crafted a strong track record of helping companies improve performance over the long term and across a variety of industries. ICV seeks to make control investments in market leading businesses with $25 million to $250 million in revenue. Additional information is available at www.icvpartners.com.