MIAMI, May 04, 2017 (GLOBE NEWSWIRE) -- Physicians Dialysis today announced that it has closed on the acquisition of seven dialysis facilities located in New Jersey and Texas from DaVita Inc. (NYSE:DVA). Based in Miami, Florida, Physicians Dialysis has been operating, developing and acquiring clinic and home-based dialysis programs for nearly thirty years. It now has fifteen locations across eight states.
“This acquisition is operationally and geographically in keeping with our strategic growth plan and furthers our mission of providing world-class and innovative dialysis care,” said Dr. Allan Jacob, Chairman and Founder of Physicians Dialysis. “We welcome our new patients, physician partners, Medical Directors and employees to the Physicians Dialysis family.”
The seven acquired dialysis facilities were divested by DaVita in connection with its acquisition of Renal Ventures Management, LLC and the U.S. Federal Trade Commission’s (“FTC”) approval of that transaction.
“Over the past several years, Physicians Dialysis has expanded into new markets. This acquisition presents a unique opportunity for Physicians Dialysis to enter both the New Jersey and Texas markets with a network of ‘best-in-class’ facilities,’” said Daniel Jacob, President of Physicians Dialysis. “We have retained all of the dedicated clinical employees and established a regional corporate office in New Jersey to support the acquired facilities and further our continued growth across the country. This acquisition broadens our footprint and will allow us to further develop relationships with new and existing physician partners.”
GMF Capital LLC provided capital alongside Physicians Dialysis to facilitate this acquisition and operational support to accelerate its growth and continued expansion. “As a physician-led company, Physicians Dialysis genuinely understands the needs of its patients,” said Dan O’Keefe, Managing Director at GMF Capital. “We are delighted to partner with the Company’s talented management team to grow the company and allow it to enhance treatment solutions for the increasing number of patients suffering from end-stage renal disease.”
In addition to Physicians Dialysis’ core dialysis clinic business, the company is the largest provider of staff assisted home hemodialysis in Florida as well as alternate site dialysis services for nursing homes, rehab hospitals and federal and state correctional facilities.
“As pioneers in the staff assisted home hemodialysis market, we believe there is a strong demand for this modality in the New Jersey and Texas markets and we expect in the near term to offer this treatment option to our patients,” said Steven Jeger, Vice President of Business Development at Physicians Dialysis.
About Physicians Dialysis
Physicians Dialysis is a Florida-based healthcare provider focused on the dialysis industry. Through its affiliated entities, the company owns and operates dialysis facilities on the east coast and southern United States. The company was founded by Allan Jacob, MD, a Board Certified nephrologist, who remains active in its leadership. Dr. Jacob started his dialysis career in 1983 by opening his first center in North Miami Beach, FL. In 1990 Dr. Jacob founded Orion Medical Enterprises, now known as Physicians Dialysis. The company initially focused on providing in-center and home dialysis to the South Florida market and has since grown into a highly diverse independent Florida-based dialysis provider. Physicians Dialysis also owns and operates a pharmacy licensed in eight states, a clinical research division focusing on advancements in nephrology care and dialysis treatment and two licensed and accredited Durable Medical Equipment (DME) companies.
About GMF Capital LLC
GMF Capital LLC is a private, alternative investment firm founded in Zurich in 2013. It opened offices in New York in 2015 and has since expanded to other U.S. cities. GMF’s growth-oriented investment platforms span several asset classes, including real estate, healthcare and private equity. GMF leverages its extensive institutional and private experience and draws upon a deep and diversified network of operators and capital partners to build unique and varied investment products.
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Source: Physicians Dialysis