NEW ORLEANS, Louisiana — February 15, 2011 – Millennium Healthcare Management (MHM), a Louisiana-based practice management group for urgent care centers, obtained growth capital from Dallas-based private equity group, Elm Creek Partners, and its co-investors. The capital will be used to support the purchase of a majority interest in three urgent care centers in the Southern Louisiana market and the opening of additional centers within the region.
“This entire process started over a year ago with a very methodical approach,” says Millennium CEO Keith LeBlanc, “and we couldn’t be happier or more thrilled with our new partners. While this market is still highly fragmented, we strongly feel that urgent care is finally finding its niche. We are confident that with the excellent quality of our physician partners at the clinical level and our experienced practice management group, we will be able to build an attractive geographic footprint across Louisiana and Mississippi.”
MHM currently operates five centers in Louisiana and three in Mississippi, with plans for growth in the region over the next several years. With increasingly crowded emergency rooms and shortages of primary care physicians, demand for the affordable and convenient services offered by urgent care centers is increasing. Accredited urgent care centers like those owned by MHM are changing the perception of the industry as patients experience the range, quality and value of services provide by urgent care facilities.
“The ability to work with Elm Creek Partners gives us great potential moving forward from both a financial and professional standpoint,” says Millennium Chief Medical Director, Dr. Gerald Cvitanovich. “Not only does it give us the credibility we seek in the financial realm, but it also provides us with the capital to grow at a much smarter and more aggressive rate than we could have expected through our own organic growth.”
FirstSouthwest, a Dallas-based diversified investment bank, acted as exclusive financial advisor to Millennium Healthcare Management in this transaction.
“Keith, Gerry and the Millennium team have built a successful urgent care business and were very thoughtful in their approach to accessing capital,” says Victor Schmerbeck, Managing Director of FirstSouthwest. “The partnership with Elm Creek provides them a great opportunity to build the leading urgent care company in the gulf coast region. We thoroughly enjoyed working with the principals at Millennium and Elm Creek.”
About Millennium Healthcare Management
Millennium Healthcare Management (MHM) was founded in January 2006 and offers partnership opportunities to physicians and hospitals. MHM provides management services to urgent care centers handling everything from center startup preparations to full ongoing management including practice management, clinical services support, marketing, accounting, and physician staffing. Through diverse and comprehensive services, MHM has facilitated the successful accreditation of four client centers by The Joint Commission. Visit www.millenniumurgentcare.com for information and locations.
About Elm Creek Partners
Elm Creek Partners is a Dallas-based private equity group investing primarily in Texas and surrounding states. Their approach is to partner with strong teams and actively assist them in building successful and enduring enterprises. They make controlling equity investments in profitable small businesses with growth opportunities across diverse industries. www.elmcreekpartners.com.
FirstSouthwest is a Dallas-based diversified investment bank with 23 offices in 11 states and the District of Columbia with over 370 employees. FirstSouthwest offers professional expertise in corporate finance, public finance, asset management, capital markets and correspondent clearing. Find more information at www.FirstSW.com.