ConvenientMD adds high-profile investor after adding Maine locations
Courtesy / ConvenientMD
ConvenientMD, which has received an investment from Bain Capital, opened a sixth Maine clinic in Ellsworth in January.
ConvenientMD, a New Hampshire-based chain of walk-in health clinics including six that have sprouted in Maine over the past four years, has a new investor.
The social impact arm of global investment firm Bain Capital has acquired a share of ConvenientMD previously held by Starr Investment Holdings, according to a news release Wednesday.
Terms of the transaction were not disclosed. Bain Capital’s Double Impact business typically invests $25 million to $75 million in new portfolio companies, according to a ConvenientMD spokeswoman.
The investment will allow ConvenientMD to grow through “both service line expansions designed to make health care more affordable and accessible, and opening new locations in underserved areas,” the company said in the release.
ConvenientMD will continue to operate under its current management team, led by co-founder Gareth Dickens and President Dr. Mark Pundt.
Dickens, who will serve as chairman and CEO of the company once the transaction is complete, said in the release, “Bain Capital Double Impact shares our passion for continuing to find innovative ways to provide exceptional care to more people in the community. We are thrilled to have a mission-driven partner as we seek to extend our impact and market leadership in New England and beyond with significant planned de novo clinic openings and service line expansions.”
ConvenientMD was founded nine years ago in Portsmouth, N.H., entered Maine in 2017 with urgent care clinics in Portland and Westbrook, and today has 30 locations and 1,200 employees across Maine, Massachusetts and New Hampshire.
The most recently opened Maine clinic is in Ellsworth, where ConvenientMD began treating patients in January.
The company’s clinics provide a range of basic medical care, including treatment for common illnesses and injuries, COVID-19 testing, employer health services, physical exams and preventive health services. The clinics also perform X-rays, laboratory testing and minor surgical procedures. Appointments are not necessary, and most insurance plans are accepted, but not required to receive care.
ConvenientMD is one of an expanding field of urgent care providers across Maine and the nation. Even before the pandemic fueled the need for easily accessible medical care, the number of clinics was growing steadily.
Starr Investment Holdings, based in New York City and Nashville, is an investment firm that works primarily with health care and technology companies. Bain Capital, headquartered in Boston, was founded in 1984 by partners including former presidential candidate and U.S. Sen. Mitt Romney, R-Utah. In 2020, the company managed more than $120 billion of investor capital.
Peter Spring, a managing partner at Bain Capital Double Impact, said, “We are excited to support ConvenientMD in their strategy to add more urgent care centers and expand their geographic reach and service offerings, including primary and value-based care, to make high quality healthcare more accessible and affordable to all.”
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