NEW YORK — Private equity firm Warburg Pincus has taken a majority stake in CityMD, the leading urgent care provider in the New York Metro area. The investment will be used to accelerate CityMD’s expansion through new site openings and strategic acquisitions and partnerships. Terms of the transaction were not disclosed.
CityMD was co-founded by Dr. Richard Park and other physician partners in 2010 as an alternative to both expensive, crowded emergency rooms with long wait times and to physicians who are often booked weeks in advance. Established on the pillars of serving kindness, putting patients first, and delivering quality medical care, CityMD offers a wide range of comprehensive care by highly qualified physicians, as well as other clinical and support staff. CityMD also provides an innovative Aftercare Service to assist patients with follow-up care including referrals, pre-approvals and other appointments. The company began with one site in Manhattan and now operates 68 locations in New York, New Jersey and Washington State with a growing team of over 300 medical professionals and providers. It now serves over one million patients a year.
“CityMD has established itself as a leading provider in the fast-growing U.S. urgent care market by creating an exceptional patient experience and providing high-quality treatment at significantly lower costs than traditional visits to the emergency room,” said In Seon Hwang, Managing Director, Warburg Pincus. “We see meaningful opportunities for CityMD’s continued expansion and look forward to partnering with Dr. Park and the company’s management team in this next chapter of growth.”
“CityMD is making the practice of healthcare more inclusive by providing quality medical care through convenient access and an exceptional experience for all patients,” said Dr. Richard Park, President and CEO of CityMD. “We’re pleased to welcome Warburg Pincus as our exciting new investment partner that is well aligned with this mission. With our combined business objectives and their deep expertise in the health care sector, this partnership will enable CityMD to continue expanding as we strive to achieve our vision to build healthier communities by serving everyone.”