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Case Study: MDVIP and Summit Partners — May 2014

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Case Study:

MDVIP

  • 5x revenue growth during 5-year investment
  • Expanded from 65 physicians in 12 states to 350 physicians across 28 states
  • Became the U.S. leader in personalized healthcare
  • Acquired by Procter & Gamble

mdvip acquire soldMDVIP was founded as an alternative to a primary healthcare system characterized by long wait times and overextended physicians. Under the MDVIP model, patients pay an annual membership fee, which allows doctors to limit their practices to 600 patients and enables exceptional, more personalized healthcare focused on prevention and wellness. Although the company generated sufficient cash flow to finance its growth, the team believed the right investor could help accelerate their national expansion and provide strategic assistance.

Related: Summit Partners to Acquire MDVIP — CEO says ““Summit Partners shares my vision for MDVIP – to continue growing as a national leader in primary care,” says Dan Hecht.

How Summit helped:

  • Invested $6 million and joined the company’s board
  • Offered counsel on upgrading financial reporting systems and on preparing for an eventual IPO or strategic sale
  • Helped recruit CEO Bret Jorgensen, as well as a CFO and EVP of Operations
  • Provided strategic input on an array of operating issues including expansion of the sales organization and building an independent board
  • Worked closely with MDVIP to achieve a minority investment from Procter & Gamble, which subsequently acquired the company

MDVIP was approached by Procter & Gamble (P&G), which was evaluating opportunities in consumer-driven healthcare. Summit played a vital role in structuring an investment from P&G in 2007, and helped complete the acquisition in 2009. Today, MDVIP operates as an independently and wholly owned subsidiary, with more than 650 MDVIP-affiliated physicians serving more than 200,000 patients across the United States.

Source: Summit Partners

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