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/