A Middletown-based orthopedic physician group has joined forces with a private-equity backed practice that specializes in joint, spine and brain surgery.
Financial terms of the “strategic partnership” announced Monday by Greenwich-based Orthopaedic & Neurosurgery Specialists and the 30-year-old Orthopedic Associates of Middletown were not disclosed and it was unclear whether the arrangement is an acquisition. ONS did not answer questions sent by a reporter, but in a statement, the two groups said ONS would provide capital resources to OAM, and that the deal would help each party expand its reach.
“Financial pressure is increasing for patients and physicians, and we, along with our new colleagues at Orthopedic Associates of Middletown, understand that physician-led organizations like ours represent the best way to deliver outstanding patient care and leading clinical outcomes,” ONS CEO Dr. Tim Corvino said in a statement.
ONS is backed by New York-based private equity firm Kohlberg & Co., which invested in the approximately 25-physician group last year. With the OAM transaction, ONS now includes a total of 34 doctors, 350 employees and seven locations, including its three existing facilities in Greenwich, Stamford and Harrison, N.Y., and OAM’s three other locations in Marlborough, North Haven and Westbrook.
