FFL Partners Completes Partnership with Perlman Clinic
Partnership to Support Expansion of Leading Primary Care Provider in Rapidly Growing Greater San Diego Market
SAN FRANCISCO – April 18, 2022 – FFL Partners (“FFL”), a private equity firm focused on growth investments in middle market companies, today announced that it has made an investment in Perlman Clinic (“the Company”), a leading independent provider of primary care in the Greater San Diego Market. Financial terms of the private transaction were not disclosed.
Perlman Clinic is a full-service provider of comprehensive best-in-class primary care, as well as urgent care, behavioral health, and wellness services. The Company has both fee-for-service and capitated primary care contracts with leading health plans in Southern California. Founded in 2005, Perlman Clinic operates 16 facilities staffed by over 100 primary care providers across the Greater San Diego region delivering comprehensive internal, family medicine, integrative, preventive, mental health, and other treatment services to more than 75,000 patients.
“Perlman Clinic reflects exactly what we look for in an investment, a high growth business in healthcare services where we can deploy our healthcare playbooks to help meet the strong demand for high quality care. Primary care is a long-time focus of FFL’s SEED process to identify sub-sectors where we can add the greatest value, and we look forward to partnering with this talented team to accelerate their growth in one of the nation’s fastest-growing markets,” said Chris Harris, Managing Partner at FFL Partners. “The San Diego area has attractive commercial and senior population demographics, and we believe there’s significant opportunity ahead for Perlman Clinic as the Company launches new site openings, acquires practices and expand its telemedicine services,” added Heather Gartin, Director of FFL Partners.
“We’re excited to partner with FFL as we continue to deliver high quality, convenient, cost-effective treatment, and accelerate our growth across the Southern California region,” said Ian Perlman, Chief Executive Officer at Perlman Clinic.
“We look forward to expanding Perlman Clinic’s presence in the Southern California healthcare delivery ecosystem and providing comprehensive practice management for our clinicians,” added Mitchell Perlman, President at Perlman Clinic.
Perlman’s proprietary telemedicine platform, PocketDoc, enables its patients to schedule appointments and includes workflow software to help practitioners manage tasks such as insurance verification, payment processing and communication.
FFL has extensive experience investing in and building high quality healthcare businesses, including U.S. Orthopaedic Partners, a comprehensive orthopaedic care platform that provides the full continuum of musculoskeletal treatment to patients in the Southeastern U.S.; One Senior Care, a Program of All-Inclusive Care for the Elderly provider that serves all healthcare needs for its frail, elderly dual eligible participants; and EyeCare Partners, a vertically integrated growing network of full scope medical optometry and ophthalmology practices in the U.S.
Perlman was advised by Ziegler and Sheppard, Mullin, Richter & Hampton LLP and FFL by Willkie Farr & Gallagher LLP.
About FFL Partners
Founded in 1997, FFL Partners is a San Francisco-based private equity firm with over $5.0 billion under management. FFL pursues thematic investments in business services and healthcare services partnering with exceptional management teams where the firm's high-engagement operating model and extensive network can help accelerate growth and unlock value. Growing its businesses has provided over 75% of the value created by FFL for its investors. For additional information please visit www.fflpartners.com.
About Perlman Clinic
Since 2005, Perlman Clinic has been providing quality primary care in San Diego. The Company’s mission is “To Improve the lives of patients by providing exceptional care for their overall well-being”. Perlman Clinic’s primary and urgent care providers have a range of backgrounds, specializing in Internal Medicine, Family Medicine, Integrative Medicine, and Preventive Medicine. The Company has rapidly grown from 1 clinic in 2014 to 16 today across the Greater San Diego Market. This growth was driven by 4 acquisitions and 11 de novo locations to serve more patients across the region. For more information, please visit www.perlmanclinic.com.