MIAMI and PALM BEACH, Fla., March 7, 2024 /PRNewswire/ — Lafayette Square, a national investment platform, announced today that it has provided debt financing to Medical Specialists of the Palm Beaches, Inc. (“MSPB”), in support of its growth strategy. Owned by Ascend Partners, MSPB is a leading primary care-focused, multi-specialty physician group practice serving Palm Beach and Broward counties in Florida.
Founded in 1995 and headquartered in Palm Beach, Florida, MSPB has over 100 healthcare providers across more than 30 offices and offers primary care, cardiology, interventional cardiology, gastroenterology, neurology, hematology/oncology, concierge healthcare, and laboratory services. It serves approximately 70,000 patients and is the largest physician group of its kind in Palm Beach serving Medicare patients.
“Lafayette Square is excited to support the MSPB team as they continue to build this important regional medical practice,” said Chris Carlucci, Director at Lafayette Square. “Palm Beach has the second highest Medicare population in Florida, and financing the growth of a business that’s increasing access to primary care within this community strongly aligns with our place-based investing approach.”
In addition to capital, Lafayette Square offers its portfolio companies access to Worker Solutions, a custom-built platform that seeks to measurably improve employee retention, well-being, and productivity by connecting MSPB’s management team to a curated list of third-party service providers that offer nontraditional benefits to their employees. By delivering these solutions, Lafayette Square aims to reduce operational risk for its portfolio companies, help them attract and retain talent, and improve job quality.
“We are thrilled to partner with Lafayette Square as we continue to scale our practice,” said Casey Waters, CEO of MSPB. “Primary care remains a highly fragmented sector, particularly in south Florida, and Lafayette Square shares our goal of improving quality of life not only for our patients, but also for our workforce.”
“Lafayette Square is well-aligned with our mission to increase access to affordable, quality healthcare for underserved and vulnerable populations,” said Gabriel Oriente, Principal at Ascend Partners. “We look forward to working with the Lafayette team on the continued growth of MSPB.”
About Medical Specialists of the Palm Beaches (MSPB)
MSPB, founded in 1995, is a primary care-focused, multi-specialty physician group practice, serving South Florida. MSPB is a value-based care focused, integrated healthcare delivery system, committed to providing comprehensive, high-quality care, with respect and integrity for its patients and the community. MSPB now has more than 100 Providers, spread across 30+ offices in Palm Beach and Broward counties and offers primary care, cardiology, interventional cardiology, neurology, hematology & oncology, gastroenterology, concierge medicine and laboratory services. For more information, please visit: mspbhealth.com.
About Ascend Partners
Ascend Partners is a growth-oriented, healthcare-focused private equity partnership whose mission is to build thriving communities by investing in companies and entrepreneurs who are improving healthcare access, affordability and quality for vulnerable and underserved populations. Founded in 2019, Ascend is led by co-founders In Seon Hwang, former global head of Healthcare at Warburg Pincus and member of the Executive Management Group, and Dr. Richard Park, founder and former CEO of CityMD, a leading patient-centric healthcare services company in New York and New Jersey. For more information, please visit: www.ascendpartners.com.
About Lafayette Square
Lafayette Square invests in middle market companies while positively supporting people and communities. We believe the demand for capital in businesses headquartered outside of high-income places is an overlooked opportunity. We seek investment opportunities that stimulate economic growth across the United States through the creation and preservation of working-class jobs. For more information about Lafayette Square, please visit www.lafayettesquare.com.
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SOURCE Lafayette Square Holding Company
