WCP Launches Intraoperative Neuromonitoring Services Platform
Waud Capital Partners (“WCP”), a leading middle-market private equity firm, today announced its acquisition of ProNerve, LLC (“ProNerve” or the “Company”), a provider of intraoperative neuromonitoring (“IONM”) services. ProNerve will serve as the platform investment in WCP's effort to build an industry-leading IONM services company.
Intraoperative neuromonitoring involves the use of a variety of electro-physiological monitoring services during surgical procedures to allow for early warning and avoidance of injury to nervous system structures, thereby reducing healthcare costs and greatly improving clinical quality. IONM is rapidly becoming a standard of care in many surgical procedures, and hospitals are increasingly turning to outsourced providers of IONM services, such as ProNerve, to provide consistent coverage and expanded clinical expertise. The IONM market is expected to grow in excess of 20% annually over the next several years as penetration increases into the growing, addressable market.
Established in 2008 and headquartered in suburban Denver, Colorado, ProNerve provides IONM services to acute care hospitals, specialty hospitals and ambulatory surgery centers. ProNerve's IONM services include onsite technical support provided by trained technologists in the operating room, combined with real-time professional oversight delivered remotely by the Company's team of clinicians. ProNerve has a history of rapid organic growth and geographic expansion, having grown to serve hospital and surgeon customers in 14 states.
Since WCP's February 2012 investment, ProNerve has completed two follow-on acquisitions, establishing the Company as the leading provider of IONM services in the western United States and positioning ProNerve to further its mission of delivering consistent, high-quality and reliable IONM services to its network of valued customers. WCP has made a substantial capital commitment to support ProNerve's ability to serve new customers and to continue its national expansion through acquisition.
“ProNerve's competitive position as a leading, independent provider of IONM services, along with our willingness and desire to bring resources to the Company, provides for an extremely compelling growth opportunity,” commented David Neighbours, Partner at WCP.
WCP has recruited Luke Johnson to serve as ProNerve's Chief Executive Officer. Mr. Johnson has more than 17 years of healthcare executive experience, including most recently serving as Senior Vice President of Operations at United Surgical Partners International (“USPI”), the leader in the United States ambulatory surgery center and short-stay hospital industry. Mr. Johnson also served as President of OrthoLink Physicians Corporation, a provider of physician practice services and a wholly-owned subsidiary of USPI.
“I am thrilled to be joining ProNerve and its existing management team, who have built a strong IONM business with an established commitment to clinical excellence. Drawing upon my experience working with surgeons and hospital executives, I look forward to furthering ProNerve's national expansion with WCP, a strong partner with a proven track record of growing healthcare services companies,” said Luke Johnson, Chief Executive Officer of ProNerve.
ProNerve is one of the leading providers of intraoperative neuromonitoring services in the United States. IONM involves the use of a variety of electro-physiological monitoring procedures during surgery to allow for early warning and avoidance of injury to nervous systems structures. ProNerve's IONM services include onsite technical support provided by trained technologists in the operating room, combined with real-time professional oversight delivered remotely by the Company's team of clinicians. ProNerve's customers include health systems, acute care hospitals, specialty hospitals, ambulatory surgery centers, surgeons and physician groups.
For more information on ProNerve, visit www.pronerve.com.
About Waud Capital Partners
Waud Capital Partners (WCP) is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle-market growth equity investments, buyouts, industry consolidations and recapitalizations. The firm seeks to invest $10 million to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and value-added industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million. The firm has completed more than 100 acquisitions since its founding and currently has approximately $1 billion of capital under management.
For additional information on WCP, visit www.waudcapital.com.