The underwriters for the offering are Merrill Lynch, Barclays, Goldman Sachs, Wells Fargo, SunTrust Robinson Humphrey, and Leerink Partners.
This company is the largest dialysis services provider in the United States focused exclusively on joint venture partnerships with physicians. American Renal provides high-quality patient care and clinical outcomes to patients suffering from the most advanced stage of chronic kidney disease, known as end-stage renal disease.
The company’s core values create a culture of clinical autonomy and operational accountability for its physician partners and staff members. The company believes its joint venture model has helped it become one of the fastest-growing national dialysis services platforms, based on the growth rate of non-acquired treatments since 2012.
In the filing the company detailed:
We believe our approach has attracted physician partners and facilitated the expansion of our platform through de novo clinics. Since 2012, we have opened 15 or more de novo clinics each year. As of June 30, 2015, we owned and operated 181 dialysis clinics in partnership with 320 nephrologist partners treating over 12,000 patients in 23 states and the District of Columbia. From 2012 to 2014, our total number of treatments grew at a compound annual growth rate (“CAGR”) of 14.8%, driven primarily by increases in non-acquired treatments, which grew at a CAGR of 10.1%. During the same period, our revenues, Adjusted EBITDA-NCI and net income attributable to us has grown at a CAGR of 15.3%, 12.8% and 34.5%, respectively. For the twelve-month period ended June 30, 2015, our revenues, Adjusted EBITDA-NCI and net income attributable to us reached $606.5 million, $108.8 million and $17.4 million, respectively.
The company intends to use the proceeds from this offering for working capital and general corporate purposes.