P3 Health Partners announced that it has entered into definitive agreements to sell securities in a private placement with a group of institutional investors. The lead institutional investors in the private placement are affiliates of Chicago Pacific Founders and Leavitt Partners.
The transaction is expected to result in gross proceeds of approximately $90 million, before deducting placement agent fees and offering expenses, including $71 million of gross proceeds from purchases by affiliates of CPF.
J.P. Morgan Securities is exclusive placement agent to the company. Latham & Watkins is acting as legal counsel to P3, Mayer Brown is legal counsel to J.P. Morgan, Locke Lord is legal counsel to CPF and Sidley Austin is counsel to the special independent committee of the P3 board.
P3 is a population health management company founded and led by physicians. The company has a network of more than 2,500 affiliated primary care providers in 18 counties across five states. Read more.
