Leonard Green & Partners’ Acquisition of a majority interest in MDVIP


Choate represented Summit Partners and its portfolio company, MDVIP, in the sale of a majority interest in MDVIP to private equity firm Leonard Green & Partners.

MDVIP, the national leader in affordable personalized healthcare, today announced that Leonard Green & Partners, a leading private equity investment firm, has acquired a majority interest in the company from global growth equity investor Summit Partners. Summit Partners, which initially invested in MDVIP in 2004 and later acquired it from Procter & Gamble in 2014, will remain a minority investor in the company. Terms of the transaction were not disclosed.

Founded in 2000 in Boca Raton, Florida, MDVIP leads the market in membership-based medicine with a growing network of over 850 affiliated primary care physicians currently serving more than 280,000 members across the country. Under the MDVIP model, physicians maintain smaller practices, allowing them to spend more time with patients than in a traditional practice model, and to provide highly individualized care with an emphasis on prevention and wellness. The company’s patient satisfaction and annual membership renewals consistently exceed 90 percent.

Leonard Green & Partners is a leading private equity investment firm with more than $25 billion of assets currently under management. Since its founding in 1989, the firm has invested in over 80 companies primarily in the consumer, business services, healthcare services and retail sectors.

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $15 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 460 companies in healthcare, technology and other growth industries.

The Choate team on the transaction included T.J. Murphy (Picture), Rees Hawkins, David Katz and Mark Bellis.

Involved fees earner: T.J. Murphy – Choate; David Katz – Choate; Rees Hawkins – Choate; Mark Bellis – Choate;

Law Firms: Choate;

Clients: Summit Partners; MDVIP Inc.;

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Author: Ambrogio Visconti