Albaron Partners Acquires Great Lakes Foot & Ankle Institute, Creating a Midwest Focused Podiatry Platform
Jan 8, 2019
New York, NY, and Detroit, MI, January 8, 2019 – Great Lakes Foot & Ankle Institute, a Michigan-based, regional leader in comprehensive foot and ankle care, and Albaron Partners, LP (“Albaron”), a U.S. private equity firm focused on acquiring majority stakes of companies in the specialty healthcare services sector, today announced that Great Lakes Foot & Ankle Institute has been acquired by affiliates of Albaron. The investment in Great Lakes Foot & Ankle Institute anchors Beyond Podiatry, the first private equity backed podiatry management services organization. Financial terms of the transaction were not disclosed. Founder and Chief Medical Officer, Dr. Stephen Frascone, has retained a minority ownership stake in Great Lakes Foot & Ankle Institute.
With the completion of the transaction, Great Lakes Foot & Ankle Institute is now positioned to capitalize on the many benefits this partnership is expected to bring to the Company and its stakeholders. “The Great Lakes Foot & Ankle Institute team looks forward to leveraging Albaron’s operating capabilities, capital resources and healthcare expertise to further expand its geographic reach and service offerings as part of the Beyond Podiatry network,” explained Dr. Frascone. The company’s commitment to providing a first-class patient experience remains unchanged, and it expects that together with Albaron, it will have the flexibility and expertise to focus on what matters most – patient care, investing in continued innovation and developing new ancillary service lines to deliver increased value for patients and growth for Great Lakes Foot & Ankle Institute.
“The completion of this transaction marks the beginning of an exciting new chapter for Great Lakes Foot & Ankle Institute”, said Dr. Frascone. He continued, “I am proud of the position we have established in the Michigan market over the last several years. Our success is a testament to the team’s hard work and dedication to providing an outstanding patient experience. There are significant opportunities ahead for Great Lakes Foot & Ankle Institute as part of a dynamic and growing platform, and I look forward to watching the success of Beyond Podiatry for years to come.”
“We have tracked the significant opportunities in the podiatry market for several years and are excited to partner with Dr. Frascone and the talented team at Great Lakes Foot & Ankle Institute to continue building the company’s position to a leader in the U.S. podiatry market,” said Alessio Baraldi, Founder and Partner of Albaron. Baraldi added, “Dr. Frascone’s superior reputation and proven leadership capabilities make him the ideal partner for Beyond Podiatry. He has built a regional center of excellence in podiatry with a strong culture that is well positioned for this next chapter of exciting growth”.
ABOUT GREAT LAKES FOOT & ANKLE INSTITUTE
Based in Detroit, MI, Great Lakes Foot & Ankle Institute is a regional leader in treating a breadth of acute and chronic foot and ankle conditions including foot and ankle trauma, diabetic wounds, fractures, infections, sports injuries, plantar fasciitis, bunions, arthritis, gout, tendon ruptures, ingrown toenails, sprained ankles, toenail fungus, athlete’s foot, and more. Founded in 1978, the practice sees more than 45,000 patients each year in its five clinics across the Detroit metropolitan area. For more information, visit: www.greatlakesfootandankle.com
ABOUT ALBARON
Albaron is a U.S. private equity firm that invests in and helps accelerate the growth of physician practice groups and microcap healthcare companies. The firm’s goal is to build best-in-class healthcare services platforms that maximize outcomes for all constituents – patients, providers, payors and investors. Albaron’s team is comprised of a seasoned cohort of operating experts and investment professionals who are uniquely qualified to realize significant value through strategic insights, operating support and accretive acquisitions. The team works collaboratively with partnering management teams and leverages its network of industry experts to augment its capabilities. For more information, visit: www.albaronpartners.com
FORWARD-LOOKING STATEMENTS
This communication expressly or implicitly contains certain forward-looking statements that involve risks and uncertainties, including statements regarding expectations for Great Lakes Foot and Ankle Institute following its acquisition by Albaron. If any of these risks or uncertainties materialize, or if any of Great Lakes Foot and Ankle Institute’s or Albaron’s assumptions prove incorrect, Great Lakes Foot and Ankle Institute’s results could differ materially from the results expressed or implied by these forward-looking statements. All forward-looking statements in this communication are based on information available to Great Lakes Foot and Ankle Institute and Albaron as of the date of this communication, and Great Lakes Foot and Ankle Institute and Albaron do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
