Dialysis provider Renal Ventures gains $30 million infusion. A Denver-based kidney-care provider has received a $30 million infusion from Goldman Sachs Group Inc. to fund growth that includes adding treatment centers.
Under terms of the agreement, existing shareholders of privately held Renal Ventures Management LLC will maintain significant control of the company, which operates 25 dialysis centers in six states.
The company, which posts about $80 million in revenue annually, has 600 employees across the country, including 75 in Colorado. The company is considering two additional clinics in Colorado.
The ownership group includes chief executive Larry Chatfield, Robert Collins, former CEO of Cobe Labs, and Denver real estate developer Jerry Glick.
Chatfield and Glick co-founded another dialysis provider, QualiCenters Inc., which was sold to Germany-based Fresenius A.G. in 1997.
It's an outcome that could be repeated with Renal Ventures, said Dan May, Renal Ventures' chief financial officer.
"One of the reasons we picked Goldman Sachs in our little bake-off . . . is they offered us more exit strategies," May said. "They have foreign connections and a lot of ability to assist us."
Fresenius is the largest dialysis provider in the world, followed by DaVita, a Fortune 500 company that is building its new headquarters in Lower Downtown.
"Fresenius and DaVita own 100 percent of most of their clinics," May said. "Most of our clinics have physicians as joint-venture partners."
Source : http://www.denverpost.com
