Renal CarePartners raises $10 million for growth10/20/2008
HOLLYWOOD, Fla.—Dialysis provider Renal CarePartners said Oct. 17 that it has raised $10 million for growth from venture capital firm Noro-Moseley Partners as well as Montreux Equity Partners, which invested in the company three years ago.
“The funds from this investment will be used to continue expanding RCP’s growing network of outpatient kidney dialysis facilities and programs in partnership with leading physicians nationwide,” Renal CarePartners said in a news release.
The dialysis company owns and operates thirteen dialysis facilities, two home dialysis programs, and one acute care dialysis program in seven states. Renal CarePartners said it anticipates opening two additional clinical dialysis facilities in the fourth quarter 2008 which are currently under development. In addition, the company plans to open four de novo clinics in 2009.
Atlanta-based Noro-Moseley Partners has raised more than $600 million and invested in more than 160 companies. It invests primarily in Southeastern-based early and early-growth-stage companies in the healthcare, technology and financial technology-enabled services fields.
Montreux Equity Partners, based in Menlo Park, Calif., is a venture capital firm specializing in early stage healthcare and life sciences companies. The firm has over $440 million under management and is currently investing its fourth fund, MEP IV, a $250-million fund focused on therapeutic life science companies
“We are very fortunate to have raised capital in this difficult market and to do so with two high quality partners with excellent reputations is a tribute to our management team and our current physician partnerships,” Orestes Lugo, president, Renal CarePartners, said in a statement. “This financing strengthens our position for new clinic development and strategic acquisitions.”
http://www.renalbusiness.com/hotnews/renal-carepartners-raises-10-million.html
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