Correct Care Solutions and Correctional Medical Group Companies Join Forces to Deliver Best-in-Class Healthcare
SAN FRANCISCO – October 1, 2018 – H.I.G. Capital, (“H.I.G.”), a leading global private equity investment firm with over $27 billion of equity capital under management, is pleased to announce that one of its affiliates has acquired Correct Care Solutions (“CCS”) and combined CCS with H.I.G.’s existing portfolio company, Correctional Medical Group Companies (“CMGC”), in partnership with management.
The combined company will generate approximately $1.5 billion in annual revenues and be headquartered in Nashville, Tennessee (while maintaining a strong presence in San Diego, California where CMGC is based). CCS-CMGC will be the leading provider of localized, high-quality, compassionate healthcare to patients in challenging correctional and behavioral clinical environments, and the combined company’s 15,000 employees will serve nearly 300,000 patients daily in more than 550 health clinics and hospitals across nearly 40 states.
“CCS and CMGC are both focused on putting patients first, bringing best practices to the challenging clinical environments in which we work, and connecting compassionate, well-trained clinicians to the communities and patients that need them most,” said Jorge Dominicis, CEO of CCS-CMGC. “This combination is a natural evolution of both our businesses and will create a stronger, more dynamic business positioned for future growth and with more holistic healthcare options for our patients.”
“Over the years, as the country’s health care system has changed, we have seen more and more individuals with acute mental health diagnoses and substance use disorders being treated by our doctors, nurses and clinicians in correctional settings,” said Kip Hallman, President of CCS-CMGC and former CEO of CMGC since 2013. “Bringing together our experts and best practices in behavioral and mental healthcare, in particular, will help us to continually evolve our services to meet the changing needs of our patient population and to work with communities to serve their most vulnerable residents, and address their most pressing concerns.”
Rob Wolfson, a Managing Director at H.I.G. Capital added, “We are proud of what we have accomplished since partnering with CMGC in 2012, and are very excited to bring these two leading companies together. We believe we have combined the industry’s two best management teams, who both bring a shared passion for delivering excellent clinical care to patients in complex care settings.”
CCS-CMGC represents H.I.G.’s 23rd control investment in healthcare since 2008 and becomes its 14th current platform in the sector.
About Correct Care Solutions
Founded in 2003, and based in Nashville, Correct Care Solutions (“CCS”) is an international leader in public healthcare with nearly 11,000 professionals working in 38 states across the U.S. and Australia. CCS provides medical and behavioral health services for nearly 250,000 patients located in state hospitals, forensic treatment and civil commitment centers, as well as local, state and federal correctional facilities.
About Correctional Medical Group Companies
Founded in 1983 (as California Forensic Medical Group), and based in San Diego, Correctional Medical Group Companies (“CMGC”) is a provider of comprehensive medical and behavioral healthcare services to local detention facilities across the United States. An existing portfolio company of H.I.G. since 2012, CMGC lives by a simple code: Always Do the Right Thing, and CMGC’s enduring success is built on a passionate commitment to its patients and its county partners.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $27 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach.
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.