BOSTON and LOS ANGELES, Dec. 1,
2021 /PRNewswire/ -- Provident Healthcare
Partners ("Provident"), a leading healthcare investment
banking firm, announced that it has advised Riverside Medical
Clinic ("RMC") in its partnership with Universal Health Services
(NYSE: UHS). RMC is a premier multi-specialty physician practice
that employs more than 180 physicians and advanced practice
providers in seven physician offices located in Murrieta, Eastvale, Jurupa, Temescal Valley and
Riverside, California. In
addition, the physician owners of RMC operated a Management
Services Organization ("MSO"), employing 800+ team
members. Provident served as the exclusive financial advisor
to RMC, and Best, Best & Krieger served as legal counsel. The
terms of the transaction were not disclosed.
Provident was instrumental in getting this deal closed. I
appreciate their persistence and tireless hard work..."
"Provident was instrumental in getting this deal closed. I
appreciate their persistence and tireless hard work on behalf of
Riverside Medical Clinic. We are pleased with the result and look
forward to our new partnership with UHS," stated Ravi Berry, M.D., Chief Executive Officer of
RMC.
"It was a great privilege to have represented Riverside in this important transaction.
Riverside's combination of talent,
reputation, professionalism, and longstanding presence in the
California market made it the
ideal partner for UHS as they continue their expansion strategy
through targeted acquisitions. Partnering with the UHS team will
allow Riverside to continue their
impressive growth trajectory while maintaining their exceptional
commitment to providers and patients," noted Rebecca Leiba, Managing Director at
Provident.
"It was a pleasure working with the Management team at Riverside
Medical Clinic, a premier provider of multi-specialty care in the
Southern California market. We
wish RMC all the best in their new partnership with UHS," commented
Rich Sciretta, Vice President at
Provident.
About Riverside Medical Clinic
Riverside Medical
Clinic offers healthcare solutions for families by providing
legendary care built on the foundation of overall wellness. When
RMC was launched in 1935 within the rotunda of the famous Mission
Inn, the clinic demonstrated a forward-thinking approach to
medicine. Dr. Ray McCarty and Dr.
Philip Corr formed an innovative
multi-specialty clinic that was based on a cooperative group
medical system. RMC continues to honor their tradition of progress
and innovation, especially as the Inland Empire's largest private
provider of ambulatory care. The multi-specialty clinic has grown
to seven locations, state of the art outpatient surgery centers,
four urgent care centers, laboratories and a comprehensive center
for diagnostic imaging and nuclear medicine. For further
information, visit www.riversidemedicalclinic.com.
About Universal Health Services
One of the nation's
largest and most respected providers of hospital and healthcare
services, Universal Health Services, Inc. has built an impressive
record of achievement and performance. Headquartered in
King of Prussia, PA, UHS has
89,000 employees and through its subsidiaries operates 26 acute
care hospitals, 334 behavioral health facilities, 39 outpatient
facilities and ambulatory care access points, an insurance
offering, a physician network and various related services located
in 39 U.S. states, Washington,
D.C., Puerto Rico and the
United Kingdom. It acts as the
advisor to Universal Health Realty Income Trust, a real estate
investment trust (NYSE: UHT). For additional information, visit
https://www.uhs.com/.
About Provident Healthcare Partners
Provident is a
leading healthcare investment banking firm specializing in merger
and acquisition advisory, strategic planning, and capital formation
for healthcare companies. The firm has a comprehensive knowledge of
market sectors and specialties, including multi-specialty physician
services. Provident also has unsurpassed experience and insight
into the M&A process, which includes working with a number of
buyers such as private equity firms and strategic consolidators.
For additional information, visit www.providenthp.com or follow on
LinkedIn.
Contact:
Provident Healthcare Partners
Gina Casiello
877-742-9800
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SOURCE Provident Healthcare Partners LLC