Summit Medical Group and CityMD have finalized their previously announced merger agreement, they announced Tuesday.
The merger between CityMD, an urgent care provider in the New York metro area, and Berkeley Heights-based Summit Medical Group, will create a seamless experience for patients across a full spectrum of primary, specialty and urgent care.
Jeffrey Le Benger, who was the CEO of Summit Medical Group, has been named CEO of the combined organization. Richard Park, CityMD’s co-founder and CEO, will serve as vice chairman and Rob Connor, CityMD’s president, has been appointed president.
“The combined organization will leverage the strengths of each entity to seamlessly manage the medical needs of various patient populations who deserve and expect exceptional consumer-oriented health care and customer service,” Park said. “The combined company will have the ability to treat more comprehensive and specialty-specific medical needs of patients through quicker, more reliable referrals and a highly coordinated care model.”
The newly-formed company will have more than 1,400 providers, 6,400 employees and nearly 200 locations in New Jersey and New York.
Warburg Pincus, a private equity firm that has supported CityMD since 2017, will assume a majority stake in the combined company, the players said. Consonance Capital Partners, a health care private equity firm, is also making an investment in the combined asset.
“The next chapter of Summit Medical Group’s long-standing history begins today with the formation of this unique entity,” Le Benger said. Â “Our shared core value of taking excellent care of the patient will remain the cornerstone of our success as we set out to provide more access points for care, expand our primary care offering at a rapid pace, and grow our base of patients who will receive comprehensive care.”
Financial terms of the deal were not disclosed.
