DuPage Medical Group Announces Investment from Ares Management Private Equity Group
August 16 2017 - 6:30AM
Business Wire
$1.45 Billion Transaction Helps DMG Fuel
Expansion, Maintain Physician Independence
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170816005140/en/
For DuPage Medical Group:Maria McGowan,
630-545-7640maria.mcgowan@dupagemd.comorFor Ares
Management:Media:Mendel CommunicationsBill Mendel,
212-397-1030bill@mendelcommunications.comorInvestors:Carl Drake,
800-340-6597cdrake@aresmgmt.comorPriscila Roney,
212-808-1185proney@aresmgmt.com
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