Waud Capital Partners has released an announcement of its exit from Cogent Healthcare; Sound Physicians purchased the company for a rumored $375 million. WCP's investment in Cogent began in September 2006, when it acquired a controlling interest in Hospitalists Management Group. Over the next few years, HMG's revenue quadrupled, and in early 2010 WCP sold a controlling interest in HMG to AEA Investors, electing to rollover a portion of its sale proceeds. A year later, HMG merged with Cogent and rebranded to Cogent Healthcare.
Sound Physicians and Cogent combined will serve 180+ hospitals in 35 states with more than 1,850 providers.