HCAP Partners Announces New Investment in CortiCare, Inc.
Investment to support acquisition of Physician Ancillary Services, LLC and ongoing expansion plans.
San Diego, CA – May 7, 2019 – HCAP Partners, a California-based private equity firm and recognized impact investor, announced today its investment in CortiCare, Inc., a leading neurotelemetry and remote neurological patient monitoring company located in Carlsbad, CA. Hope Mago, Principal, led HCAP Partners’ investment.
CortiCare is a provider of tele-health services and EEG brain monitoring solutions to neurology and neuro-critical care areas within acute care settings. The CortiCare EEG platform is deployed in ICU, NICU, ED and EMU departments nationwide, providing remote EEG monitoring and reading services including long-term, stat, and routine studies. The company’s board-certified neurophysiologists and epileptologists along with its team of registered EEG technologists offer real-time brain activity monitoring and can interpret potential seizure risks.
CortiCare completed the acquisition of Physician Ancillary Services, LLC (“PAS”) as a part of its plans to expand services into the ambulatory EEG space. PAS was founded in 2008 and offers state-of-the-art Portable Video EEG to ambulatory clients in physician offices or in the privacy and comfort of a patient’s home. Since its founding, PAS has grown its services to cover all of New England, New Jersey, New York, Texas, Pennsylvania, Tennessee, Arkansas, North Carolina, Maryland, and Delaware.
Post-transaction, the combined company is positioned as a leading provider of both Ambulatory and Tele-EEG services for both acute care settings and private practices. Hope Mago, Principal, led HCAP Partners’ investment and will join the board of directors as part of the transaction.
“We are excited to have an opportunity to build a national EEG provider of high-quality neuromonitoring services”, stated Brad Westcott, CortiCare’s President and CEO. “The acquisition of PAS allows us to combine our hospital inpatient capabilities with their outpatient services for a complete set of neuromonitoring tools for our clients. Together with our Cloud EEG Platform, CortiCare can now offer neuromonitoring services worldwide to small rural neurologists and large academic centers alike. We look forward to working with the HCAP team as we continue to execute on this strategy.”
Hope Mago, Principal at HCAP Partners, added, “We are impressed by the strong trajectory of the CortiCare team to become a leading provider of high-quality neuromonitoring services. Neurological monitoring is a growing space and the opportunity for CortiCare to provide the latest EEG monitoring technology to any hospital or physician office regardless of size, budget, or staff resources paves the way for higher quality patient care.”
About CortiCare, Inc.
CortiCare is a provider of telehealth services and EEG brain monitoring solutions to neurology and critical care areas within the hospital. CortiCare works diligently with its clients to establish protocols, practices, and processes which have become an industry standard for continuous EEG monitoring. The CortiCare EEG platform covers ICU, NICU, ED and EMU departments offering a nationwide network of remote EEG monitoring and reading services including long term, stat, and routine studies. The company’s board-certified neurophysiologists and epileptologists along with its team of Registered EEG Technologists can provide real-time brain activity monitoring and interpret potential seizure risks. CortiCare is actively seeking add-on acquisitions of quality ambulatory EEG companies as well as successful sales professionals. For more information, please contact bradw@corticare.com, tinnes@corticare.com, or visit www.corticare.com.
About HCAP Partners
HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $2 million to $10 million in established businesses generating between $10 million and $75 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 60 companies since it was founded and through ongoing, active engagement with portfolio companies the team at HCAP Partners provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund six years running and, through its Gainful Jobs ApproachÔ, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. Partners Tim Bubnack and Frank Mora and Principals Nicolas Lopez and Hope Mago lead HCAP Partners’ investment team. For more information, please visit www.hcapllc.com.
