The Steadman Clinic partnered with a private equity-backed orthopedic practice company.
The Vail, Colo.-based practice is renowned for treating professional athletes and Olympians. Founded by Richard Steadman, MD, the practice operates out of three locations and includes the Steadman Philippon Research Institute.
Five key notes:
1. The Steadman Clinic formed a strategic affiliation with Orthopedic Care Partners, which is the holding company for The Orthopaedic Institute and four other practices.
2. The Steadman Clinic will retain its name post-affiliation and will operate under its own brand. Marc Philippon, MD, will continue to lead the practice.
3. Dr. Philippon believes that the affiliation will allow the practice to execute on its growth plans swiftly. "After considering a number of different alternatives, it was clear to us that OCP not only shares our values, but also has the expertise and network to help us grow while maintaining our commitment to providing state-of-the-art patient-centric care," he said.
4. Private equity firm Varsity Healthcare Partners backs OCP. VHP focuses on lower middle-market healthcare services. Sheppard, Mullin, Richter & Hampton were legal advisors to OCP and VHP.
5. VHP invested additional equity in the practices as a result of the partnership and Dr. Philippon and his partners have become significant shareholders in OCP.