Miami-based Cano Health has purchased Miami-based University Health Care in a $600 million deal, as part of an ambitious growth plan.
As a result of the acquisition, Cano Health now operates 88 primary care centers in Florida, Texas, Nevada and Puerto Rico; it also supports a network of affiliated medical practices that specialize in primary care for seniors. In a new interview with Bloomberg News, Cano Health CEO Marlow Hernandez said his company aims to become the largest primary care provider in the U.S.
“That’s always been the vision from 2009 when we had one medical center,” Hernandez told the news outlet.
Cano Health became a publicly traded company last year after it announced it would be merging with a special purpose acquisition company in a deal valued at $4.4 billion; the deal closed June 3. Cano is backed by billionaire Miami Beach resident Barry Sternlicht.
Cano shares were up 0.5% to $14.76 in Monday trading. Its current market capitalization is about $7 billion. Cano now has 1,800 employees in the Miami area.
Comprising 13 medical centers and 24,000 Medicare Advantage members, University Health Care has been in operation in South Florida since the mid-1990s. Heading into Monday’s announcement, University had more than 300 Miami-area employees.
“Protecting the legacy of our family-owned business, our relationships with providers, and our deep ties to the local community has always been important to us,” said Maggie Quevedo, co-founder of University Health Care. “Our priority every step of the way was the well-being of our patients and the job security of our employees.”
This story has been updated to reflect Cano Health’s current market cap.