LeBenger will remain CEO of Summit, but the merged entity will now be backed by New York-based private equity firm Warburg Pincus.
Merging CityMD, a strong urgent care provider, and Berkeley Heights-based Summit Medical Group will create a uniquely accessible and comprehensive model for patients across the New York/New Jersey metro area, the players said in a joint statement.
“Since its inception in 2010, CityMD has built healthier, kinder communities by providing high-quality, convenient and compassionate care for everyone,” Dr. Richard Park, co-founder and CEO of CityMD, said. “This exciting merger will integrate our urgent care centers with an exemplary multispecialty medical organization and expand patient access to some of the best medical care in the tri-state area.”
Warburg Pincus first partnered with CityMD in June 2017.
TJ Carella, managing director, said the deal makes sense on a lot of levels.
“Warburg Pincus is pleased to support the merger of these two exceptional health care companies in creating the leading physician-centric and consumer-oriented integrated delivery system in the largest U.S. health care market,” he said in a statement.
LeBenger said the two physician groups Summit acquired out West, one in Arizona and the other in Oregon, will be unaffected by the change.
“We are still a physician-owned and physician-run health care system,” he said.
Details about the management structure, and any potential rebranding, remain unclear at this time.
Summit Medical Group, which has roots dating back to 1919, has had tremendous growth and success under LeBenger.
With more than 900 providers at over 80 locations in New Jersey, multiple comprehensive ambulatory care campuses and a world class cancer center, SMG handles 1.9 million patient visits annually.
CityMD was founded in 2010 by a group of emergency medicine physicians with a mission to serve its communities by providing an exceptional experience through high-quality medical care and convenient access.
More from ROI-NJ on Summit Medical Group:
- LeBenger outlines how Summit Medical Group’s merger with CityMD will impact patients (very little)
- Summit Medical Group ends relationship with MD Anderson