FLC Credit Partners Provides US$20 Million Acquisition Facility to Skylight Health Group
11 Maggio 2022 - 7:58PM
Business Wire
Acquisition Facility Facilitates the
Consolidation of Primary Care Entities to Positively Impact Patient
Health Outcomes
FLC Credit Partners, a private credit fund manager specializing
in family and entrepreneur-owned businesses, announced that it has
provided a US$20 million acquisition facility to Skylight Health
Group Inc (“Skylight”) (NASDAQ:SLHG; TSXV:SLHG).
Skylight is a healthcare services and technology company working
to positively impact patient health outcomes. Skylight operates a
US multi-state primary care health network comprised of physical
practices providing a range of services from primary care,
sub-specialty, allied health, and laboratory/diagnostic testing.
The company is focused on helping small and independent practices
shift from a traditional fee-for-service (FFS) only model to
include value-based care (VBC) through tools including proprietary
technology, data analytics, and infrastructure. Skylight has
demonstrated that it is positively disrupting legacy health
networks in the fragmented U.S. healthcare outpatient market.
The acquisition facility funded Skylight’s purchase of
NeighborMD, a primary care entity that operates across Central and
Southern Florida with over 2,400 owned and affiliated global
capitated risk lives. NeighborMD reported an unaudited trailing 12
months (TTM) primary care revenue of US$35 million, roughly evenly
split between owned and affiliate practices, which more than
doubles the current Skylight revenue run rate. The facility also
provides Skylight access to capital for future acquisitions.
“Providing Skylight with acquisition capital will accelerate its
positive impact on patient health outcomes,” said Hendrik Jordaan,
Chairman of FLC Credit Partners.
“We believe Skylight is well-positioned to further consolidate
the U.S. outpatient market and look forward to partnering with the
company in the future,” said Jay Rogers, Partner and Managing
Director at FLC Credit Partners.
“FLC Credit is a valued partner and we enjoyed working with them
as part of our NeighborMD acquisition,” said Prad Sekar, CEO and
Co-Founder of Skylight.
About Family Legacy
Capital
Family Legacy Capital Management, LLC (“Family Legacy Capital”)
manages, directly or indirectly, private investment funds whose
limited partners are comprised of leading family offices. The firm
is headquartered in Denver, Colorado. For more information, please
visit www.familylegacycapital.com.
About FLC Credit
Partners
Family Legacy Capital Credit Management, LLC, operating under
the brand “FLC Credit Partners,” is the private credit fund manager
of Family Legacy Capital. The investment team is based in New York,
New York. For more information, please visit www.flccredit.com.
About Skylight Health
Group
Skylight Health Group (NASDAQ:SLHG;TSXV:SLHG) is a healthcare
services and technology company, working to positively impact
patient health outcomes. The Company operates a US multi-state
primary care health network comprised of physical practices
providing a range of services from primary care, sub-specialty,
allied health, and laboratory/diagnostic testing. The Company is
focused on helping small and independent practices shift from a
traditional fee-for-service (FFS) model to value-based care (VBC)
through tools including proprietary technology, data analytics and
infrastructure. In an FFS model, payors (commercial and government
insurers) reimburse on an encounter-based approach. This puts a
focus on volume of patients per day. In a VBC model, the providers
offer care that is aimed at keeping patients healthy and minimize
unnecessary health expenditures that are not proven to maintain the
patient’s well-being. This places an emphasis on quality over
volume. VBC will lead to improved patient outcomes, reduced cost of
delivery and drive stronger financial performance from existing
practices.
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Media Rick Keating rkeating@keatingco.com (917)
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