Summit Spine & Joint Centers has completed a recapitalization with Wellspring Capital Management.
The news marks the third private equity recapitalization for the Georgia-based minimally invasive spinal services platform in seven years.
Summit officials said in a press release that the funding is expected to provide additional capital to bolster Summit’s expansion in the Southeast and adjoining markets.
“Our mission is to empower physicians, because when physicians are empowered and feel supported by our MSO infrastructure, they are best positioned to deliver outstanding outcomes for their patients,” Summit Spine & Joint Centers CEO Amit Patel said in the release.
Lawrenceville, Georgia-based Summit Spine & Joint Centers operates 17 ASCs and 44 clinics across Georgia, North Carolina, South Carolina and Tennessee.
“We have built a platform that not only enhances patient care but also provides unparalleled opportunities for physicians to grow, lead, and take ownership in their practice and surgical centers,” Patel added.
New York-based Wellspring Capital Management is a middle-market private equity firm founded in 1995. It invests in a broad range of sectors, including health care, consumer and business services.
While there are no other recent ASC recapitalizations on record for Wellspring, in 2019, the company recapitalized RAYUS Radiology to help the interventional radiology provider expand nationally.
Some of its other investments include Caring Brands International, Healthpro Heritage and Pentec Health.
Summit Spine specializes in the diagnosis and treatment of neck and back discomfort, herniated disks, sciatica, headache, pelvic discomfort, musculoskeletal conditions, neuralgia, and many other health and wellness issues, according to the press release.
The recapitalization with Wellspring Capital Management continued the momentum that Summit has experienced in recent months.
In March, Summit Spine & Joint Centers announced one of its most recent expansions via the opening of a new clinic in Covington, Georgia. The organization likewise opened up another location in South Carolina via a new Greenville-based ASC.
Meanwhile, in November, Summit announced the acquisition of Integrated Pain Solutions, a pain management practice with 18 providers across 11 locations in North Carolina.
