{"id":9101,"date":"2021-03-05T00:00:00","date_gmt":"2021-03-05T04:00:00","guid":{"rendered":"https:\/\/livingstagenew.wpenginepowered.com\/transaction\/livingstone-advises-ocean-state-healthcare-on-its-sale-to-villagemd\/"},"modified":"2026-06-25T13:27:27","modified_gmt":"2026-06-25T17:27:27","slug":"livingstone-advises-ocean-state-healthcare-on-its-sale-to-villagemd","status":"publish","type":"transaction","link":"https:\/\/livingstonepartners.com\/en\/transaction\/livingstone-advises-ocean-state-healthcare-on-its-sale-to-villagemd\/","title":{"rendered":"Livingstone advises Ocean State Healthcare on its sale to VillageMD"},"content":{"rendered":"\n<p><strong>Livingstone is pleased to announce the firm\u2019s healthcare team has advised <\/strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/oceanstatehomecare.com\/\"><strong>Ocean State Healthcare<\/strong><\/a><strong> and its affiliated practices &lpar;collectively \u201cOcean State\u201d or the \u201cCompany\u201d&rpar;, a portfolio company of <\/strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.newharborcap.com\/\"><strong>New Harbor Capital<\/strong><\/a><strong> &lpar;\u201cNew Harbor\u201d&rpar;, on its sale to <\/strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"VillageMD\"><strong>VillageMD<\/strong><\/a><strong>. Livingstone acted as exclusive financial advisor to Ocean State and New Harbor.<\/strong><\/p><p>Ocean State is a premier provider of comprehensive primary care services with 15 locations strategically located in the New England market. The Company provides a broad scope of care and a robust suite of services through its full-service network of clinics, including:<\/p><ul><li><p>Primary care and family medicine services including comprehensive family care, chronic condition management, wellness exams, vaccinations, and immunizations;<\/p><\/li><li><p>Urgent care services such as minor to complex injury care and illness treatment, workers\u2019 compensation, and occupational medicine; and<\/p><\/li><li><p>Specialty care services including advanced allergy and asthma treatment.<\/p><\/li><\/ul><p>With approximately 70 providers serving over 200,000 annual patient visits, Ocean State is the largest independent primary care physician practice and urgent care operator in the state of Rhode Island.<\/p><p>VillageMD, through its subsidiary Village Medical, is a leading provider of value-based primary care services. VillageMD partners with physicians to provide the tools, technology, operations, staffing support, and industry relationships to deliver high-quality clinical care and better patient outcomes while reducing the total cost of care. The Village Medical brand provides primary care for patients at traditional free-standing clinics, Village Medical at Walgreens clinics, at home, and via virtual visits. VillageMD and Village Medical have grown to 12 markets, are responsible for more than 600,000 lives, and manage $4 billion in total medical spend in value-based contracts.<\/p><p><em>\u201cThe Ocean State transaction illustrates Livingstone\u2019s ability to find the right strategic partner, who valued our client\u2019s leadership position and density within the Rhode Island market,\u201d<\/em> commented <strong>Jim Moskal, Partner at Livingstone<\/strong>. <em>\u201cAs we continue to move toward value-based care and at-risk models, we expect on-going consolidation as providers build the scale required to successfully execute their growth strategies.\u201d<\/em><\/p><p><em>\u201cLivingstone did an exceptional job managing the entire process, particularly during a unique time for physician practices and urgent care operators as a result of the on-going pandemic,\u201d<\/em><strong> <\/strong>commented <strong>John Pircon, Partner at New Harbor.<\/strong><\/p><p><strong>Mark Carl, Director at Livingstone<\/strong>, added, <em>\u201cWe remain very active advising physician practices and provider-based businesses, achieving full value for clients despite the lingering effects of the pandemic. We expect deal volume momentum, robust valuations, and strong buyer interest to continue throughout 2021.\u201d<\/em><\/p><p>Livingstone has extensive experience providing financial and advisory services to physician practice management and provider-based businesses across a variety of specialties. Ocean State follows successful transactions in 2020, including the sale of <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/livingstone-2.klingit-development.comtransactions\/livingstone-advises-research-triangle-dental-on-affiliation-with-heartland-dental\/\">Research Triangle Dental to Heartland Dental, a portfolio company of KKR<\/a>, and the sale of <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/livingstone-2.klingit-development.comtransactions\/livingstone-advises-progressive-behavioral-science-on-its-sale-to-cultivate-behavioral-health-education\/\">Progressive Behavioral Science to Cultivate Behavioral Health &amp; Education, a portfolio company of Imperial Capital<\/a>.<\/p><p><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.mwe.com\/\">McDermott Will &amp; Emery<\/a> provided legal counsel to the Company.<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":3647,"template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"client-type":[],"region":[],"sector":[],"service":[],"transaction-type":[],"class_list":["post-9101","transaction","type-transaction","status-publish","has-post-thumbnail","hentry"],"acf":{"team_members":[1199,1205],"date":"20210305","client_type":42,"type":[1102],"region":[376],"services":[434],"sectors":[636,674],"related_transactions":"","related_testimonials":[50879],"contacts":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Livingstone advises Ocean State Healthcare on its sale to VillageMD - Livingstone Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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