General
We are a newly organized blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us. We may pursue an initial business combination target in any industry or geographic region.
While we may pursue an initial business combination in any industry, sector or geographical location, we intend to initially focus our search on identifying a prospective target business in the healthcare technology or healthcare-related industries in the United States and other developed countries. Our strategy will be to identify, acquire and, after our initial business combination, build, a healthcare technology or healthcare-related platform that is positioned for both organic and M&A growth. We intend to focus our investment effort broadly across the entire healthcare industry, initially targeting information-driven & tech-enabled services, digital health & related infrastructure, diagnostics, and personalized care solutions, well positioned to capture opportunities created by the accelerating evolution of healthcare delivery.
Following the completion of this offering, we will communicate with our team’s network of relationships, which includes venture capitalists, private equity firms, strategic industry players, and the companies themselves, to articulate the parameters for our search for a target company and a potential business combination and begin the process of pursuing and reviewing potential opportunities.
OUR MANAGEMENT TEAM
Our management team has a history of building long-term sustainable value through both organic growth and strategic mergers and acquisitions. Over the last 18 years, the management team has garnered extensive investing, operating, and advising experience in healthcare and information technology. With more than 85 combined years of experience and having completed more than 80 transactions totaling over $1.8 billion in aggregate value, they have a unique vantage point of the healthcare landscape and the advances in care, technology and information that will be required to affect the sector’s transformation. The team’s unique perspective has been formed from over 14 years of direct investment and operational experience across the acute and post-acute care settings working with payors, providers, consumers and regulators in the areas of revenue cycle management, staff augmentation, managed services, software-as-a-service solutions, cloud solutions, population health management, skilled nursing, senior care, home health, hospice, and therapy. By staying at the forefront of the transformation in healthcare ecosystem, the team is continuously evaluating, implementing and managing various technology-enabled and information-driven solutions to propel its portfolio businesses forward in the areas of telehealth, remote patient monitoring, digital therapeutics (including cognitive behavioral therapy), behavioral health, ePharma, care coordination, patient engagement, medical records and administrative/clinical tools.
Our management team is led by Scott N. Feuer, our Chief Executive Officer, Bryan L. Crino, our President, and Joseph M. Passero, our Chief Financial Officer.
Mr. Feuer, our Chief Executive Officer, has spent over 30 years advising, leading, and investing in middle-market enterprises. Currently, Mr. Feuer is Chief Executive Officer of SCP & CO, which was formerly known as Skyway Group Private Equity, prior to rebranding in 2020, a Tampa-based private investment group focused on healthcare, technology, human capital and commercial real estate. In conjunction with this role, Mr. Feuer is Co-Founder and Co-Chairman of Curis Holdings, LLC, including Mission Health Communities and its affiliates; Co-Founder and Co-Chairman of Harmony Healthcare, LLC; and Co-Chairman of Enablewise, LLC (d/b/a Concertium and Captain’s Chair IT). Through SCP & CO’s investment in Curis Holdings, LLC, including Mission Health Communities and its affiliates, SCP & CO operates a portfolio of greater than fifty facilities, and has executed ten acquisitions, two divestitures and twelve financings to drive a ten percent compound annual growth rate from 2011 through 2019. Previously, Mr. Feuer was Chief Executive Officer and Co-Founder of Skyway Capital Partners, a Florida-based merchant bank focused on providing investment banking advisory services and making highly selective principal investments. Prior to Skyway Capital Partners, Mr. Feuer was Senior Vice President and co-founder of the Converging Media Group at Communications Equity Associates (“CEA”), where he gained substantial experience advising media, entertainment, technology and real estate related companies on investment banking related matters. Prior to CEA, Mr. Feuer was employed by the Walt Disney Company (NYSE: DIS) in Business Planning & Development. Mr. Feuer has also worked at Kenneth Leventhal & Company (now a part of Ernst & Young) and Butcher and Company (now a part of Wells Fargo). Mr. Feuer holds a B.A. in History from the University of Pennsylvania, a B.S.E. in Finance from the Wharton School of Business, and an M.B.A. from the University of Chicago, Booth School of Business.
Mr. Crino, our President, has spent over 30 years advising, leading, and investing in middle-market enterprises. Currently, Mr. Crino is President of SCP & CO. In conjunction with this role, Mr. Crino is currently: Co-Founder and Co-Chairman of Curis Holdings, LLC, Mission Health Communities and its affiliates; Co-Founder and Co-Chairman of Harmony Healthcare, LLC; and Co-Chairman of Enablewise, LLC (d/b/a Concertium and Captain’s Chair IT). Through SCP & CO’s investment in Harmony Healthcare, LLC, SCP & CO served twelve of the top fifteen national health systems while revenue increased at a forty-five percent compound annual growth rate from 2011 to 2019. Previously, Mr. Crino was President and Co-Founder of Skyway Capital Partners, a Florida-based merchant bank focused on providing investment banking advisory services and making highly selective principal investments. Prior to Skyway Capital Partners, Mr. Crino served as Senior Vice President and co-founder of the Converging Media Group at CEA, where he gained substantial experience advising media, broadcasting and technology related companies on investment banking related matters. Mr. Crino has executed numerous transactions including mergers & acquisitions advisory, as well as private placements of equity and debt securities. Prior to CEA, Mr. Crino served as the CFO of InStep Software LLC and practiced law in the Corporate Finance and Mergers and Acquisitions groups at Schiff, Hardin & Waite in Chicago, Illinois. Mr. Crino holds a BBA from the University of Texas, a law degree with honors from the University of Illinois, where he served as an editor of The Law Review, and an M.B.A from the Kellogg School of Management.
Mr. Passero, our Chief Financial Officer, has spent over 25 years advising, leading, and investing in middle-market enterprises. Currently, Mr. Passero is a Principal of SCP & CO. During his tenure with SCP & CO, Mr. Passero has served as both permanent and interim Chief Financial Officer with several SCP & CO portfolio companies. Prior to joining SCP & CO, Mr. Passero was a Vice President at Skyway Capital Partners, a Florida-based merchant bank focused on providing investment banking advisory services and making highly selective control principal investments. At Skyway, Mr. Passero principally delivered substantial back-office operational expertise to Skyway portfolio companies with a focus on building and optimizing financial reporting systems and human resource management systems. Prior to joining Skyway in 2004, Mr. Passero was an investment banking professional in the Converging Media Group at CEA. Mr. Passero has considerable operational experience which includes the launch and leadership of a division of a large PEO focusing on the service and hospitality businesses, and P&L responsibility for a medical device company where he was the Chief Operations Officer. Mr. Passero holds a B.S., Political Science, from Yale University.
We have also assembled a group of independent directors and advisors who will bring additional experience in healthcare and technology, public company governance, executive leadership, operations oversight, private equity investment management and capital markets. Our board members have extensive experience, having served as directors or officers for numerous publicly-listed and privately-owned companies. Our directors have experience with acquisitions, divestitures and corporate strategy, implementation, and creating long-term shareholder value, which we believe will significantly benefit us as we evaluate potential acquisition or merger candidates as well as following the completion of our initial business combination.
Directors:
Alan D. Gold serves as executive chairman of Innovative Industrial Properties’ (NYSE: IIPR) board of directors since formation. He is also the executive chairman of IQHQ, a REIT servicing clients in the life science and pharmaceutical industries. Mr. Gold served as chairman, chief executive officer, and president of BioMed Realty Trust, Inc. (formerly NYSE: BMR), a REIT specializing in acquiring, leasing, developing and managing laboratory and office space for the life science industry, from its inception in 2004 through the sale of the company to affiliates of Blackstone Real Estate Partners VIII L.P. in January 2016. Mr. Gold also served as chairman, president and chief executive officer of BioMed Realty’s privately-held predecessor, Bernardo Property Advisors, Inc., from August 1998 until August 2004. In addition, Mr. Gold was a co-founder and served as president and a director of Alexandria Real Estate Equities, Inc., a NYSE-listed urban office REIT, from its predecessor’s inception in 1994 until August 1998. Mr. Gold served as managing partner of GoldStone Real Estate Finance and Investments, a partnership engaged in the real estate and mortgage business, from 1989 to 1994. He also served as assistant vice president of commercial real estate for Northland Financial Company, a full service commercial property mortgage banker, from 1989 to 1990 and as real estate investment officer – commercial real estate for John Burnham Company, a regional full service real estate company, from 1985 to 1989. From December 2013 to June 2016, Mr. Gold served on the board of directors and as a member of the nominating and compensation committees of CatchMark Timber Trust, Inc. (NYSE: CTT), a publicly traded REIT focused on timberland ownership. From August 2011 to March 2013, Mr. Gold also served on the board of directors and as a member of the audit committee of American Assets Trust, Inc. (NYSE: AAT), a publicly traded REIT focused on acquiring, developing and managing retail, office, multifamily and mixed-use properties. Mr. Gold currently serves as a member of the board of trustees for the Salk Institute for Biological Studies, a research organization dedicated to fundamental research in biology and its relation to health, a. Mr. Gold received his Bachelor of Science Degree in Business Administration and his Master of Business Administration from San Diego State University.
Tim Main serves as Chairman of Jabil Inc. (NYSE: JBL), a role to which he was appointed in January 2013. He is also a member of the board of directors for Quest Diagnostics (NYSE: DGX). Mr. Main served as Jabil’s CEO from September 2000 until 2013, as President from January 1999 until 2013, and as a director since October 1999. As CEO, Mr. Main led Jabil’s growth strategy, increasing annual revenues nearly fivefold to reach $17 billion in 2012, and expanding in Asia and other emerging markets. He joined Jabil in April 1987 as a production control manager, was promoted to operations manager in September 1987, to project manager in July 1989, to vice president, business development in May 1991, and to senior vice president, business development in August 1996. Prior to joining Jabil, Mr. Main was a commercial lending officer, international division for the National Bank of Detroit. Mr. Main has earned a BS from Michigan State University and an MA in international management from the American Graduate School of International Management (Thunderbird).
R. David Kretschmer serves as the Chief Investment Officer for North Bristol Partners LLC, a Santa Monica based family office, and is a senior advisor on healthcare and corporate finance for a $10 billion + management consulting firm. Mr. Kretschmer previously worked for Surgery Partners (NASDAQ: SGRY) from February 2018 to April 2019, a multi-specialty ambulatory surgical center company, as executive vice president of strategy and transformation. Under his leadership, growth accelerated as same store revenue increased by 7.5%. As Surgery Partners’ strategy increasingly pivoted to orthopedic surgeons and procedures, physician recruitment increased by 26% year over year, with revenue generated by those orthopedic physicians increasing 57% and contribution margin by 54%. Mr. Kretschmer also led the managed care contracting team’s efforts, including the introduction of bundled orthopedic procedures. As the leader of revenue cycle management Mr. Kretschmer consolidated two regional business offices into a corporate shared service center which served many of Surgery Partners’ 125 surgical facilities as well as its physician and anesthesiology practices while also moving more than 90% of facilities onto a common clearinghouse, improving both efficiency and data flow. Prior to Surgery Partners Mr. Kretschmer, served as senior vice president, treasurer, and CIO for Anthem, Inc. (NYSE: ANTM). During his over 25-year career at Anthem, Inc., Mr. Kretschmer was responsible for a multitude of functions including corporate development, corporate real estate, and risk management. As chief investment officer of WellPoint, Mr. Kretschmer oversaw $24 billion of insurance investments and $5 billion of retirement assets. Mr. Kretschmer helped lead WellPoint’s IPO in 1993 and subsequently managed WellPoint’s capital structure including over $45 billion of debt issuance, a $1.25 billion equity unit issue, and repurchased over $35 billion of WellPoint’s stock. In conjunction with his role Mr. Krestchmer established a private equity incubation program to partner with select private equity firms to socialize portfolio companies throughout Anthem’s operations resulting in business opportunities for portfolio companies. Mr. Kretschmer also initiated an internally managed venture fund which invested in companies supporting Anthem strategic initiatives. As head of corporate development, WellPoint executed over $7 billion of transactions including the acquisition of Amerigroup which transformed WellPoint’s focus to the government sector (Medicare and Medicaid). Prior joining Anthem, Mr. Kretschmer held various corporate finance roles at Great Western Investment Advisors, The Times Mirror Company, and Chrysler Corporation (NYSE: FCAU). In addition to his current roles, Mr. Kretschmer serves on the boards of Trailer Bridge, Inc., a shipping and integrated logistics company, and CF Furniture, an international furniture manufacturing and logistics organization. Mr. Kretschmer serves on the board of the Nashville Wine Auction, an organization dedicated to uniting the wine community to raise funds to fight cancer. Mr. Kretschmer received his BA in economics from The George Washington University in 1980 and his MBA from the University of Chicago Graduate School of Business (Booth) in 1982.
Randy Parker is the founder & CEO of GeniusRx, a full-service digital pharmacy that simplifies the process of managing medications through a combination of convenient packaging, modern technology, and personalized service, since its inception in January 2020,. He brings more than 30 years of experience starting and building successful, disruptive, consumer-focused companies using the latest technologies. Randy is the Founder & was the former CEO of the telemedicine company MDLIVE from 2009 to 2016 where he has established deep industry relationships at the highest levels with a broad range of the country’s premier health organizations. Prior to MDLIVE, he served as CEO of several other companies including Flexplay Technologies, Clear-Vu Products, and Entertainment Resource. Randy has a degree in Business and Public Administration from New York University.
Advisors:
Mohit Kaushal is currently a senior advisor at General Atlantic and has had an extensive career within investing, technology, clinical medicine/academia and public policy. Dr. Mohit has been an investor in Humedica (acquired by Optum Health), Rxante (acquired by Millennium), Change Healthcare (acquired by Emdeon), and Wellframe. Dr. Mohit is a board member of Rxante (acquired by Millennium), Gravie, Insight Psychiatry and Oak Street Health (NYSE: OSH) and previously has served as a board member of Universal American (NYSE: UAM) (acquired by WellCare (NYSE:WCG)), and Citius Tech (acquired by Baring). Dr. Mohit has been an investor in Humedica (acquired by Optum Health), Rxante (acquired by Millennium), and Change Healthcare (acquired by Emdeon). During the Obama administration, Dr. Kaushal was a member of the White House Health IT task force, a cross agency team implementing the technology aspects of the Affordable Care Act, during which time Dr. Kaushal testified to Congress on the application of technology and payment reform to the Medicare population. Dr. Kaushal also built and led the first dedicated health care team at the Federal Communications Commission, where his team initiated collaboration with the Food and Drug Administration for the regulatory streamlining of converged telecommunications, data analytics and medical devices leading to the release of the mobile medical applications guidance by the FDA. In addition, his team reformed the Rural Healthcare Fund Program to create the Healthcare Connect Fund, which aligned the funding mechanism with wider health care payment policy and technology reform. Dr. Kaushal is an adjunct professor at Stanford University with a joint position within the newly created biomedical data science department and the medical school’s clinical excellence research center. Dr. Kaushal continues to be active within public policy and is a scholar in residence at the Duke Margolis Center for Health Policy. Dr. Kaushal was previously a visiting scholar at the Brookings Institution. He has also been appointed to the Food and Drug Administration Safety and Innovation Act Workgroup of Health IT Policy Committee and to the National Committee on vital and health statics, advising the U.S. Department of Health and Human Services on data access and use. Dr. Kaushal is an ER physician, holds an MBA from Stanford and an MD with distinction from Imperial College of Science, Technology and Medicine, London.
We believe our team is well-positioned to take advantage of the growing set of acquisition opportunities focused on the healthcare industry and that our contacts and relationships, ranging from owners of private and public companies, private equity funds, investment bankers, attorneys, accountants and business brokers will allow us to generate an attractive transaction for our stockholders.