American Family Care receives $1b of expansion capital
American Development Partners, a private equity and real estate firm, has agreed to invest $1 billion alongside American Family Care, an operator of urgent care centers in the United States, to expand its franchises, according to Reuters.
The agreement will fund the growth of an additional 300 American Family Care urgent care franchises throughout the United States, more than doubling its existing footprint of more than 170 clinics.
American Family Care will remain owned by its founders. It will continue to invest its own capital in new franchises and wholly owned clinics.
American Development Partners will finance the acquisition and development of land for the urgent care centers, and will purchase equipment and provide working capital. It will recoup its investment by collecting lease payments from franchisees.
The new facilities will be primarily focused in states that American Family Care considers likely to have strong uptake of urgent care centers, ranging from Florida, to Illinois, to Texas.
American Development Partners is a full-service development, general contractor, architectural and private equity firm with the ability to build in all 50 states. American Development Partners franchise growth division (FGD) provides a 100 percent turnkey funding solution that allows successful multiunit operators to grow their business without using any of their own capital.