New York, June 3, 2021 – InTandem Capital Partners, LLC (“InTandem Capital”), a healthcare services focused private equity firm, announced today that its portfolio company Cano Health (NYSE: CANO), a leading value-based primary care provider for seniors in underserved communities, has completed its business combination with Jaws Acquisition Corp. (NYSE: JAWS). The business combination, which was approved by Jaws’ stockholders at its special meeting held on June 2, 2021, will enable Cano Health to achieve its vision of becoming America’s leader in primary care and accelerate the company’s growth.
Beginning June 4, 2021, Cano Health’s shares of Class A common stock will trade on the New York Stock Exchange (“NYSE”) under the symbol “CANO.”
“We are deeply grateful to InTandem Capital Partners for believing and supporting the promise we offer to our patients,” said Dr. Marlow Hernandez, Founder and Chief Executive Officer of Cano Health. “Five years ago, we selected Elliot and his team as an investment partner because they focused on our clinical outcomes and our model of care which benefits all stakeholders. InTandem has a proven track record of implementing successful growth strategies and provided us with the support and expertise to grow our medical footprint exponentially – from two clinics in South Florida – to more than 70 clinics in multiple states.”
“Cano Health is a perfect example of how InTandem’s investment strategy delivers on our commitment to work collaboratively with our management team partners to build an excellent business of significant value,” said Elliot Cooperstone, Managing Partner for InTandem Capital. “We worked tirelessly with CEO Dr. Marlow Hernandez and his team to create a scalable primary care-centric, population health management platform that today provides value-based care for more than 100,000 members across 14 markets. Marlow’s vision for healthcare, relentless energy, and ability to inspire his team have been instrumental to the company’s ability to achieve this incredible milestone. My colleagues and I wish Marlow and the entire Cano Health team our heartfelt congratulations and continued success fulfilling their mission.”
Dr. Marlow Hernandez will continue to lead Cano Health as Chief Executive Officer and Chairman of the Board of Directors. Elliot Cooperstone, Managing Partner for InTandem Capital, will serve as a member of the Board of Directors.
InTandem Capital made its initial investment in Cano Health in December 2016.
Moelis & Company acted as financial advisor to Cano Health. Credit Suisse served as financial advisor and exclusive capital markets advisor to Cano Health and as exclusive placement agent on the private offering. Goodwin Procter LLP served as legal counsel to Cano Health and Cravath, Swaine & Moore LLP served as counsel to certain shareholders, including members of Company management. Kirkland & Ellis LLP served as legal counsel to Jaws Acquisition Corp.
About InTandem Capital Partners
InTandem Capital is a private equity firm that invests in and helps accelerate the growth of select healthcare services companies. Its goal is to build excellent businesses of significant value working collaboratively with its management team partners. InTandem is comprised of former business executives and experienced investors, and is uniquely qualified to provide strategic, acquisition and operating expertise to help companies significantly increase their value over time. InTandem provides active support to the management of its portfolio companies directly and leverages its network of industry executives to augment its capabilities. For further information, please visit: www.intandemcapital.com
About Cano Health
Cano Health operates value-based primary care centers and supports affiliated medical practices that specialize in primary care for seniors in Florida, Texas, Nevada, and Puerto Rico, with additional markets in development. As part of its care coordination strategy, Cano Health provides sophisticated, high-touch population health management programs including telehealth, prescription home delivery, wellness programs, transition of care, and high-risk and complex care management.
Cano Health’s personalized patient care and proactive approach to wellness and preventive care set it apart from competitors. Cano Health has consistently improved clinical outcomes while reducing costs, affording patients the opportunity to lead longer and healthier lives. Cano Health serves a predominantly minority population (80% of its patients are Latino or African American) and low-income population (50% of its patients are dual eligible for Medicare and Medicaid). For more information visit www.canohealth.com.