By Eric Althoff
BOCA RATON, Fla.—Investment firm Sun Capital Partners has announced it is buying Miami Beach Medical Group (MBMG), which provides primary, specialty and ancillary care services for Medicare Advantage members throughout South Florida. Sun will be purchasing the healthcare provider from previous owner Gauge Capital.
MBMG is the second-largest independent provider of “capitated primary care services” to members of the Medicare Advantage plan in the South Florida area. MBMG’s network in the Sunshine State offers 19 medical centers in four counties. The healthcare provider also operates a management services organization entailing 74 independent physicians.
Florida is the second-largest Medicare Advantage market in the country. Thirty percent of all enrollees in the state come from the South Florida region.
“Working with the Sun Capital team gives us the resources we need to enhance operations and strengthen performance as we continue to deliver outstanding care to our patients and great value for our partners,” Efrain Duarte, MBMG’s CEO, said in a recent statement. “With the industry expertise Sun Capital brings to the table, we are well-positioned to build on our delivery model and take advantage of new growth opportunities.”
Added Marc Leder, co-chief executive officer of Sun Capital: “As Medicare Advantage enrollment continues to surge, MBMG is ideally positioned, both geographically and strategically. They have a highly experienced management team, a scalable platform, and have made a number of key investments in infrastructure and care delivery.”
“MBMG has built a best-in-class organization, has an outstanding reputation for quality care, and maintains strong relationships with payers and healthcare providers,” Daniel Florian, Sun Capital Partners’ managing director, also said in a recent statement. “Given their powerful platform and their position in one of the nation’s fastest-growing markets, we are excited about applying our healthcare experience and partnering with Efrain and the team to build on their leadership position.”
Sun Capital Partners was formed in 1995, and since that time has invested in over 400 properties worldwide. In addition to a focus in healthcare, the operation also invests heavily in industrial and consumer services.