Orthopedic Care Partners (OCP), a leading orthopedic practice management platform, announced today that Tim Corvino, MD, was named the company’s Chief Executive Officer. Dr. Corvino is the former CEO of Spire Orthopedic Partners. He also served as Chief Operating Officer of Covenant Physician Partners and, before that, as Chief Operating Officer of US Acute Care Solutions.
OCP is the leading partner for high-performing, quality, and patient-focused orthopedic surgery practices. OCP provides a full spectrum of services and enhanced resources to help its family of practices thrive and grow while still fostering the unique identities that have made them so successful.
OCP Growth
Additionally, the OCP announced a growth recapitalization transaction, including a $185M hybrid capital raise provided by Brookfield Asset Management through its Special Investments program (“BSI”) and a $358M senior credit facility refinancing led by TPG Twin Brook Capital Partners (“TPG Twin Brook”).
About Brookfield
Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. They invest client capital for the long term, focusing on tangible assets and essential service businesses that form the backbone of the global economy.
The company offers investors a range of alternative investment products worldwide — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors. They draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for its clients across economic cycles.
Strategic Partnership
BSI’s hybrid capital investment brings strategic partnership and flexibility to OCP’s capital structure, positioning the Company for its next growth phase. OCP’s successful debt refinancing extends and reprices the Company’s existing credit facility to a lower rate while providing OCP with an expanded revolving credit facility and delayed draw-term loan to support OCP’s future growth.
“Today’s senior debt refinancing and partnership with BSI positions OCP for accelerated future growth; we look forward as an organization to growing OCP’s presence in current and new markets, continuing to invest in enhancing our patient care and experience at every OCP location and executing on our robust pipeline of high impact growth opportunities,” commented Dr. Corvino, OCP’s Chief Executive Officer.
About TPG Twin Brook
TPG Twin Brook is a direct lending finance company that provides cash-flow-based financing solutions for the middle market private equity community. The firm is managed by highly experienced, dedicated professionals who have worked together at leading middle-market lending institutions. TPG Twin Brook’s flexible product suite allows tailored financing solutions for leveraged buyouts, recapitalizations, add-on acquisitions, growth capital, and other situations.
OCP’s Recognition
Orthopedic Care Partners has a presence in five states and supports 136 recognized physicians across a platform of 42 clinical locations and six ambulatory surgery centers, is backed by Varsity Healthcare Partners (VHP), a Los Angeles-based lower middle-market healthcare services private equity investment firm with deep expertise and a long track record of building leading physician practice management platforms.
About Varsity Healthcare Partners
VHP is a lower middle-market private equity investment firm that partners with founders, entrepreneurs, and management teams to build leading healthcare services companies.
VHP’s tactical investment strategy emphasizes identifying and transacting with growth-seeking, provider—or founder-owned companies. It leverages VHP’s developed “buy and build” playbook to drive significant operational and managerial enhancements early in the life of each platform investment, followed by a well-resourced, aggressive, and multi-dimensional growth plan.
VHP’s unique tactical investment playbook and strong track record are complemented by its distinct organizational culture, which emphasizes highly collaborative engagement, strong professional accountability, and a commitment to excellence in work product and team performance.
