Orthopedic Care Partners Names Dr. Tim Corvino as CEO, Achieves Major Financial Milestones

Orthopedic Care Partners Boosts Growth with New Leadership and Strategic Financing

Orthopedic Care Partners (OCP), a prominent orthopedic management platform based in the U.S., has made significant strides in its expansion efforts. The latest development is the appointment of Dr. Tim Corvino as the Chief Executive Officer, a move that signifies a new chapter for the company. Dr. Corvino, who previously served as CEO of Spire Orthopedic Partners, brings a wealth of experience to the role, having also been the Chief Operating Officer at Covenant Physician Partners and U.S. Acute Care Solutions.

In conjunction with this leadership transition, OCP announced a major growth recapitalization. This includes a strategic investment of $185 million from Brookfield Asset Management, integrated through its Special Investments program, alongside a $358 million refinancing of its senior credit facility managed by TPG Twin Brook Capital Partners. This financial backing marks a pivotal point for OCP, providing the company with added flexibility and positioning it favorably to pursue its next growth phase.

The investment from Brookfield is not only a financial infusion but also a strategic partnership that aims to enhance OCP's operational capabilities. It comes at a crucial time for OCP as the organization seeks to expand its footprint in existing and new markets. Dr. Corvino expressed optimism about the future: “Today’s senior debt refinancing and partnership with BSI positions OCP for accelerated future growth. We look forward to enhancing our patient care and executing our robust pipeline of high-impact growth opportunities.”

Currently, Orthopedic Care Partners operates in five states, supporting 136 recognized physicians across a network of 42 clinical locations and six ambulatory surgery centers. With backing from Varsity Healthcare Partners, a private equity firm based in Los Angeles, OCP is well-equipped to advance its commitment to high-quality patient care while preserving the unique identities of its practices.

The financial structuring has been facilitated by Moelis & Company, which acted as the exclusive placement agent and financial advisor in this financing process. McDermott Will & Emery LLP provided legal counsel for OCP and Varsity Healthcare Partners, and Houlihan Lokey served as the financial advisor for Brookfield, backed by legal support from Kirkland & Ellis LLP.

About Orthopedic Care Partners

OCP stands at the forefront of orthopedic surgery practices, offering a comprehensive suite of services and resources tailored to help its partnered practices flourish. The firm is dedicated to maintaining the individuality of its member practices while providing the necessary support to drive their success in the competitive healthcare landscape.

About Varsity Healthcare Partners

Varsity Healthcare Partners is recognized for its focused approach towards building impactful healthcare service companies by collaborating with founders and management teams. The firm specializes in identifying growth opportunities within the healthcare sector, leveraging a tactical investment strategy that has proven effective over time.

About Brookfield

Brookfield Asset Management is a well-established global alternative asset manager with a robust portfolio exceeding $1 trillion in assets, spanning various sectors including renewable energy, private equity, and real estate. The firm emphasizes long-term investment strategies that aim to deliver strong returns through value-driven practices.

This combination of new leadership and strategic financial support positions Orthopedic Care Partners for continued success and growth in the evolving healthcare marketplace.