Emerus has signed a definitive agreement to receive a strategic investment from Welsh, Carson, Anderson & Stowe. Emerus seeks to partner with health systems to bring patient-centric acute episodic and ambulatory clinical services to communities in select markets. The company's analytical-based market strategies offer health systems the opportunity to fill access gaps in their markets in a capital-efficient manner. Concurrent with the transaction, Austin Ventures will divest its equity position in Emerus. BofA Merrill Lynch is acting as exclusive financial advisor on the deal, while Ropes & Gray is serving as legal counsel.