North American Partners in Anesthesia (NAPA) and MEDNAX, Inc.
(NYSE: MD) today jointly announced the completion of NAPA’s
acquisition of American Anesthesiology, a MEDNAX medical group,
creating the destination of choice for anesthesia, pain management,
and perioperative care in the United States.
NAPA was founded in 1986 by physicians with a mission to seek
excellence in patient care and create value for its clinicians and
hospital and ambulatory partners. That vision has helped the
company grow from coast to coast. American Anesthesiology, founded
in 2007, has grown into a leading and dynamic anesthesia partner,
providing comprehensive, customized health solutions in a variety
of clinical settings, which is well aligned with NAPA’s mission and
vision. With this transaction, NAPA will now employ, through its
affiliated entities, over 6,000 clinicians and staff who deliver
quality anesthesia and pain management services, at more than 500
facilities in 20 states and the District of Columbia, to over three
million patients annually.
John F. Di Capua, M.D., Chief Executive Officer of NAPA, said,
“In welcoming American Anesthesiology’s clinicians and
administrative team members to the NAPA family today, we are
solidifying our role as the destination of choice for anesthesia,
pain management, and perioperative care in the United States.
Importantly, American Anesthesiology shares our commitment to
putting patients first, and their clinicians will join us as we
focus on delivering exceptional patient outcomes under our
clinician-led, single-specialty model. We look forward to learning
from, and collaborating with, our new colleagues as we leverage our
combined expertise and resources to elevate the industry standard
among our patients, clinicians, surgeons and hospital and
ambulatory partners.”
“Anesthesiology clinicians are part of the backbone of the
healthcare industry, and at no time has that been more evident than
during this pandemic crisis,” said Roger J. Medel, M.D., Chief
Executive Officer of MEDNAX. “This transaction enables American
Anesthesiology to become part of a clinician-led, clinically
focused, single-specialty organization dedicated to the provision
of high-quality anesthesia, pain management, and perioperative
care. At MEDNAX, we will remain focused on the care we provide and
the opportunities available for growth in our Pediatrix &
Obstetrix and MEDNAX Radiology Solutions medical groups, as well as
Surgical Directions.”
Dr. Di Capua concluded, “Our proven best practices from our
combined organization, regionally-oriented dyad structure, data
driven anesthesia services and innovative technology will all now
be able to be deployed on a greater scale. This will enable us to
create value for our partners across the country and reinvest in
the business to ensure that our clinicians stay at the forefront of
anesthesiology to deliver the best patient care.”
Further details of the transaction, including financial terms,
can be found in a Current Report on Form 8-K filed by MEDNAX today
with the Securities and Exchange Commission.
In connection with this transaction, and in order to facilitate
a seamless transition for American Anesthesiology’s clinicians and
employees, MEDNAX has agreed to provide certain transition services
for up to 18 months.
Advisors
Kirkland & Ellis LLP and Waller Lansden Dortch & Davis,
LLP served as legal counsel to NAPA. Barclays is serving as
financial advisor and Cleary Gottlieb Steen & Hamilton LLP and
DLA Piper LLP (US) are serving as legal counsel to MEDNAX on the
transaction.
MEDNAX Earnings Conference Call & Webcast
As previously announced, MEDNAX will release its results from
operations for the quarter ended March 31, 2020 the morning of May
7, 2020 before the securities markets open. The Company will host
an investor conference call and webcast on Thursday, May 7, 2020 at
10:00 a.m. ET, to discuss both its results from operations and
today’s announced transaction. The investor conference call will be
webcast and can be accessed at MEDNAX’s website,
www.mednax.com/investors.
About NAPA
As a clinician-led organization, North American Partners in
Anesthesia is redefining healthcare, delivering unsurpassed
excellence to its partners and patients every day. Since its
founding by physicians in 1986, NAPA has grown to become one of the
nation’s leading single-specialty anesthesia and perioperative
management companies, serving more than 3 million patients annually
in more than 500 healthcare facilities nationwide. For more
information, please visit www.NAPAanesthesia.com.
About MEDNAX
MEDNAX, Inc. is a national health solutions partner comprised of
the nation's leading providers of physician services. Physicians
and advanced practitioners practicing as part of MEDNAX are
reshaping the delivery of care within their specialties and
subspecialties, using evidence-based tools, continuous quality
initiatives, consulting services, clinical research and
telemedicine to enhance patient outcomes and provide high-quality,
cost-effective care. The Company was founded in 1979, and today,
through its affiliated professional corporations, MEDNAX provides
services through a network of more than 3,000 physicians in all 50
states and Puerto Rico. Additional information is available at
www.mednax.com.
Forward Looking Statements
Certain statements and information in this press release
concerning MEDNAX may be deemed to contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements may
include, but are not limited to, statements relating to MEDNAX’s
objectives, plans and strategies, and all statements, other than
statements of historical facts, that address activities, events or
developments that we intend, expect, project, believe or anticipate
will or may occur in the future. These statements are often
characterized by terminology such as “believe,” “hope,” “may,”
“anticipate,” “should,” “intend,” “plan,” “will,” “expect,”
“estimate,” “project,” “positioned,” “strategy” and similar
expressions, and are based on assumptions and assessments made by
MEDNAX’s management in light of their experience and their
perception of historical trends, current conditions, expected
future developments and other factors they believe to be
appropriate. Any forward-looking statements in this press release
are made as of the date hereof, and MEDNAX undertakes no duty to
update or revise any such statements, whether as a result of new
information, future events or otherwise. Forward-looking statements
are not guarantees of future performance and are subject to risks
and uncertainties. Important factors that could cause actual
results, developments, and business decisions to differ materially
from forward-looking statements are described in MEDNAX’s most
recent Annual Report on Form 10-K and its Quarterly Reports on Form
10-Q, including the sections entitled “Risk Factors”, as well
MEDNAX’s current reports on Form 8-K, filed with the Securities and
Exchange Commission, and include the impact of the COVID-19
outbreak on MEDNAX and its financial condition and results of
operations; the effects of economic conditions on MEDNAX’s
business; the effects of the Affordable Care Act and potential
changes thereto or a repeal thereof; MEDNAX’s relationships with
government-sponsored or funded healthcare programs, including
Medicare and Medicaid, and with managed care organizations and
commercial health insurance payors; the performance of American
Anesthesiology and NAPA subsequent to the closing of the
transaction; the timing and contribution of future acquisitions;
the effects of share repurchases; and the effects of MEDNAX’s
transformation and restructuring initiatives.
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version on businesswire.com: https://www.businesswire.com/news/home/20200506005524/en/
NAPA Contacts Media: Brian Schaffer / Josh Clarkson
Prosek Partners bschaffer@prosek.com / jclarkson@prosek.com
212-279-3115 MEDNAX Contacts Investors: Charles Lynch Vice
President, Strategy and Investor Relations 954-384-0175, x 5692
charles_lynch@mednax.com Media: Andy Brimmer / Jim Golden Joele
Frank, Wilkinson Brimmer Katcher 212-355-4449
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