Walgreens-controlled VillageMD acquires Starling Physicians
Walgreens’ backed VillageMD has acquired Starling Physicians, a primary care and multi-specialty group in Connecticut.
“Starling shares our vision of being a physician-led model and they provide care in a compassionate and exceptional way to all the patients they serve. By integrating primary care with specialty care, we are able to optimize access to high-quality care for our patients,” said Tim Barry, CEO and chair of VillageMD. “This is a natural extension of our growth in the Northeast, including our recent acquisition of Summit Health-CityMD. Together, we are transforming the way healthcare is delivered in the United States.”
Starling has more than 30 locations in Connecticut offering primary care and a range of specialties including cardiology, ophthalmology, endocrinology, nephrology and geriatric care. Starling offers a coordinated approach to care and focuses on building lasting relationships with their patients, the company said.
[Read more: VillageMD acquires Summit Health-CityMD for $8.9B]
“The value-based care delivery model, coupled with our broad multi-specialty healthcare platform, will result in improved clinical outcomes for our patients and healthier local communities, while lowering the cost of care. VillageMD has had notable and repeated success delivering cost-effective high-quality care in a variety of markets and was the natural partner for Starling to realize this transformational vision in Connecticut,” said Christopher Russo, a Starling board member and chair of the board finance committee.
The transaction closed on March 1. Terms of the transaction were not disclosed. Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor and DLA Piper served as legal counsel to Starling. River Pines Capital also provided strategic advice to the Starling board of directors. McDermott Will & Emery served as legal counsel to VillageMD.
[Read more: Walgreens-controlled VillageMD reportedly in talks to merge with Summit Health]