Goldman Sachs acquired Xpress Wellness, an affiliate of providers of urgent care and other healthcare services to rural communities, from Latticework Capital Management (LCM). Terms of the transaction were not disclosed.
This transaction and its associated investment positions Xpress to accelerate the already strong growth of its footprint by expanding urgent care services to more underserved communities. The company will utilize the global network and resources of Goldman Sachs to further the development of new and existing markets, and to build out additional, adjacent healthcare services.
“Our mission has always been to deliver the highest quality medical care to those most in need. We are proud of what we’ve accomplished working with the Latticework team, and we are excited to partner with Goldman Sachs to accelerate our next phase of growth,” Grant Asay, CEO of Xpress, said. “This affirms our reputation as an industry-leading provider while enabling us to enhance our services and deliver them to populations in need.”
“Latticework is proud of our partnership with the Xpress team and their efforts to expand access to critical healthcare services in underserved rural markets. Under our ownership, the company opened 30 de novos and executed on closing seven acquisitions, expanding Xpress’ geographic footprint, care delivery settings and service line offerings,” Kyle Bradford, managing partner of Latticework, said. “We’re confident Xpress is well-positioned for meaningful, scalable, sustained growth, and wish them continued success moving forward.”
“We look forward to partnering with the Xpress management team to continue to drive growth in existing and new geographic markets, bringing high-quality urgent care and select specialty services to underserved communities,” Greg Shell, head of inclusive growth at Goldman Sachs Alternatives, said. “We believe that Xpress has a differentiated model for serving rural communities, including having many clinics that are certified by CMS under the Rural Health Clinic (RHC) program and a team of dedicated clinicians.”
Houlihan Lokey served as the exclusive financial advisor and McGuireWoods served as legal counsel for Xpress. Latham & Watkins served as legal counsel for Goldman Sachs.
