Emergency Care Partners Merges with Progressive Emergency Physicians, Appoints Bill Yarbrough as CEO of Combined Business

LAFAYETTE, La.–(BUSINESS WIRE)–Emergency Care Partners (“ECP”), a leading regional provider of
emergency medicine and outsourced emergency department management
services to hospital facilities across Louisiana, today announced a
strategic merger with Progressive Emergency Physicians (“PEP”), a
leading Long Island, New York based provider of outsourced emergency
department management services to care facilities across New York and
Pennsylvania. The combined super-regional emergency medicine platform –
which is to be headquartered in Pensacola, Florida – will service
departmental operations at 19 hospitals across Louisiana, New York, and
Pennsylvania, supported by a combined clinical workforce of 194
physicians and 216 mid-level providers, treating in excess of 670,000 ER
patient visits annually. Simultaneous with the closing of the
transaction, PEP’s Dr. Andrew Sama will join the executive leadership of
ECP, while both Dr. Sama and PEP’s Dr. David Kim will join the corporate
Board of Directors of ECP.

In terms of strategy, the combined business will continue its service
intensive approach to managing small/medium-sized emergency departments,
leveraging ECP’s unique business model that combines local physician
equity partnerships and ECP’s differentiated technology platform to
ensure local service accountability and care quality at each ECP
facility served. Further, ECP’s physicians – including legacy physician
partners from the former PEMM and PEPA groups and those from the newly
absorbed PEP operations – will continue to be meaningful shareholders in
the combined company.

ECP is backed by Varsity Healthcare Partners (“VHP”), a lower middle
market healthcare services private equity investment firm with expertise
in growing care provider platforms, who provided additional growth
equity capital to fund the PEP transaction, along with Regal Healthcare
Capital Partners, a New York-based healthcare services growth equity and
buyout firm founded by Jon Santemma – former Head of Jefferies
Healthcare Investment Banking practice – and Dr. David Kim, former CEO
and co-founder of Premier Urgent Care.

Shepard, Mullin, Richter & Hampton LLP acted as legal adviser to ECP and
VHP, while Nexus Health Capital and Greenburg Traurig, P.A. acted as
financial and legal advisors, respectively, to PEP.

In addition to the PEP transaction, ECP appointed Bill Yarbrough as
Chief Executive Officer of the Company and a member of the Company’s
Board of Directors, effective immediately.

Mr. Yarbrough brings to ECP more than 20 years of healthcare management
experience and a successful track record of partnering with physician
groups and clinical leaders to create long-term relationships with
hospitals and health systems. Most recently, Mr. Yarbrough served as
Executive Vice President at Envision Physician Services, a leading
national provider of physician-led services and post-acute care, and
ambulatory surgery services, where Mr. Yarbrough held senior management
and operational responsibility for more than 150 physician group
practices in 31 states, supported by a workforce of more than 2,000
providers.

About Emergency Care Partners

Based in Pensacola, Florida, Emergency Care Partners (“ECP”) is a
leading regional provider of emergency medicine and emergency department
management services to hospitals and other free standing care
facilities. The company was initially formed through the joint
recapitalization of Professional Emergency Medicine Management (PEMM)
and Professional Emergency Physicians Associates (PEPA), both
Louisiana-based, clinically differentiated emergency medicine providers,
and owned at inception by Varsity Healthcare Partners, in partnership
with PEMM’s/PEPA/s founders and partner physicians.

About Varsity Healthcare Partners

Varsity Healthcare Partners (VHP) is a lower middle-market private
equity investment firm focused on partnering with founders,
entrepreneurs and management teams to build leading healthcare services
companies. VHP has been successful in developing and executing a
tailored value-creation plan, in partnership with the leadership of
each company that typically emphasizes investments in
infrastructure followed by an aggressive organic and acquisition growth
strategy. VHP draws upon its extensive healthcare industry experience
and relationships, as well as its hands-on partnership approach to
effectively drive growth and maximize value. For more information please
visit: www.varsityhealthcarepartners.com.

About Regal Healthcare Capital Partners

Regal Healthcare Capital Partners is a lower middle market focused
growth equity and buyout firm which seeks to partner with leading edge
healthcare entrepreneurs who are in need of financial investment and
strategic, operational and managerial expertise. Regal’s Co-Founders,
Dr. David Kim and Jon Santemma, bring a unique combination of
operational and transactional experience to healthcare services
companies seeking to realize their growth potential. For more
information, please visit: www.regalhcp.com.

Contacts

Mickey Mandelbaum or Nick Rust
Prosek Partners
(212) 279-3115
mmandelbaum@prosek.com
/ nrust@prosek.com

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