Fast Pace Urgent Care

DOWNLOAD THE CASE STUDY (PDF)

In August 2016 Shore announced the sale of Fast Pace, a leading provider of urgent care services throughout rural Tennessee and Kentucky, to Revelstoke Capital Partners. Shore and Fast Pace together executed an accelerated growth plan and expanded the business from seven to 36 clinics in approximately three and a half years. The growth came primarily through de novo expansion as the company opened 26 new locations and acquired three locations.

Add-Ons: Cummings Urgent Care, RapidCare

Headquarters

Brentwood, TN

Sector

Urgent Care

With Shore Since

December 2012

Exited

August 2016

Independent Board Members

Dino EliopoulosJames ForrestRon MaloneGreg PalmerCameron PerkinsDavid Stern

Key Shore Contact

Ryan Kelley

October 3, 2016 – Shore Capital Partners ("Shore Capital"), a healthcare-focused private equity firm, today announced the sale of ClearPath Diagnostics ("ClearPath"), a leading provider of laboratory diagnostic services in the Northeastern United States, to Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH), the world's leading healthcare diagnostics company.

Shore Capital partnered with ClearPath's founding pathologists, Dr. Michael Jozefczyk and Dr. Michael Mazur, to drive the company's expansion beyond the local Syracuse, New York market. Together, Shore Capital and ClearPath executed a growth strategy that extended the company's geographic reach to four states and expanded the service menu to include new cutting-edge tests. The growth was driven by organic initiatives as ClearPath expanded the sales force from one professional to a team of nine highly trained business development experts and implemented LEAN processes that ensured best-in-class turnaround times.

ClearPath's co-founder and President, Michael Jozefczyk stated,

"Shore Capital was the perfect partner to guide ClearPath through a period of transformational growth. Their commitment to clinical quality combined with deep business development expertise allowed ClearPath to thrive during a difficult period in the diagnostic lab industry. With Shore Capital's assistance, we successfully expanded into three new states across the Northeast and our revenue growth outpaced industry averages by more than 10x. The commitment to growth combined with sophisticated metric management techniques allowed us to become the leading independent provider of cancer testing services in the Northeast.""The success of this partnership is a testament to the hard work of the ClearPath team and further validation of Shore Capital's model of partnering with influential clinicians to grow local businesses into regional leaders," said Justin Ishbia, Managing Partner of Shore Capital and Chairman of ClearPath Diagnostics. "We are pleased with the outcome of this partnership and believe that ClearPath is well positioned to continue growing as a leader in the field of cancer diagnostics.""LabCorp is excited to both continue its commitment to the upstate New York medical communities and for the potential to grow career opportunities in the entire region over time," said William Haas, LabCorp Senior Vice President and Co-leader of LabCorp Diagnostics. "The combination of LabCorp's comprehensive women's health service offering coupled with the local expertise of the ClearPath professional team will be an unmatched blend of value and quality to our Obstetric and Gynecologic customers and patients."

The transaction closed on October 3, 2016. Terms of the transaction were not disclosed. Winston & Strawn LLP served as legal advisor to ClearPath on the transaction.

About ClearPath

Incorporated in 2002, ClearPath's founding pathologists have been practicing in Upstate New York since 1975. By combining cytology and pathology with comprehensive administrative support, ClearPath Diagnostics offers clinicians an unsurpassed resource for anatomic pathology outreach services in New York, Connecticut, New Jersey, Pennsylvania and beyond. www.clearpathdiagnostics.com

August 23, 2016 – Shore Capital Partners (“Shore Capital”) a healthcare-focused private equity firm, is pleased to announce the sale of Fast Pace Urgent Care (“Fast Pace”), a leading provider of urgent care services throughout rural Tennessee and Kentucky, to Revelstoke Capital Partners.

In December 2012, Shore Capital partnered with Fast Pace founders, Stan Bevis and Reams Powers, to help grow their initial seven urgent care locations. Shore Capital and Fast Pace together executed an accelerated growth plan and expanded the business from seven to 36 clinics in approximately three and a half years. The growth came primarily through de novo expansion as the company opened 26 new locations and acquired three locations. Five incremental locations are scheduled to open later this year. In addition to geographic expansion, Fast Pace increased corporate infrastructure while implementing operational efficiencies to become a recognized leader in the delivery of urgent care and primary care services.

Fast Pace’s co-founder and CEO, Stan Bevis, stated, “Shore Capital has been the ideal partner to support our rapid growth due to their expertise in de novo site selection, add on acquisitions, metric management and ability to help scale the company as it grew from 50 to 700 employees. With the guidance of the Shore team and Fast Pace board, we were able to exceed our growth projections, resulting in yearly patient visits increasing from 40,000 in 2012 to approximately 400,000 today. The success and rapid growth over the past three and a half years is attributable to our successful partnership with Shore and an outstanding management team. We are excited to continue to develop the business and expand to additional communities.”

“The Fast Pace and Shore Capital partnership was a successful combination due to the strong alignment between the founders, investors and other stakeholders,” said Ryan Kelley, a Partner with Shore Capital and Chairman of Fast Pace. “We are very pleased with the outcome and believe Fast Pace is well positioned to continue its growth as a leader in the urgent care industry.”

Houlihan Lokey served as financial advisor and Winston & Strawn served as legal advisor to Fast Pace on the transaction. Ropes & Gray LLC served as legal advisor to Revelstoke Capital Partners.

About Fast Pace

Fast Pace was founded in 2009 and is the largest independent provider of urgent care and primary care services in Tennessee. Fast Pace is headquartered in Brentwood, TN and provides convenient and affordable healthcare services to rural markets throughout Tennessee and Kentucky. Fast Pace provides treatment for a wide range of illnesses, injuries, and common conditions, in addition to diagnostic and screening services. www.fastpaceurgentcare.com/

July 21, 2016 – Shore Capital Partners announced an investment in AlphaVista Services. AlphaVista provides speech language pathology, occupational therapy, special education, school psychology and related services to a variety of public school districts and private learning centers.

May 3, 2016 – Shore Capital Partners announced an investment in IZI Medical Products, a manufacturer of medical consumable accessories used in radiology, radiation therapy and image guided surgery procedures.

November 2, 2015 – Shore Capital Partners announced an investment in Specialdocs Consultants, specialists in converting traditional primary care physicians to a personalized or concierge medicine model.

October 15, 2015 – Shore Capital Partners announced an investment in Shippert Medical, a manufacturer of medical and surgical supplies.

August 21, 2015 – Shore Capital Partners announced an investment in Florida Autism Center, a provider of center-based applied behavior analysis (“ABA”) treatment services to children diagnosed with Autism Spectrum Disorder (“ASD”).

April 7, 2015 – Shore Capital Partners announced an investment in Great Lakes Dental Partners, four general practice dental offices located in Chicago, IL. Click here to learn more.