CHICAGO, IL – January 17, 2024 – Sheridan (“SCP”) successfully closed its third fund at its hard cap of $575 million and completed 26 transactions in 2023, marking another outstanding year for the firm and the portfolio. Thank you to all of those who contributed to our success in 2023. We are appreciative of your partnership, and we look forward to connecting with you soon.
Firm & Fund Activity
• Closed 3 new platform investments
• Completed 23 add-on acquisitions
• Closed Sheridan Capital Partners Fund III(-A) at hard cap of $575 million
• Hired 8 new team members
Future Care Consultants
Sector: Specialty Revenue Cycle Management
Future Care Consultants (“FCC”) is a specialty revenue cycle management and technology-enabled back-office outsourced services provider to the skilled nursing facility end market. In addition to billing and collections, FCC offers payor contracting, care management, payroll, bookkeeping, and accounts payable to clients. FCC serves over 170 locations across 14 states in the U.S.
Sector: Third Party Administration
FirstEnroll, founded in 2018 by Isaac Cohen and headquartered in Tinton Falls, New Jersey, is a health insurance billing and enrollment Third-Party Administrator (“TPA”) providing independent agencies and agents administrative support for supplemental medical insurance products, including an end-to-end online and in-person support solution. Since its founding in 2018, the Company has grown to service over 300,000 customers across every state in the U.S., and we believe the company is poised for additional growth.
Ascend Plastic Surgery Partners
Sector: Plastic Surgery & Aesthetics
Ascend Plastic Surgery Partners is a plastic surgery and aesthetics practice management company, providing a full range of cosmetic plastic surgery and related med-spa services. Ascend is headquartered in Atlanta and is building a national footprint.
All of our portfolio companies are actively seeking add-on investments. Over the past year, we completed 23 add-on acquisitions across our portfolio companies.
Future Care Consultants
FCC provides tech-enabled mission-critical revenue cycle management (“RCM”) and payor contract management, along with back-office outsourced services including payroll, accounts payable, and financial reporting, to skilled nursing facilities (“SNFs”) nationwide. Since SCP partnered with FCC in January 2023, FCC has completed two acquisitions to expand service offerings and the addressable market. FCC is actively looking to acquire other service providers that enable operators of skilled nursing facilities to manage a complex reimbursement and operational environment.
Oral Surgery Partners
Oral Surgery Partners (“OSP”) is a physician practice management platform providing tooth extractions and implants by board-certified oral surgeons across the U.S. Since investing in 2019, SCP and OSP have invested in systems, processes, and the team to accelerate growth. During 2023, OSP added 17 practices across 11 states and recruited numerous new surgeons to join the platform. To support this growth, the team hired 25 new corporate employees across finance, operations, marketing, human resources and IT, including the additions of Chief Operating Officer and Chief Human Resources Officer. OSP is actively targeting new add-on acquisitions and recruiting new surgeons across the U.S.
Sheridan Capital Partners continues to invest in talent, adding eight new hires across the firm in 2023 to supplement the investment team, operations group, and business development team. These hires include Amanda Lyle and Max Caballero who joined our Operations Group as Director of Finance and Manager of Finance, respectively, and Jake Margolis and Riley DeMuth who will support the firm’s business development efforts. We also supplemented our investment team with the addition of four deal professionals, including Stephen Lestyan who rejoined Sheridan after completing his MBA at the University of Chicago’s Booth School of Business.
Sheridan is also pleased to announce the promotion of Jessica Morris to Partner. Jessica joined Sheridan in 2017 and has made significant contributions to the growth of the firm while serving as Chief Financial Officer and Chief Compliance Officer. We are thrilled to recognize Jessica’s invaluable impact and look forward to her continued contributions in the years to come.
If you are an intermediary, operating executive, or business owner interested in partnering with Sheridan, please reach out to Alexandra Kier, Director of Business Development.
Sheridan Capital Partners is a Chicago-based healthcare private equity firm that focuses on lower middle market buyouts and growth equity in the U.S. and Canada. Sheridan partners with companies in the verticals of providers and provider services, healthcare IT and outsourced services, and consumer health and medical products, bringing strategic resources to accelerate growth, build enduring value, and achieve strong results.