An equity-backed management company and one of its affiliated medical practices have acquired Keystone Urology Specialists, a medical practice with offices in Lancaster, Lebanon and Ephrata.
The buyers are Solaris Health Holdings and The Centers for Advanced Urology, which does business as MidLantic Urology. Terms of the transaction were not disclosed.
Following a short transition period, physicians and other clinicians at Keystone will become employees of MidLantic, ccording to a statement from Josh Peck, chief development officer for Florida-based Solaris. However, Keystone will continue to operate under its existing name “for the foreseeable future,” Peck added.
The practice’s non-clinical staff will become employees of Solaris, providing business and administrative services.
“Our partnership with Solaris allows Keystone to preserve our core values, while having access to an infrastructure to support the continued advancement of urologic care,” Dr. Kenneth Lessans of Keystone Urology said in a statement.
Urologists treat a range of conditions, including urinary tract infections, kidney stones and erectile dysfunction.
Keystone Urology, which treats more than 25,000 patients per year, was advised in the transaction by law firm Katten Muchin Rosenman and specialty investment bank Physician Growth Partners.
Solaris was advised by law firm McDermott Will & Emery.
The background: Solaris is a healthcare management company with a network of affiliated medical practices employing more than 700 providers in 13 states.
The firm’s MidLantic affiliate is based in the Philadelphia area.
Solaris is backed by Lee Equity Partners, a private equity firm based in New York.
