Nashville Post: Big funding package for ED manager

Also: Axial’s Arizona plans; Mednax buys Cool Springs practice. 

AUTHORS Geert De Lombaerde

American Physician Partners, the emergency department management venture with a presence in 14 states, has secured a $169.5 million lending facility to power its growth.

The funding comes from Comvest Credit Partners, which focuses on middle-market companies with revenues of more than $20 million. Locally, Comvest also has backed patient account financing venture CarePayment and hospitality technology company Uniguest, among others. In a statement, the companies said the senior secured credit facility will let CEO John Rutledge and his team fund future acquisitions, working capital and capital expenditures needs.

Word of Comvest’s backing comes shortly after Rutledge and his team closed on the acquisition of Northeast Tennessee Emergency Physicians, which grew the company to 78 contracts.

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