ABRY Partners seals FastMed acquisition

Boston private equity group takes control of US healthcare business

Boston-based ABRY Partners has completed its acquisition of a majority stake in FastMed Urgent Care, according to a statement from ABRY. Mosaic Health Solutions will remain a minority investor.

The size of the deal was not disclosed.

ABRY is currently investing from its $1.9 billion ABRY Partners VIII fund, a 2014 vintage vehicle that typically commits $25 million to $150 million, ABRY's website noted.

FastMed, a company with more than 1,100 employees, operates 87 healthcare clinics in North Carolina and Arizona, and is head-quartered in Phoenix. As part of the deal, ABRY appointed FastMed president Kyle Bohannon to be its new chief executive. He will succeed Kevin Blank.

ABRY is a 26 year old firm that invests primarily in media, communications, and the business information services sectors.

The Illinois Municipal Retirement Fund committed $35 million to ABRY Partners VIII in June 2014. One month later, ABRY sold York Risk Services Group to Canadian buyout shop Onex for $1.33 billion. The company offers customized claims handling, managed care, specialized loss adjusting, risk pool administration, loss control, consulting and other risk management services.

Houlihan Lokey served as financial advisor to FastMed, while McDermott Will & Emery provided counsel.

Latham & Watkins was counsel to ABRY Partners.