OCP functions in five states, providing support to 136 doctors across 42 sites and six outpatient surgery centres. Credit: Sutipond Somnam/Shutterstock.

Orthopedic Care Partners (OCP), an orthopaedic practice management platform backed by Varsity Healthcare Partners (VHP), has named Dr Tim Corvino as its new chief executive officer (CEO).

Corvino brings his experience to OCP, having previously held the position of CEO at Spire Orthopedic Partners, and also served as chief operating officer at Covenant Physician Partners and US Acute Care Solutions.

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OCP has also secured a hybrid capital injection of $185m, facilitated by Brookfield Asset Management via its special investments programme (BSI), alongside a $358m refinancing of senior credit facilities led by TPG Twin Brook Capital Partners.

BSI’s hybrid capital investment establishes a strategic alliance and improves the adaptability of OCP’s capital structure, an important element for the company’s next stage.

The debt refinancing arrangement will not only prolong and adjust the pricing of OCP’s current credit facility to a more advantageous rate, but will also offer the company an enlarged revolving credit facility and a delayed draw term loan.

These financial instruments are designed to support OCP’s future growth initiatives.

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Corvino said: “Today’s senior debt refinancing and partnership with BSI positions OCP for accelerated future growth; we look forward as an organisation to growing OCP’s presence in current and new markets, continuing to invest in enhancing our patient care and experience at every OCP location, and executing on our robust pipeline of high impact growth opportunities.”

In connection with the financing, Moelis & Company served as the exclusive placement agent and financial advisor to OCP.

McDermott Will & Emery provided legal advice to both OCP and VHP.

Houlihan Lokey provided financial counsel to Brookfield Asset Management’s special investments programme while Kirkland & Ellis provided legal counsel.

OCP operates in five states, supporting 136 physicians across 42 locations and six ambulatory surgery centres.