A Valley company with a health care platform serving metro Phoenix with more than 80 providers at 13 locations has received its first outside funding after partnering with a New York private equity firm.
Chandler-based My Dr Now received the growth equity investment from Kain Capital, which specializes in technology enablement for health services companies.
Financial details were not disclosed, but according to Kain Capital's website, the firm typically invests in businesses with annual revenue in the $20 million to $150 million range, and earnings before interest, taxes, depreciation and amortization (EBITDA) of between $5 million and $40 million. Its investments are typically to obtain control of the target company, but it does make some smaller investments as well, according to its website.
My Dr Now’s platform and retail-based clinic locations provide urgent care, primary care, mental health care and specialty services. The company aims to make getting service easier by offering extended hours on a scheduled or on-demand basis seven days a week and on holidays. House calls are also available through the company.
The company says it is Arizona’s largest privately owned primary care group.
Dr. Payam Zamani — who founded the Valley company in 2007 and who will remain CEO, majority shareholder and board member — highlighted the importance of the investment to its plans to continue expanding in the coming years, including beyond the Valley.
“Partnering with Kain Capital is critical to our strategic multiyear effort to expand our footprint in Arizona and across the country,” Zamani said in a statement. “My Dr Now's unique and proven omni-channel model allows for convenience which is more conducive to consumer lifestyle expectations, while driving improved outcomes at a lower cost. We were very careful in selecting a partner that understood the My Dr Now vision while providing access to resources which allows our clinicians and executive team to focus on providing high quality care.”
Kunal Kain, managing partner at Kain Capital, will join the My Dr Now’s board and said his team took note of the Valley company’s quality patient experience. He also said expansion is part of the plan.
“We believe this success is due to My Dr Now's unique model,” Kain said in a statement. “We are very pleased to continue to expand best practices from the existing network to additional locations and new service lines.”
In addition, Kain Managing Partner Steven Yecies said his firm looks forward to helping My Dr Now bring more innovation into the health care field.
“The physical and technical convenience offered is the future of healthcare,” Yecies said in a statement.
Orrick LLP provided legal counsel services to Kain Capital in the deal. McGuireWoods LLP served as legal counsel to My Dr Now.
