The Bloom Organization Negotiates NJ Orthopedic Practice Partnership with Summit Health
- April 19, 2021
The Bloom Organization (“Bloom”) represented leading New Jersey orthopedic practice Active Orthopedics & Sports Medicine (“AOSM”) in a transaction with Summit Health (“Summit”). Summit is the largest independent multispecialty, outpatient-focused physician group in the United States. As they continue their expansion in northern New Jersey, a partnership with AOSM bolsters Summit’s thesis of high-quality primary, specialty, and urgent care.
AOSM brings 17 providers across three locations in northern New Jersey to the venture. With options ranging from PE-backed strategics to health systems, AOSM chose a partnership that delivered on significant liquidity, continued equity ownership, and operational efficiencies, all while being supportive of a culture of physician independence.
Dr. Michael Gross, founder and managing partner of AOSM, worked closely with the Bloom team throughout the entire process. “We started conversations with an interested party last year and I knew the magnitude of our decision would require trusted advisors with experience. Through some mutual contacts, I was put in touch with the people at Bloom. Having now seen first-hand the multitude of deal terms that need to be managed or negotiated in a process like this, I could not have imagined doing this without the Bloom team on our side,” said Dr. Gross.
“By conducting a thorough outreach process, we identified many potential suitors in AOSM,” said Brian Liberty, Managing Director of The Bloom Organization. “Through the dedicated and wholly involved teams at AOSM, Summit, and Bloom, we were able to expeditiously close a transaction that fit exactly what our client wanted. We are looking forward to watching the great things that come out of this partnership.”
Practice administrators and physicians looking to explore transaction and liquidity opportunities should contact The Bloom Organization at 305-974-0700.