Summit Health Acquires New Jersey Urology; Bloom Repeats as Sell-Side Advisor
- January 10, 2022
The Bloom Organization (“Bloom”) is pleased to announce that its clients, New Jersey Urology and Urology Management Associates (together, “NJU”), have been acquired by Summit Health (“Summit” and parent entity of CityMD) in a groundbreaking partnership. Summit is the largest independent multispecialty, outpatient-focused physician group in the United States and a portfolio company of Warburg Pincus, a world-renowned private equity firm. The transaction closed on December 30th, 2021.
NJU was comprised of approximately 50 providers in Northern New Jersey when Bloom helped to facilitate an April 2018 merger with Delaware Valley Urology (DVU), bringing the NJU provider base to 80. In September 2018, Bloom advised NJU in a private equity transaction when Prospect Hill Growth Partners (“PHGP”) acquired the group in the single largest private equity transaction in urology practice management in the United States. Bloom continued in partnership with NJU and PHGP to continue to grow the business throughout New Jersey in the acquisitions of Premier Urology Group and Urology Care Alliance, increasing its count to 150 providers across 60+ locations and 6 conveniently located cancer treatment centers. The NJU clinical team now joins with a Summit network of more than 2,000 clinicians, 8,000 employees and over 200 locations in New Jersey, New York, and Connecticut
The vision for NJU was always to find a strategic partner to help deliver on their mission of offering cutting-edge, compassionate, and integrated urologic care. Through a competitive process, this has become a reality with Summit Health. Dr. Martin Goldstein, President of NJU, says, “The benefits of healthcare integration was something that we valued at NJU and the significant expansion of our urology group helped facilitate new and improved service lines. It is impressive to look back and take note of how much we have grown in 3 short years against the headwinds of a global pandemic. Henry Bloom and The Bloom Organization were integral to this growth. Besides the Bloom team’s customary role as advisor, Henry Bloom sat on our MSO board and his leadership made our growth a reality.”
Summit Health’s broad footprint, comprehensive services, and access to patients (through Summit Health & CityMD urgent care brand) creates a unique opportunity for NJU to align with Summit’s mission of expanding services and providing intuitive, comprehensive, responsive, and connected care for better patient outcomes.
The Bloom Organization’s efforts on the Transaction were led by Managing Director Brian Liberty. “I have worked with the team at NJU for more than three years, and developed a special relationship with the physicians, executive leadership, and financial sponsor. I care deeply about the doctors’ continued success. After running a competitive process, it was clear that a Summit partnership maximized value and maintained a culture of physician independence in a rapidly evolving value-based healthcare system. I commend the Summit business development group, NJU and Prospect Hill leadership, attorneys at McDermott Will & Emory and Cleary Gottlieb, and our team at Bloom who all worked tirelessly to close the Transaction by year-end.”
This transaction caps a record year for The Bloom Organization, closing healthcare services transactions in excess of $1.5 Billion of market capitalization.
The Bloom Organization has 30+ years of experience working exclusively on healthcare transactions assisting physicians, health systems and private equity firms in market consolidation strategies. For more information or to discuss potential monetization opportunities, please contact The Bloom Organization at (305) 974-0700 or firstname.lastname@example.org.