The Louisville-headquartered allergy medical practice inked the deal with Prairie Capital on March 15, according to a news release. The companies did not disclose how much Prairie Capital would invest or how much of a stake if now owns.
The money will go toward helping accelerate Family Allergy & Asthma’s expansion plan in both existing and new locations. The practice has 28 locations in Kentucky, Ohio and Indiana, including 11 in Louisville.
“While we have recently expanded into the Indianapolis market and will open our first Ohio office in Cincinnati this summer, this partnership will allow us to grow in those markets, and beyond, more efficiently than we would have been able to alone,” Kay Tyler, chief executive at Family Allergy & Asthma, said in the release. “We look forward to adding both established allergists and fellows directly out of medical training who are a right fit for our culture.”
The partnership is expect to increase the number of jobs at the company’s Louisville headquarters and in places where offices are opened. Family Allergy & Asthma will purchase existing allergy practices as well as open its own new offices as a strategy to add new allergists.
There will be no management structure changes, and Tyler will remain chief executive at Family Allergy & Asthma; Dr. James Sublett, who co-founded the company, will serve as chief medical officer.
“When we founded Family Allergy & Asthma, our goal was to provide the best allergy care possible for as many people as possible, and this partnership will allow us to reach far more patients than we ever imagined,” Sublett said in the release.
Sublett and Dr. Stephen Pollard created Family Allergy & Asthma in 1979. It also owns offices for a group of sleep medicine specialists called Expert Sleep Medicine, which has operations across Kentuckiana and is a part of the deal with Prairie Capital as well.
Prairie Capital was founded in 1997 and has invested in 88 companies with earnings of $4 to $12 million before taxes, interest, amortization and depreciation.