Mangrove Management Partners Closes Series B Equity Funding Round | Business


LEXINGTON, Mass .– (BUSINESS WIRE) – October 20, 2021–

Mangrove management partners (Mangrove), a platform management company focused on optimizing the delivery of vascular care, today announced the close of a Series B funding round led by Wells Fargo Strategic Capital (WFSC), with NewSpring Capital (“NewSpring”) and Dr. Robert Bessler, Founder and CEO of Sound Physicians. Proceeds will fuel Mangrove’s expansion throughout the northeast, as the rapidly growing peripheral artery disease epidemic continues to drive demand for high-quality vascular care.

“Mangrove is partnering with leading physicians to change the paradigm of vascular care delivery with the goal of improving clinical outcomes and patient experiences at a lower cost of care,” said Mark Rowe, CEO of Mangrove. “With a rapidly changing healthcare environment and a growing epidemic of vascular disease, we align the interests of physicians and all stakeholders with the best interests of patients as a guiding principle. Together with our new investment partners, we look forward to continuing to drive innovation and expand our reach.

Mangrove’s innovative practice management model brings together cutting-edge technology, data analytics, and highly trained staff to support physicians and help develop leading private surgical practices. In doing so, the company optimizes the delivery of vascular care to enable access to these essential and life-saving services to vulnerable patient populations. Mangrove-affiliated medical practices work with health systems and hospitals to support local vascular services, especially in community hospitals outside of major metropolitan areas.

“As a practicing physician and healthcare investor, I recognize the challenges faced by patients, physicians, hospitals and payers in providing quality patient care at sustainable costs,” said Dr. Rodney Altman, Managing Director of Wells Fargo Strategic Capital. “Mangrove’s unique model maximizes the value of vascular care while prioritizing patient outcomes and creating a fundamentally better experience. We are excited to play a role in this paradigm shift and look forward to seeing the many healthcare players who will benefit from the Mangrove platform.

Mangrove’s strategic relationships extend to both hospitals and medical practices to benefit all stakeholders in the healthcare system and fundamentally change the quality, safety and experience of care. By aligning long-term interests, the company aims to improve patient outcomes, patient experiences, and physician quality of life while reducing the costs of care for payers.

“Mangrove has redesigned innovative ways to optimize care, costs and patient access for critical vascular procedures. This constructive dislocation from the current system seeks to bend the cost curve with new business models in traditional healthcare segments, a key tenet of NewSpring Healthcare’s investment thesis, ”said Brian G. Murphy, General Partner by NewSpring. “The model also seeks to create a more exciting and clinically dynamic workplace for vascular surgeons, as in-office laboratories continue to be a preferred site for certain procedures.

Dr Rodney Altman and John Ryan from WFSC, Brian Murphy from NewSpring and Dr Rob Bessler will join Mangrove’s Board of Directors, which also includes John Kingston from OQ Partners, Dr Daniel Gorin, Dr Stephen Hoenig, Dr Christopher Kwolek, Dr Paul Gagné and Mark Rowe.

About mangrove management partners

Vascular Management and Innovations Group, LLC, doing business as Mangrove Management Partners, is a healthcare practice management and technology platform company focused on changing the healthcare delivery paradigm with a focus on treatment of vascular disease. We form long-term affiliations with vascular care providers through a unique model that aligns the interests of the physicians, management and hospitals we serve, to optimize care delivery and deliver value : better clinical results at lower cost. Mangrove is relentlessly focused on safety, compliance, innovation and best practice across the spectrum of clinical care and business management, and our affiliated physicians are committed to serving the communities in which they live and work. . To learn more, visit www.mangrovemp.com.

About NewSpring

NewSpring partners with innovators, manufacturers and operators of high-performing companies in dynamic industries to catalyze new growth and seize exciting opportunities. The company manages more than $ 2.5 billion through five distinct strategies spanning the spectrum of growth stakes and mezzanine debt control buyouts. Having invested in over 185 companies, NewSpring brings a wealth of knowledge, experience and resources to take growing businesses to the next level and beyond. Partnering with management teams to help grow their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide range of operational and business areas. industries. To learn more, visit www.newspringcapital.com.

About Wells Fargo Strategic Capital

Wells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, provides long-term capital in the form of equity and / or debt to current and prospective business clients, Wells Fargo business partners, as well as a company of small business investment (SBIC) approved. funds. Wells Fargo Strategic Capital’s Merchant Banking team primarily focuses on private companies across a wide range of industries, providing creative financing solutions that fund growth and other capital needs. Wells Fargo Strategic Capital has approximately 45 team members across the United States and has over 180 portfolio investments. For more information visit https://www.wellsfargo.com/com/financing/strategic-capital/.

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KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS

INDUSTRY KEYWORD: DATA MANAGEMENT HEALTH TECHNOLOGY HPITAL SURGERY PRACTICE MANAGEMENT SOFTWARE

SOURCE: Mangrove management partners

Copyright Business Wire 2021.

PUB: 20/10/2021 08:30 / DISC: 20/10/2021 08:32

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Copyright Business Wire 2021.


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