A New Acquisition, and a Plan for New Growth at ConvenientMD

The COVID-19 pandemic seemed to have put a deep freeze on urgent care acquisitions, so maybe it’s a good sign of things to come that Bain Capital just announced a deal to acquire New England-based ConvenientMD from Starr Investment Holdings. While the value of the deal was not revealed, ConvenientMD’s 26 locations in Maine, Massachusetts, and New Hampshire took in around $105 million in revenue last year. Early plans under the new ownership call for opening nine new clinics this year, and 10 in 2022. Gareth Dickens, cofounder of ConvenientMD, issued a statement noting that opportunity for growth could be ripe in New England due what he categorized as a “fairly broken primary care system.” The opportunity may be especially rich in New Hampshire, where “urgent care” has a fairly loose definition (with drugstore clinics falling under that umbrella in the eyes of the state). As such, digital imaging and other true urgent care staples may be competitive advantages instead of standard fare as in other parts of the country.