$1.45 Billion Transaction Helps DMG Fuel Expansion, Maintain
Physician Independence
DOWNERS GROVE, Ill. & LOS ANGELES--(BUSINESS WIRE)--
DuPage Medical Group, one of the nation’s largest independent,
multi-specialty physician groups, announced the closing of a strategic
partnership with funds managed by the private equity group of Ares
Management, L.P. (NYSE:ARES), the global alternative asset management
firm. The investment by Ares will enable continued support for growth
initiatives across the entire organization, including DMG’s practice
management company, DMG Practice Management Solutions, and DMG’s
subsidiary, Boncura Health Solutions. The $1.45 billion transaction
closed on August 15, 2017.
Under the terms of the transaction, DMG’s physician group, DuPage
Medical Group Ltd., will remain 100% physician-owned-and-directed, and
DMG physicians will retain a significant ownership stake in the practice
management company. As part of its investment, Ares also acquired Summit
Partners’ stake in DMG Practice Management Solutions, and Summit will
exit as an investment partner.
“As DMG continues to grow in size and scale, it is critically important
for our organization to remain independent and physician-led,” said DMG
CEO Mike Kasper. “Ares understands and supports our core mission, which
is to maintain and enrich our patient-focused, doctor-directed culture.
This partnership, which will particularly benefit our subsidiary
Boncura, provides unprecedented access to capital and strategic backing
for DMG’s growth initiatives, such as population health, expansion into
new geographies and additional service offerings. We believe this
endeavor will ultimately enhance our ability to reach and treat
patients. This is our path forward.”
Mr. Kasper specified that DMG patients should expect to see additional
service lines, sites of care and physicians as a result of the
partnership. This growth will allow DMG to enhance its integrated
outpatient delivery model and further enhance its efforts to provide
quality, efficiency and access to patients.
“We are extremely excited to welcome Ares as our partner, as DMG
continues to grow to become the best group for all physicians and
patients both within the Chicago area as well as nationally,” commented
Dr. Paul Merrick, President and Chairman of DMG. "Our partnership with
Ares will allow us to maintain our physician-oriented culture and
clinical autonomy. More importantly, we are well positioned to expand
and enhance our management service offerings and continue providing our
patients the highest quality care.”
About DuPage Medical Group
Founded in 1999, DuPage Medical Group is the largest independent,
multi-specialty physician group with more than 600 physicians in over 80
suburban Chicago locations. DMG is a patient-centered organization
focused on improving access to convenient, quality health care using the
latest technology and treatment options. For more information, visit www.dupagemedicalgroup.com.
About Boncura Health Solutions
Since its inception in 2011, Boncura Health Solutions has remained a
physician-owned and directed organization aimed at improving patient
outcomes, efficiently managing at-risk populations to reduce unnecessary
healthcare costs, delivering services in a cost-effective manner, and
providing unique and convenient ways for patients, providers, and
clients to access key support services. Its expertise allows hospitals
and health systems, independent physician groups, and accountable care
organizations to provide value-based care through efficient and
intelligent administrative and clinical services. Today, Boncura serves
more than 5,500 physician providers and partners, managing upwards of
350,000 lives, and processing more than seven million claims annually.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $104 billion of assets under management
as of June 30, 2017 and more than 15 offices in the United States,
Europe, Asia and Australia. Since its inception in 1997, Ares has
adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170816005140/en/
For DuPage Medical Group:
Maria McGowan, 630-545-7640
[email protected]
or
For
Ares Management:
Media:
Mendel Communications
Bill
Mendel, 212-397-1030
[email protected]
or
Investors:
Carl
Drake, 800-340-6597
[email protected]
or
Priscila
Roney, 212-808-1185
[email protected]
Source: Ares Management, L.P.
