Capital infusion will extend the reach of Mangrove’s vascular care practice affiliations and capabilities as demand for vascular care grows
LEXINGTON, Mass., October 20, 2021--(BUSINESS WIRE)--Mangrove Management Partners (Mangrove), a platform management company focused on optimizing the delivery of vascular care, today announced it has closed a Series B equity financing round led by Wells Fargo Strategic Capital (WFSC), along with NewSpring Capital ("NewSpring") and Dr. Robert Bessler, the founder and CEO of Sound Physicians. Proceeds will fuel Mangrove’s expansion throughout the Northeast as the rapidly growing epidemic of peripheral artery disease continues to drive demand for high-quality vascular care.
"Mangrove partners with leading physicians to change the paradigm of the delivery of vascular care with the aim of improving clinical outcomes and patient experiences at a lower cost of care," said Mark Rowe, CEO of Mangrove. "With a rapidly changing healthcare environment and a growing epidemic of vascular disease, we align interests among physicians and all stakeholders with the best interests of patients as our guiding principle. With our new investment partners, we are eager to continue to drive innovation and to expand our reach."
Mangrove’s innovative practice management model brings together state-of-the-art technology, data analytics, and highly skilled personnel to support physicians and to help develop leading private surgical practices. In doing so, the company optimizes the delivery of vascular care in ways that provide access to these critical, life-saving services to vulnerable patient populations. Mangrove’s affiliated physician practices collaborate with health systems and hospitals in order to support local vascular services, particularly at community-based hospitals outside of major metropolitan areas.
"As a practicing physician and healthcare investor, I recognize the challenges faced by patients, doctors, hospitals, and payers in delivering quality care for patients at sustainable costs," said Dr. Rodney Altman, Managing Director for Wells Fargo Strategic Capital. "Mangrove’s unique model optimizes the value in vascular care while prioritizing patient outcomes and creating a fundamentally better experience. We are excited to play a role in this paradigm shift and look forward to seeing the many healthcare stakeholders that will benefit from Mangrove’s platform."
Mangrove’s strategic relationships extend to both hospitals and physician practices in order to benefit all stakeholders in the healthcare system and fundamentally change the quality, safety, and experience of care. By aligning long-term interests, the company aims to improve patient outcomes, patient experiences, and the quality of life of physicians while lowering the costs of care for payers.
"Mangrove has redesigned innovative pathways to optimize patient care, cost, and access with respect to critical vascular procedures. This constructive dislocation of the current system seeks to bend the cost curve with new business models in traditional segments of healthcare, a key tenet to NewSpring Healthcare’s investment thesis," said Brian G. Murphy, NewSpring General Partner. "The model also seeks to create a more clinically exciting and dynamic workplace for vascular surgeons as office-based labs continue to be a preferred site for selected procedures."
Dr. Rodney Altman and John Ryan of WFSC, Brian Murphy of NewSpring, and Dr. Rob Bessler will be joining the Mangrove Board of Managers, which also includes John Kingston of OQ Partners, Dr. Daniel Gorin, Dr. Stephen Hoenig, Dr. Christopher Kwolek, Dr. Paul Gagne, and Mark Rowe.
About Mangrove Management Partners
Vascular Management and Innovations Group, LLC, doing business as Mangrove Management Partners, is a healthcare practice management and technology platform company focused on changing the paradigm of the delivery of care with a specialized focus on the treatment of vascular disease. We form long-term affiliations with vascular providers through a unique model that aligns interests with physicians, management, and the hospitals we serve—in order to optimize the delivery of care and to deliver value: better clinical outcomes at a lower cost. Mangrove is relentlessly focused on safety, compliance, innovation, and best practices across the spectrum of clinical care and business management, and our affiliated physicians are committed to serving the communities in which they live and work. To learn more, visit www.mangrovemp.com.
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 185 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
About Wells Fargo Strategic Capital
Wells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, provides long term capital in the form of equity and/or debt to current and prospective business customers, commercial partners of Wells Fargo, as well as approved Small Business Investment Company (SBIC) funds. Wells Fargo Strategic Capital’s Merchant Banking team focuses primarily on private companies across a wide range of industries, providing creative financing solutions that fund growth and other capital needs. Wells Fargo Strategic Capital has approximately 45 team members across the United States and holds over 180 portfolio investments. For more information, visit https://www.wellsfargo.com/com/financing/strategic-capital/.
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