BBCP announces a strong exit from ConvenientMD, an urgent care startup, via its holdings in Market Square Equity.
N.Y. firm invests in further ConvenientMD expansion
Urgent care chain plans four more openings through 2018, more in 2019
November 20, 2018
ConvenientMD, the fast-growing, Portsmouth-based chain of urgent care centers, has received what it calls “a significant investment” from a New York investment firm. that will help fuel its continued growth and expansion around the Northeast.
The investment, by Starr Investment Holdings, is expected to help fuel ConvenientMD’s growth and expansion across the Northeast, the companies said.
The financial terms of the investment were not disclosed.
Since its inception in 2012, ConvenientMD has opened 12 locations, with nine in New Hampshire and three in Maine. The company is currently in the process of opening a new urgent care center in Bangor, Maine, followed by an expansion into the Massachusetts market, with clinics in Falmouth, Newburyport and Weymouth scheduled to open before the end of the year.
Additional growth is planned for 2019, officials said.
According to the company’s website, plans are underway to open a new locations in Londonderry, NH, Brunswick, Maine, and in the Massachusetts communities of Quincy and Plainville.
“We’ve developed a unique solution for revolutionizing the patient experience by providing convenient access to expert medical care at affordable rates,” said Gareth Dickens, ConvenientMD’s co-founder and executive chairman.
BBCP announces its participation in the recapitalization of Navegate Logistics.
MENDOTA HEIGHTS, Minn.–Navegate Logistics, Inc., a tech-forward third-party logistics (3PL) provider, is announcing that it has been recapitalized by Chicago-based Saltspring Capital LLC. Nathan Dey, Saltspring’s Managing Partner, will be joining the Navegate team as CEO and Chairman.
“Navegate presents an amazing opportunity to grow and build on a rich 50 years of logistics history,” said Dey. “This industry is going through a tremendous digitization, and the steps Navegate has proactively taken to position themselves to succeed in the future made the investment very compelling.” The remainder of the company’s existing leadership team, including Joe Pelletier, President, will continue with the company. Chad Bickett, formerly VP of Strategic Initiatives, will also become COO with the transition.
The investment validates and supports Navegate’s plans to build on its existing success as a leader in delivering clients unprecedented supply chain visibility, flexibility and vendor integration. Furthermore, it will continue to grow the company’s business network on both the International and Domestic fronts.
Already a leader in modernizing the logistics industry—consistently making Inbound Logistic’s Top 100 List of IT Providers—Navegate’s long-term vision is to become a one-stop, global trade portal where customers can quote, book and track shipments worldwide.
As a strategic and operationally focused investor, Saltspring brings a strong foundational knowledge in global logistics and a deep bench of partners to accelerate Navegate’s growth. Next Coast Ventures, Relay Investments and the Operand Group also participated in the financing round.
“We are thrilled to be backing an innovative company in Minneapolis—freight forwarding is a massive industry that is ripe for disruption, and Navegate’s product is a prime example of how a full-stack business model can fundamentally change the way a fragmented industry like freight logistics operates,” said Michael Smerklo, co-founder and managing director of Next Coast Ventures. “We have no doubt that Nathan and Navegate leadership’s deep domain expertise will be the team to scale this incredible platform, and we are so excited to be a part of the next phase of Navegate’s journey alongside a strong group of syndicate partners.”
Navegate offers traditional services such as freight forwarding, customs brokerage and domestic transportation along with innovative, cloud-based software and a best-in-class vendor portal platform.
As part of the investment, Navegate’s asset-based trucking division has been spun off and will be operated as a separate business based in Sioux Falls, South Dakota. Navegate will keep its headquarters in Mendota Heights, Minnesota, and also maintain its offices in Chicago, Los Angeles, Shanghai and Hong Kong.
Bradford Brown Capital Partners announced its investment in Paragon Legal today, through its stake in Calyx Capital LLC.
Paragon Legal Announces Acquisition By Calyx Capital Partners
SAN FRANCISCO–Paragon Legal (“Paragon”), a leading provider of legal resource solutions to corporate legal departments, announces that the Company has received a strategic investment from Calyx Capital Partners (“Calyx”), a private investment fund.
“We look forward to joining the current management team and helping accelerate the growth of Paragon to achieve our goals of expanded opportunities for our employees and additional services for clients.”
Paragon was founded in 2006 by Mae O’Malley to provide attorneys with a new and innovative way to practice law in a flexible manner, and to allow corporate legal departments to engage high quality talent on an on-demand, project basis. Paragon provides highly-skilled attorneys, contract managers, and paralegals across a multitude of legal practice areas.
“As Paragon has grown tremendously over the years and continues to see high demand for its services, I have decided the time is right to bring in new owners and management who are well-equipped to see Paragon through the next stage of its growth,” says O’Malley. “The Calyx team has deep experience improving and growing organizations, and I am confident that their expertise and enthusiasm are just what Paragon needs at this stage in its growth.”
Trista Engel and Jessica Markowitz from Calyx will join the organization as Managing Directors of Paragon in its San Francisco headquarters. Mae O’Malley will continue as Founder and a member of the newly formed Board of Advisors, which will provide Paragon with added insights and expertise through its decades of experience in legal services.
“We are thrilled to be joining the Paragon team. Paragon’s ability to attract top legal talent, its roster of blue-chip clients, and its unique culture really set the business apart,” says Trista Engel. “We’ve chosen to be a part of Paragon because we see substantial opportunity to create greater value for our clients, and we will be devoting our energy and resources toward delivering the best client and attorney experience.”
Jessica Markowitz adds, “We look forward to joining the current management team and helping accelerate the growth of Paragon to achieve our goals of expanded opportunities for our employees and additional services for clients.”
About Paragon Legal
Paragon Legal (www.paragonlegal.com) is an innovative legal services firm that provides highly-skilled legal professionals to corporate legal departments on an on-demand, project basis. Since 2006, Paragon has established itself as a leading legal services partner to top tier companies in the Bay Area, providing flexible, cost-effective legal resources to meet each company’s unique needs. Paragon’s industry-changing model allows legal professionals the opportunity to continue with challenging legal work while maintaining flexibility and control over their schedules.
Bradford Brown Capital Partners announced its exit from Zensurance today, as the company sold a majority stake to a strategic buyer at attractive terms for all early investors.
Travelers, one of America’s largest insurance companies, has acquired a majority stake in the Canadian fintech startup Zensurance.
According to documents obtained by BetaKit, The Travelers Companies – through a wholly-owned subsidiary – has purchased approximately 60% of Zensurance’s issued and outstanding shares, leaving Zensurance CEO Danish Yusuf and CTO Sultan Mehrabi with about a third of ownership in the company.
Sources close to the matter have revealed that Travelers paid approximately CA$16 million (about $12,250,000) for the deal.
Zensurance aids businesses in the purchase and management of insurance packages through its proprietary platform. Over 2,500 businesses have signed on with Zensurance, and the startup works with more than 40 insurers.
Currently, Zensurance is operating independently of Travelers. Speaking with BetaKit, both Yusuf and Mehrabi confirmed that the fintech remains unfazed by the acquisition – in fact, the fintech aims to continue working with even more insurance companies. Zensurance is also looking to secure the authority to bind insurance contracts in real-time through its platform, instead of relying on insurance companies to complete the process.
In terms of commercial property insurance, Travelers is the second largest company in the US. The company is also the second largest writer of personal insurance in America, through independent agents.