Advantia gains $45M for new women’s health practice, more M&A
Advantia Health LLC has secured $45 million, following an action-packed year that included two acquisitions and a major expansion.
The investment in the Arlington-based women’s health group, from New York asset management firm BlueMountain Capital Management LLC, will be used to build a new women’s health practice in the District, slated to encompass obstetrics and gynecology, primary care, mental health and other services. The company said it expects to open and accept new patients late this year, declining to share further details at this time.
The funding will also enable Advantia to add more providers to its network, expand the specialty areas it offers, pursue more acquisitions and develop its technology, it said Wednesday. It’s the organization’s largest investment to date, after raising a total $65.62 million over multiple rounds prior to the latest infusion.
In addition to the capital, Advantia will add to its board of directors Ameya Agge, BlueMountain managing director, and James Pieri, its head of private health care and a partner with the firm.
“The market for comprehensive women’s health care continues to grow, and we believe that Advantia is at the center of innovation and value that is defining the future of care,” Agge said in a statement.
Advantia began early conversations with investor groups last February in its efforts to raise between $40 million and $100 million in growth capital, CEO Sean Glass told us at the time. That’s also when the group acquired Illinois OB-GYN practice Heartland Women’s Healthcare in a multimillion-dollar cash-and-stock deal that nearly doubled its size. And within just two months, Advantia purchased D.C. telehealth startup Pacify Health Inc., a leading telehealth app offering on-demand support to new mothers around the clock.
“We’re not just building a physician group,” Glass said in early 2019. “We’re trying to build a transformative health care company.”
That growth soon necessitated a bigger home for Advantia’s roughly 30-person team, now with a new Arlington headquarters at 1001 19th St. N. in Rosslyn. An expansion of the 6,000-square-foot space cost about $750,000, according to a construction leads website.
Advantia started in 2014 and, now with 200 providers across 60 U.S. locations, serves more than 430,000 patients. The group provides value-based care that includes primary care, OB-GYN, gynecological oncology, urogynecology and mental behavioral health.