CityMD's Aggressive Expansion Continues
When the deals are finalized, CityMD will have 100 urgent care centers in the New York Metropolitan area. CityMD has grown by more than 40% in the past year.
CityMD's aggressive expansion continues with the acquisition of STAT Health, an urgent care provider with 12 clinics on Long Island, and FirstMed Immediate Medical Care, an urgent care center in Queens, the company announced Tuesday.
Financial terms were not disclosed for either deal, both of which are expected to be finalized by the end of March.
When the two acquisitions are in the books, Manhattan-based CityMD will have 100 urgent care centers in the New York Metropolitan area. STAT had plans to open two more urgent care centers this year in Nassau and Suffolk Counties, and that plan will continue under the CityMD brand.
"I am thrilled to be reaching this milestone of 100 CityMD locations, and excited to welcome STAT Health and First Med to the CityMD team," CityMD CEO Richard Park, MD, said. "Our seamless integration will enable us to serve more patients in Eastern Long Island and Queens, and bring us closer to achieving our vision of building healthier, kinder communities."
Last year Warburg Pincus bought a majority stake in CityMD, which was founded in 2010. CityMD has grown 43% since then, and now includes more than 400 providers in its network.
STAT Health was founded in 2005 by Paolo Coppola, MD, who grew the company to include eight clinics on Long Island. Plans were underway to double the size of STAT Health after partnering in 2016 with the investment firm Spanos Barber Jesse & Co.