VSS Announces Investment in Podiatry Growth Partners
Supports Accelerated National Expansion of Podiatry Practice Management Platform, Marks VSS’ 12th Investment in Healthcare Services
NEW YORK – OCTOBER 5, 2020 – VSS Capital Partners (“VSS”), a private investment firm investing in the healthcare, information, business services and education industries, today announced that it has completed a growth investment in Podiatry Growth Partners (“PGP” or “the Company”), a podiatry practice management platform that operates a national network of regionally branded podiatric clinics. Financial terms of the transaction were not disclosed.
Headquartered in St. Louis, Missouri, PGP provides back-office support services that help independent, growth-minded podiatrists scale their business while relieving them of administrative burdens such as finance, accounting, billing, human resources, and marketing. PGP’s podiatry practices offer a wide range of advanced foot and ankle care services, including surgical treatment, custom-orthotics and diagnostic services to patients of all ages. With VSS’ investment, the Company will continue to further expand its regional footprint through new physician partnerships across the U.S.
“We look forward to working with CEO David Weiss and his team who bring strong physician practice operational expertise to the Company,” said Jeffrey Stevenson, Managing Partner of VSS. “We’re thrilled to provide PGP with VSS’ flexible capital resources, healthcare experience and guidance as they pursue the next chapter of their growth through regional and national acquisitions of complementary podiatry practices.”
The demand for podiatry treatment is continuing to increase nationwide, driven by an aging population and the high prevalence of diabetes and obesity. As a result, there are more foot and ankle ailments that require treatment by podiatrists. Since 2006, the recession-resistant podiatry industry has demonstrated stability and sustained growth through multiple economic cycles, according to IBIS World.
The PGP team is led by Weiss, who brings broad and proven health business acumen to the Company as Chief Executive Officer, including growing multi-site offices through strategic acquisitions, business development, and operational and legal experience. “VSS’ extensive experience in building successful healthcare organizations in close partnership with management teams is well aligned with PGP’s physician-focused model,” said Weiss.
Weiss was previously Senior Vice President at EyeCare Partners, one of the leading national optometry and ophthalmology platforms in the U.S.
“We believe there is a tremendous opportunity for PGP to execute on its growth plan as the industry remains highly fragmented, with 99 percent of the nation’s 11,000-plus podiatry clinics in the U.S. being independently owned” said Victoria Durand, Associate at VSS. “We’re excited to support PGP as it builds on its mission to provide podiatrists with attractive opportunities to grow their practice, so they can continue to focus on patient care while accessing many benefits of a larger group.”
VSS has strong experience investing in and supporting the growth of lower middle market healthcare services organizations across the continuum of care, including Endo1 Partners, a national endodontic partnership organization; Ascent Behavioral Health, an operator of residential programs that provide treatment for adolescents with behavioral and mental health disorders; and, BRC Healthcare, a provider of substance abuse and addiction services through detox and residential treatment programs.
VSS is a private investment firm that invests in the healthcare, information, business services and education industries. Headquartered in New York, VSS provides capital for growth financing, recapitalizations, strategic acquisitions, and buyouts to lower middle market companies and management teams with the goal of building companies organically as well as through a focused add-on acquisition program. VSS makes privately-negotiated investments across the capital structure and invests in situations requiring control or non-control equity, mezzanine securities, and structured equity securities. VSS has over three decades of experience, made investments in 87 portfolio companies, with over 350 add-on acquisitions, and manages $3.5 billion in aggregate committed capital across 7 funds. For more information, please visit: www.vss.com.
About Podiatry Growth Partners
Podiatry Growth Partners is a practice management group focused on partnering with best-in-class podiatry clinics throughout the United States. We look for podiatrists who are the staples of their community; for doctors with leading practices who want to grow and further improve the businesses they have built – but need a helping hand to achieve these goals. By centralizing certain time-consuming administrative functions, our operating model reduces the back-office burden placed on independent podiatrists, which enables podiatrists to provide the highest quality of care, grow collections, and reduce practice expenses. For more information, please visit: www.podiatry-partners.com/