Investment Allows Denver-Based Renal Care Provider to Accelerate its De Novo and Acquisition Growth Initiatives
DENVER--(BUSINESS WIRE)-- Renal Ventures Management, LLC, a Denver-based renal care provider that operates 25 dialysis centers in six states, today announced that is has received $30 million in capital from Goldman Sachs Group, Inc. (NYSE: GS), one of the world’s largest investment banks, to be used to fund growth initiatives including additional treatment center acquisitions, de novo center openings and expansion into related services.
A privately held company, Renal Ventures Management’s existing shareholders will continue to maintain a significant control position under the terms of the agreement.
In addition to the investment from Goldman Sachs, Renal Ventures Management announced that it has successfully completed syndication of a senior credit facility with J.P. Morgan Chase & Co. (NYSE: JPM), one of the oldest financial institutions in the United States, and Vectra Bank Colorado, N.A., a Colorado-based subsidiary of Zions Bancorporation (NASDAQ: ZION), to provide the company with additional capital for growth and operations.
“Goldman Sachs, J.P. Morgan Chase and Vectra Bank understand the dynamics of the renal care sector in general and our differentiated model in particular, and we are proud to team with these world-class organizations to fuel Renal Ventures Management’s next stage of growth,” said Dan May, chief financial officer of Renal Ventures Management. “These investments will streamline our footprint expansion efforts and allow us to more quickly build out complementary renal care services and new co-ventures with top physicians, to ultimately provide more patients with knowledgeable, compassionate and quality-focused care.”
Founded in 1997, Renal Ventures Management provides long-term delivery of dialysis care to patients suffering from kidney failure, or end-stage renal disease. According to the Centers for Disease Control and Prevention, there are approximately 24 million people who suffer from diabetes in the United States, an amount that is expected to double by 2050.
Renal Ventures Management’s business model is unique in that it’s co-venture based, allowing the company to partner with local nephrologists. Starting immediately, the company will be pursuing new co-ventures with nephrologists nationwide.
“Our current nephrologist partners find our model to be highly beneficial as it provides centralized administrative services such as billing and collections, purchasing, operations and systems,” said Larry Chatfield, chief executive officer of Renal Ventures Management. “In turn, because they maintain operational control of the treatment center, our nephrologist partners play a vital role in quality assurance and patient satisfaction, which are two key attributes in our ability to compete successfully.”
The Renal Ventures Management leadership team has more than 300 years of renal experience. The company is led by Chatfield, chief executive officer; May, chief financial officer; Patricia DiGiovanni, chief operating officer; and Ellen Davis, vice president of strategic services and co-founder.
The company’s Chief Medical Officer, Dr. Thomas Parker III, is a renowned nephrologist who has received honors including recognition as one of the “Best Doctors in America” and the Physician of the Year Award from the National Kidney Foundation; the Medal of Excellence Award presented by the American Association of Kidney Patients; and the Donald Seldin Award given by the National Kidney Foundation.
About Renal Ventures Management, LLC
Headquartered in Lakewood, Colo., Renal Ventures Management is a multi-state provider of renal care through 25 dialysis centers. The Company owns and operates centers in New Jersey, Pennsylvania, West Virginia, Iowa, Arkansas and Texas. In addition, the company owns and operates an infusion therapy company also located in Lakewood.
The company employs 60 people at its headquarters and 538 clinicians and administrative staff at its treatment centers. For more information on Renal Ventures Management and its network of dialysis centers, visit http://www.renalventures.com.
CONTACT:
Linhart PR, on behalf of Renal Ventures Management
Tim Streeb, 303-951-2560
[email protected]
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