Summit Medical Group has merged with CityMD, backed by Warburg Pincus
August 14, 2019
Summit Medical Group (SMG) has merged with CityMD. The combined organization has 1,400 providers, 6,400 employees, and nearly 200 locations in New Jersey and New York, will offer patients a seamless experience across a full spectrum of primary, specialty, and urgent care. Warburg Pincus first invested in CityMD in 2017 and has assumed a majority interest in the combined company. Consonance Capital Partners, a healthcare-focused private equity fund, also invested in the combined company. Terms were not disclosed.
Cain Brothers served as the exclusive financial advisor to SMG. In addition, KeyBanc Capital Markets Inc. served as the Joint Lead Arranger and Joint Bookrunner on $1,155.0 million of Senior Secured Credit Facilities.
Based in Berkeley Heights, New Jersey, SMG has over 80 locations and 900 providers across specialties. The Company provides multigenerational care and serves the needs of most patients on an outpatient basis, offering walk-in urgent care and ambulatory surgery centers to complex treatment at a comprehensive, state-of-the-art cancer center.
Founded in 2010, CityMD’s mission is to serve its communities by providing an exceptional experience through high-quality medical care and convenient access. CityMD has grown to more than 120 locations in NY, NJ and WA.
Warburg Pincus is a leading global private equity firm focused on growth investing. The firm’s active portfolio of more than 180 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams and since inception, the firm has invested more than $10 billion in more than 150 healthcare companies.