PROVIDENCE — Chicago-based private equity firm New Harbor Capital has acquired a majority equity investment in Ocean State Holdings LLC, the parent company of Ocean State Healthcare, which melds primary care clinics, urgent care clinics and ancillary services at 20 Rhode Island locations.
Ocean State Healthcare, headquartered in Providence, treats over 200,000 patients annually through an affiliated network of 60 clinical providers across Rhode Island.
“New Harbor’s deep experience growing multiunit health care businesses makes this an exciting partnership for us. We look forward to accelerating our growth plans into new geographies and service offerings with the support of their team,” said Dr. Rob Crausman, co-founder of Ocean State Healthcare.
New Harbor has more than $400 million of capital under management, focused on investing in lower middle market, growth-oriented healthcare, education and business services companies.
“Ocean State Healthcare has built a differentiated platform within the industry,” said Ed Lhee, Partner at New Harbor Capital. “We believe the company is uniquely positioned to directly address cost and access issues in health care delivery and we are excited to partner with Ocean State’s founders to build a leading platform in the region.”
Deerpath Capital Management was the agent in providing debt financing for the transaction and McDermott Will & Emery LLP served as legal counsel to New Harbor Capital.
New Harbor declined to comment on details of the transaction. The company also declined to comment on whether it plans to retain OSH’s office in Providence.
Rob Borkowski is a PBN staff writer. Email him at Borkowski@PBN.com.
