Westcove

Westcove Advises PeakMed Direct Primary Care in its Partnership with One Medical

LOS ANGELES, CA – June 6, 2022 – Westcove Partners, LLC (“Westcove”), an emerging and highly specialized investment bank, today announced that it acted as the exclusive financial advisor to PeakMed Direct Primary Care (“PeakMed”) in its partnership with 1Life Healthcare (“One Medical”), a membership-based primary care practice operating in 12 markets across the United States and headquartered in San Francisco, CA. The terms of the transaction, which closed on April 15, 2022, were not disclosed. Westcove’s deal team included Justin Hand, Managing Director, Abe M’Bodj, Vice President, and Scott Schulkin, Associate. PeakMed’s legal representation was Debick Law Firm, while One Medical was represented by Cooley LLP and Athene Law.

PeakMed was founded in 2014 with a mission to eliminate barriers to high quality, cost-effective healthcare services through its membership-based direct primary care model. With five locations across Denver and Colorado Springs, Colorado, and a network of affiliated direct primary care practices across the United States, PeakMed has grown into one of the largest independent direct primary care practices in the country. PeakMed offers services to individuals across the state of Colorado and to employees of its more than 270 regional corporate clients who trust PeakMed to provide exceptional primary care services to employees and simultaneously drive down healthcare costs. PeakMed partners with its corporate clients to understand their healthcare benefit spend, customizes a cost-saving solution, and provides exceptional healthcare and customer service to clients and their employees.
With this partnership in place, PeakMed will provide One Medical a strong regional presence and additions of exceptional leadership capabilities. Additionally, PeakMed’s unique value proposition and care offering will supplement One Medical’s portfolio of services and allow One Medical to continue to expand into new geographies and end markets.

“We are ecstatic to be partnering with One Medical, a company that I have admired from afar for quite some time. We believe the addition of PeakMed’s locations and the strong team we have built will allow One Medical to grow its presence in Colorado and the surrounding area in an impactful way,” said Dr. Mark Tomasulo, CEO and Founder of PeakMed. “We are very thankful to Westcove who provided us thoughtful guidance and advocated for our interests through every step of the process. Westcove was able to effectively communicate our value proposition to the market, manage a robust auction process with terrific prospective partners, and navigate us through the complexities of completing a transaction.”

Abe M’Bodj, Vice President at Westcove, comments, “Westcove couldn’t be happier for Dr. Tomasulo and PeakMed as they embark on this next chapter. It was a privilege to advise PeakMed throughout this process and we deeply admire what Dr. Tomasulo, and his team have built over these last 8 years. This partnership between PeakMed and One Medical is very exciting for both organizations and we wish them nothing but success as they expand throughout the region and into new service lines.”

About PeakMed

PeakMed Direct Primary Care is a membership-based direct primary care practice with 5 locations across Colorado and a network of affiliate practices across the United States that provides high quality and cost-effective primary care to its members. Founded in 2014, PeakMed is the direct primary care provider of choice to businesses and their employees with a mission to provide exceptional care and to lower healthcare costs for its members and employer clients. For more information, visit https://peakmed.com/.

About One Medical

One Medical is a membership-based and technology-powered primary care platform with seamless digital health and inviting in-office care, convenient to where people work, shop, live, and click. Our vision is to delight millions of members with better health and better care while reducing costs. Our mission is to transform health care for all through our human-centered, technology-powered model.

Headquartered in San Francisco, 1Life Healthcare, Inc. is the administrative and managerial services company for the affiliated One Medical physician-owned professional corporations that deliver medical services in-office and virtually. 1Life and the One Medical entities do business under the “One Medical” brand. For more information, visit https://www.onemedical.com/.

About Westcove Partners

Westcove Partners is a leading healthcare-focused investment bank that specializes in advising its clients through mergers & acquisitions, debt, and equity financing, as well as other complex corporate finance transactions. The team focuses on founder operated businesses and seeks to curate its advisory services according to the intricacies that come with these types of businesses.

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