Kinderhook Industries, LLC ("Kinderhook") announced today the formation of a new primary care platform focused on expanding access to care in underserved, rural markets.
NEW YORK, May 10, 2022 /PRNewswire/ -- Kinderhook Industries, LLC ("Kinderhook") announced today the formation of a new primary care platform focused on expanding access to care in underserved, rural markets. Kinderhook, in conjunction with the Platform's new CEO Benson Sloan, launched the company headquartered in Nashville, TN, and initially partnering with Smoky Mountain Urgent Care PC ("Smoky Mountain" or the "Company") Kinderhook both recapitalized the Company and provided significant additional growth capital to further invest in similar healthcare providers. The transaction represents Kinderhook's 57th healthcare-related transaction. Financial terms of the transaction were not disclosed.
Smoky Mountain opened its first family care clinic in 2013 which became Graham County, NC's first open-7-days primary care facility. Since then, the Bryson City, NC clinic has grown into a 4-location physician-owned group of family medicine clinics. Led by founder David Castor, M.D., Smoky Mountain serves rural communities in North Carolina which are designated as Medically Underserved Areas.
Smoky Mountain is the first transaction in Kinderhook's vision to scale a new multi-state primary care platform (the "Platform"). Through the Platform, Kinderhook will invest in rural family medicine providers to help them grow, adopt leading technologies, and utilize best practices to better serve their communities. Benson Sloan, previously an executive at naviHealth, will serve as Chief Executive Officer of the Platform. Additionally, David Castor, M.D. will join the Platform as Regional Medical Director
"I am excited to join Kinderhook and work with Dr. Castor on expanding primary care access," said Benson Sloan, Chief Executive Officer of the Platform. "Our goal is to ultimately improve the lives of those living in underserved communities, which we believe starts with high quality primary care. We will enable providers by investing in their clinics to improve the overall experience."
"Kinderhook's vision of investing in health care for rural America and their experience in government healthcare programs made this an ideal partnership for our clinics and staff," said David Castor, M.D., Founder of Smoky Mountain. "This partnership creates tremendous opportunities to provide better care to the members of our communities."
"We are excited to establish a platform focused on expanding our rural healthcare system," said Chris Michalik, Managing Director of Kinderhook Industries. "I am looking forward to working with Benson Sloan, Dr. Castor and their teams to support the Platform's growth plan."
"Rural communities feature the highest patients per physician ratios, greatest frequency of hospital closures, and the most significant unmet demand for specialist providers. It is no secret that Americans living in rural communities have perpetually faced a variety of access barriers to high quality, convenient, and affordable primary care services," said Matt Bubis, Kinderhook Vice President. "We are extremely excited to work with Benson Sloan and his team to change the landscape for healthcare in rural America."
Bass, Berry & Sims PLC served as legal counsel to Kinderhook. Sherrard Roe Voigt & Harbison, PLC served as legal advisor, and Merge Growth Advisors served as financial advisor to Smoky Mountain.
Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages over $5 billion of committed capital. We have made in excess of 300 investments and follow-on acquisitions since inception. Kinderhook's investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services, and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders.
For more information, please visit: www.kinderhook.com
Smoky Mountain is a physician-owned group of family medicine clinics serving rural communities in North Carolina. Smoky Mountain Urgent Care is proud to serve its communities and patients with high quality, affordable and convenient family practice and other specialty medicine services.