Axios Pro Exclusive Content

GTCR, Kelly McCrann launch Avryo Health Services

Apr 22, 2022
Illustration of a health plus in front of a criss-cross pattern surrounded by smaller plusses.

Illustration: Aïda Amer/Axios

GTCR partnered with veteran industry executive Kelly McCrann to form Avryo Health Services, which aims to become a leading multisite health care services player.

Why it matters: McCrann's 25 years of leadership experience spans the dental, behavioral health, ambulatory infusion, kidney dialysis, and most notably, eye care segments.

  • The executive led FFL Partners-backed EyeCare Partners through its 2019 sale to Partners Group, commanding what was a $2.2 billion valuation, Sarah reported previously.
  • Under his leadership, ECP nearly tripled 700 clinics and ambulatory surgery centers, before transitioning to an operating director a year ago.

What they're saying: GTCR co-head of health care Sean Cunningham says Avryo is "digging deep" in mental health and dental in particular, but is exploring opportunities in a handful of other segments as well.

  • Patient connectivity and engagement are top of mind, he adds: "Whether it's urgent care or dermatology or eye care people are trying different models and trying to break the mold and be a little more patient centric instead of just focusing on what works for clinicians and clinics."

Context: This is the first management startup via GTCR's "Leaders Strategy" that the firm is putting into its new Strategic Growth Fund, which closed on $2 billion in January.

  • The fund targets middle-market opportunities requiring on average $50 million to $200 million of equity over time, but Cunningham says GTCR is not limited to that range.
  • The fund "will look a lot like Fund 7, 8 and 9, but just smaller checks." GTCR's last flagship, Fund XIII, raked in $7.5 billion in LP capital commitments in 2020.
Go deeper