Goldman Sachs Alternatives Completes Acquisition of Xpress Wellness from Latticework Capital Management
Today, Latticework Capital Management ("LCM") and Goldman Sachs Alternatives ("Goldman Sachs") jointly announced Goldman Sachs' acquisition of Xpress Wellness, LLC ("Xpress" or the "Company"), an affiliate of providers of urgent care and other healthcare services to rural communities. Terms of the transaction were not disclosed.
Xpress Wellness is affiliated with a physician-led rural healthcare platform that provides a range of high-quality, affordable, and convenient healthcare services to medically underserved communities and residents of nursing homes across Oklahoma, Kansas, and Texas. This transaction and its associated investment positions Xpress to accelerate the already strong growth of its footprint by expanding urgent care services to more underserved communities. The Company will utilize the global network and resources of Goldman Sachs to further the development of new and existing markets, and to build out additional, adjacent healthcare services.
"Our mission has always been to deliver the highest quality medical care to those most in need. We are proud of what we've accomplished working with the Latticework team, and we are excited to partner with Goldman Sachs to accelerate our next phase of growth," said Grant Asay, CEO of Xpress. "This affirms our reputation as an industry-leading provider while enabling us to enhance our services and deliver them to populations in need."
"Latticework is proud of our partnership with the Xpress team and their efforts to expand access to critical healthcare services in underserved rural markets. Under our ownership, the Company opened 30 de novos and executed on closing seven acquisitions, expanding Xpress' geographic footprint, care delivery settings and service line offerings," said Kyle Bradford, Managing Partner of Latticework. "We're confident Xpress is well-positioned for meaningful, scalable, sustained growth, and wish them continued success moving forward."
Since partnering with Latticework in 2018, Xpress has grown its total number of clinics from ten (nine in Oklahoma, one in Kansas) to 58 (28 in Oklahoma, 11 in Kansas and 19 in Texas), created more than 600 jobs in the rural communities it serves, and expanded service offerings to include behavioral health talk therapy and other services. Xpress now provides medical services to residents of 85 post-acute nursing home facilities.
"We look forward to partnering with the Xpress management team to continue to drive growth in existing and new geographic markets, bringing high-quality urgent care and select specialty services to underserved communities. We believe that Xpress has a differentiated model for serving rural communities, including having many clinics that are certified by CMS under the Rural Health Clinic (RHC) program and a team of dedicated clinicians," said Greg Shell, Head of Inclusive Growth at Goldman Sachs Alternatives.
Houlihan Lokey served as the exclusive financial advisor and McGuireWoods LLP served as legal counsel for Xpress. Latham & Watkins served as legal counsel for Goldman Sachs.
About Sustainable Investing at Goldman Sachs Alternatives
Goldman Sachs (NYSE:GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of March 31, 2024.
About Xpress Wellness Urgent Care
Xpress Wellness, along with its subsidiary, Integrity Urgent Care, provides healthcare services to rural and underserved communities across Oklahoma, Kansas, and Texas. The Company's multi-specialty model is primarily focused on urgent care and additionally provides employer and workers' compensation services, behavioral health counseling, primary care, and facility-based services.
The Company is committed to providing accessible and comprehensive healthcare services to rural and underserved communities, and currently operates 58 clinics, 39 of which are certified Rural Health Clinics. For more information about Xpress Wellness, visit www.xpwell.com.
About Latticework Capital Management
Headquartered in Dallas, TX, with an office in Denver, CO, Latticework is a growth oriented private equity firm focused exclusively on making control equity investments in the healthcare industry. LCM has completed more than 130 transactions across a diverse array of healthcare subsectors and currently has more than $550 million in assets under management. LCM leverages its more than 100 combined years of healthcare and investing experience, as well as its network of industry executives, to help companies grow and realize their full long-term value. For more information, please visit www.latticeworkcapital.com.
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