Deerfield Healthcare Technology Acquisitions Corp. (DFHT) , a special purpose acquisition company (SPAC) sponsored by an affiliate of Deerfield Management Company, L.P. (Deerfield) and Richard Barasch, a veteran health care public company executive and investor, announced today that it has entered into a definitive agreement for a business combination with CareMax Medical Group, LLC (CareMax Medical Centers) and IMC Medical Group Holdings, LLC (IMC Health), technology-enabled provider organizations of value-based care to seniors. Following the business combination, DFHT expects to be renamed CareMax, Inc. (CareMax) and will remain listed on the NASDAQ stock market under a new ticker symbol. The deal value is $364 million.
Upon closing, CareMax will operate 26 wholly owned medical centers in South and Central Florida, servicing approximately 16,000 Medicare Advantage members under value-based contracts, as well as 36,000 managed Medicaid and Affordable Care Act consumers. The CareMax centers provide a comprehensive suite of high-touch health care and social services to its consumers, including primary care, specialty care, telemedicine, health/wellness, optometry, dental, and transportation. The Company expects to have partnerships with 19 payers, including affiliates of Anthem, Humana, Florida Blue, United Healthcare, and Centene. In addition, the Company will own the CareOptimize LLC (CareOptimize) technology platform employed by all of its owned centers as well as third party clients across the country. CareOptimize features proprietary point of care software that supports physicians with efficient medical utilization, enhanced risk management, pharmacy management, and specialist network development.
CareMax’s management team will be comprised of seasoned industry professionals, led by Chief Executive Officer (CEO) Carlos de Solo. Bill Lamoreaux, currently CEO of IMC Health, will become executive vice president of CareMax. Mr. de Solo founded CareMax Medical Centers in 2011 and has nurtured its growth to become an end to end senior care delivery system. Prior to joining IMC Health, Mr. Lamoreaux has held executive management positions at several national and regional health insurers. Richard Barasch will remain Executive Chairman of the Company upon closing of the business combination. He was formerly Chairman and CEO of Universal American Corp., which was a pioneer in bringing value-based care and physician partnerships to Medicare Advantage beneficiaries. Mr. Barasch also serves as Chairman of AdaptHealth Corp. (Nasdaq: AHCO), which came public in 2019 via a business combination with DFB Healthcare Acquisitions Corp.
CareMax will pursue a strategy of organic growth and selected acquisitions in a highly fragmented industry. CareMax will also pursue strategic partnerships to build de novo clinics to serve Medicare Advantage members in and out of Florida. CareMax and Anthem will be expanding their current relationship with plans to open new senior care centers in the eastern region of the United States.
Deerfield Healthcare Technology Acquisitions Corp. is a 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. The Company’s sponsor is an affiliate of Deerfield Management Company, L.P., an investment firm focused exclusively on the health care industry, and Richard Barasch, a veteran health care public company executive and investor. Deerfield is an investment management firm committed to advancing health care through investment, information and philanthropy.
This was reported by Deerfield Healthcare Technology Acquisitions Corp. on December 18, 2020.
Contact information: Chris Wolfe, Investor Relations, DFHT Healthcare, 780 Third Avenue, New York, New York 10017; 917-923-7629; Email: chris.wolfe@dfhealthcaretech.com; Website: https://www.caremax.com/
Contact information: Devin Sullivan, Senior Vice President, The Equity Group Inc., 800 Third Avenue, 36th Floor, New York, New York 10022; 212-836-9608; Email: dsullivan@equityny.com; Website: http://equityny.com/
