Blue Sea Capital closes first continuation vehicle to back One Physics
What's the deal? Blue Sea CapitalDealroom has a profile for this one. Try Dealroom → has closed its first continuation vehicle to extend its investment in One Physics, a US provider of outsourced medical physics services. The oversubscribed vehicle supplies fresh capital for acquisitions and organic growth while offering liquidity to some existing investors. Financial terms were not disclosed.
Who's backing it? The vehicle was led by Apogem CapitalDealroom has a profile for this one. Try Dealroom →, Churchill Asset ManagementDealroom has a profile for this one. Try Dealroom →, Dextra PartnersDealroom has a profile for this one. Try Dealroom →, and Future Standard, with participation from Abbott Capital and Twin Bridge Capital Partners. Blue Sea and One Physics' management team also reinvested.
What's the company? Towson, Maryland-based One Physics serves hospitals, healthcare systems, imaging centers, and cancer care groups across the US. Its more than 210 medical physicists handle regulatory compliance, testing, and certification for diagnostic imaging, nuclear medicine, and radiation oncology equipment.
What's the endgame? Since Blue Sea's initial investment in 2019, One Physics has completed 22 acquisitions, expanded to more than 45 states, and now serves over 7,000 client sites. It also runs seven residency programs in diagnostic and therapy medical physics.
"Our first continuation vehicle allows us to extend our partnership with a crown jewel platform and provides meaningful capital for One Physics' next phase of growth acceleration," said J.R. Davis, managing partner at Blue Sea Capital.
West Palm Beach, Florida-based Blue Sea Capital manages more than $1.5 billion in assets and invests in growth-oriented middle-market healthcare companies valued at up to $500 million.
The signal: Continuation vehicles let private equity firms hold onto their strongest assets longer while returning cash to earlier backers. Blue Sea's move keeps a fast-consolidating platform in hand as it presses ahead with its buy-and-build strategy.
Read more: citybiz
