New York, NY, December 2018 – NMS Capital (“NMS”) announced today that it has partnered with Foot & Ankle Specialists of the Mid-Atlantic (“FASMA”) and its existing shareholder physicians to form US Foot & Ankle Specialists (“UFAS”), a new venture focused on building the leading physician-owned podiatry platform in the U.S.
Founded in 2011, FASMA is a podiatry group practice providing a full range of specialty services for the advanced treatment of foot and lower extremity ailments and diseases through a network of 36 offices, throughout Maryland, Virginia, North Carolina, Pennsylvania and Washington D.C. With 60 Board-certified podiatrists and supported by a staff of allied health professionals, medical assistants, technicians, and patient services representatives, FASMA provides over 400,000 patient encounters annually.
“NMS represents a strong capital and strategic partner for FASMA given its knowledge of the podiatry industry, healthcare experience and, most importantly, its partnership approach,” said Dr. Gene Mirkin, Podiatric Physician President of FASMA. “Partnering with NMS presents an exciting opportunity for FASMA and its employees to work with an experienced healthcare investment firm to further build on the leading practice we have created. I believe NMS’ extensive physician practice experience will allow us to accelerate growth both organically and through acquisitions and to expand the resources available to our patients and network of physician partners. Our patients will continue to benefit from the most up-to-date treatments, delivered in the most efficient manner by staff who provide extraordinary care, with respect, compassion and teamwork.”
Brett Richey, FASMA CEO commented, “We are very excited to embark on our next phase of growth with a great partner in NMS. We have successfully grown the practice to where we are today, and leveraging NMS’ experience in physician practice investments will only accelerate the rate of growth over the next several years.”
Martin Chavez, NMS Managing Partner remarked, “We are very pleased to partner with the FASMA team. Our investment in FASMA is a continuation of NMS’s theme-based approach to identifying differentiated opportunities in targeted sectors through extensive research and thesis development and extensive evaluation of select management teams in our target industries. NMS evaluated a number of podiatry specialty groups and believe FASMAS’s doctors and impressive management team have built a truly outstanding company, committed to superior patient care. We are excited to be partnering with the team at FASMA to build upon what is already a leading platform in the Mid-Atlantic region.”
David Peterson, NMS Principal added, “We are incredibly excited to partner with FASMA, a nationally known podiatry group practice with an exceptional shareholder physician base. Combining their commitment to clinical quality with our resources, business support and capital, US Foot & Ankle Specialists will be able to rapidly expand, enabling us to reach a larger patient base across several geographic regions.”
NMS, Management and the Physician leadership will focus on growing UFAS through investments in new physician affiliations, provider recruitment, and the development of de novo locations. Additionally, NMS will commit resources to invest in information systems, data analytics and recruitment of additional management to support the growth of the organization. Greenberg Traurig provided legal advice to NMS.
About Foot & Ankle Specialists of the Mid-Atlantic
FASMA is a podiatry group practice providing a full range of specialty services for the advanced treatment of foot and lower extremity diseases based in Rockville, Maryland. Founded in 2011, FASMA provides foot and lower extremity care services through a network of 36 offices, throughout the Mid-Atlantic. With 60 Board-certified podiatrists and supported by a staff of allied health professionals, medical assistants, technicians, and patient services representatives, FASMA provides over 400,000 encounters annually. For additional information on FASMA, visit www.footandankle-usa.com.
About New MainStream Capital
New MainStream Capital is a New York headquartered private investment firm specializing in strategic equity investments and leveraged buyouts of lower middle market companies. The Firm was formed through the spin-out of a group of portfolio companies from the Goldman Sachs Merchant Banking Division. NMS focuses on companies headquartered in the U.S. poised to benefit from sustainable growth trends with particular concentration on companies in Healthcare Services and Specialized Business Services. For additional information on NMS, visit www.nms-capital.com.
Dr. Gene Mirkin
Podiatric Physician President
Foot & Ankle Specialists of the Mid-Atlantic
US Foot & Ankle Specialists
David M. Peterson
New MainStream Capital