Array Behavioral Care Bolsters Executive Team to Address Soaring Mental Health Needs Through Improved Access, Quality of Care

New Talent will Accelerate the Nation’s Leading Virtual Psychiatry and Therapy Provider in Growing and Diversifying its Services, Technology, and Operations Across Care Continuum

MOUNT LAUREL, N.J.–(BUSINESS WIRE)–Array Behavioral Care, the nation’s leading clinician-centric virtual psychiatry and therapy practice, announced three executive leadership hires: Shannon Werb, Chief Executive Officer; Sara Gotheridge, MD, Chief Medical Officer; and Ben Schlang, Chief Financial Officer. These new leaders will support the execution of broader company-wide initiatives and investments across technology, operations, and teams to expand the breadth and depth of Array’s telebehavioral services across the care continuum.

“It’s an honor to lead an industry innovator and build on our legacy as a great place for clinicians to practice care and for patients to receive care.”

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Demand for mental health care remains high in acute care and community outpatient settings, where capacity is significantly constrained. Less than one-third of all mental health needs are being met nationwide, according to research conducted by the U.S. Department of Health & Human Services. Virtual psychiatry and therapy enable more patients to receive care directly from clinicians across all settings. Array pioneered this industry, with Array Co-founder Dr. Jim Varrell performing one of the industry’s first telepsychiatry encounters in 1999. Today more than 90 million Americans in all 50 states can access Array’s timely, quality behavioral health care services in hospitals, community clinics, primary care offices, and at home. Array has delivered nearly four million virtual encounters to date.

“At Array, we speak about our ability to diversify and scale effectively, not only as strategic and operational business imperatives, but importantly, as a fundamental responsibility in fulfilling commitments to our customers and the patients we serve—we’re mission-bound to meet our nation’s ever-increasing demand for behavioral care,” said Glenn Cole, Array’s Board Chairman. “The Board is grateful for all that Array’s executive team has done in establishing Array as the industry leader, and is thrilled that founders Jim Varrell and Geoffrey Boyce will continue to work alongside Shannon, Sara, Ben and other Array leaders to develop and execute a shared vision and strategy to more effectively address mental health needs across the country.”

Werb, Gotheridge, and Schlang bring substantial healthcare experience, and proven success in their respective domains, including business strategy and operations, clinical, and financial. Werb has more than 25 years of experience as a healthcare executive and driver of value creation in the provider and related healthcare technology industries. Previously, he served as COO at DispatchHealth, where he played a key role in diversifying the company’s capabilities to multiple service lines, while scaling delivery across more than 40 states. Prior to that, Werb was president and COO of vRad, a global telemedicine company and the nation’s largest radiology practice.

Array is poised to accelerate its pace of scale in new and existing markets through enhanced service offerings and operations, innovative technology, and expansion of the practice team. Array’s unique service delivery models will deliver timely and high-quality care across the continuum, regardless of setting, and continued investment in Array’s leadership will drive more comprehensive solutions to Array’s hospital and payor partners. Amid growing national concern for mental health, timely intervention is valuable and appropriate follow-up care is critical. Array is investing in both.

“We’re at a critical inflection point for telehealth—we’ve experienced wide-scale adoption and efficacy, and we must ensure we maintain that commitment in order to best meet the nation’s mental health care needs,” said Werb. “It’s an honor to lead an industry innovator and build on our legacy as a great place for clinicians to practice care and for patients to receive care.”

Along with Werb, Array welcomes Gotheridge to oversee Array’s clinical team and quality program, and Schlang to manage the company’s financial operations. In addition to growing multiple practices throughout her 25-year career, Gotheridge is an experienced CMO within community mental health and has unique expertise in integrated care. She will oversee all clinical services, maintain active clinical practice, and partner closely with Array’s operations team to ensure that the highest quality of care is delivered to patients in a scalable and sustainable way. Schlang brings more than a decade of private equity experience in healthcare investment and finance and has been actively involved with Array for nearly six years as a member of one of Array’s institutional investors, Harbour Point Capital.

“We built the foundations for Array more than 20 years ago because we knew that virtual care offered patients in critical need access to the right care at the right time,” said Geoffrey Boyce, Array’s Founder. “Now more than ever, we see the importance of our mission and recognize the need to grow our organization to meet patients’ increasing mental health care needs. With these new leaders, Array is poised to maximize the expertise of our exceptional clinicians and enhance our offerings and delivery at an accelerated pace.”

In January 2023, Array completed a Series C capital raise led by CVS Health to further scale Array’s modern behavioral care services across the continuum. Array’s clinical, operational, administrative, and technical specialists enable its to clinicians operate at the top of their licenses, integrate with care teams, and similarly practice as they would if they were physically present with the patient. Array was named a Fortune 2023 Best Workplaces in Healthcare, following last year’s receipt of Great Place to Work® certification.

About Array Behavioral Care

Array Behavioral Care is the nation’s leading clinician-centric virtual psychiatry and therapy practice with a mission to transform access to quality, timely behavioral health care. Array offers telepsychiatry solutions and services across the continuum of care, from hospital to home, through its three flexible delivery models. For more than 20 years, Array has partnered with hundreds of hospitals and health systems, community health care organizations and payers of all sizes to expand access to care and improve outcomes for underserved individuals, facilities, and communities. As an industry pioneer and established thought leader, Array has helped shape the field, define the standard of care and advocate for improved telepsychiatry-friendly regulations. To learn more, visit www.arraybc.com.

Contacts

Media Contact:
Tony Fontana
tony@hencove.com
(703) 244-2079

Aligned Modern Health Appoints Virginia Materese CEO

GREENWICH, Conn. & CHICAGO–(BUSINESS WIRE)–Aligned Modern Health, the Midwest’s largest integrative medicine group, today announced the appointment, effective immediately, of Virginia Materese as Chief Executive Officer.

Ms. Materese has more than 15 years of senior executive experience managing and growing healthcare organizations. Prior to joining Aligned Modern Health, she was Chief of Ambulatory & Ancillary Operations of Healthcare Outcomes Performance Company (“HopCo”), the largest value-based orthopedic care organization in the country, where she managed a team of 1,200 people, overseeing a national network of 32 orthopedic, neurosurgery, physical therapy clinics, and spine and imaging centers.

“Virginia’s background successfully driving results in healthcare makes her an ideal fit to lead Aligned Modern Health through its next phase of growth,” said Bill Fiely, Co-Founder and Chief Marketing Officer. “She has exactly the kind of operational and strategic development experience that we’re looking for.”

“The model that Aligned Modern Health developed is extraordinary, with the highest caliber of care,” Ms. Materese said. “This is an incredible opportunity to grow and bring this new integrative care platform to patients who can greatly benefit from its effective treatments.”

Prior to HopCo, Ms. Materese served as Chief Executive Officer of multi-state premier diagnostic provider Great Lakes Medical Imaging; Director of Operations, DENT Neurologic Institute, Buffalo, NY; and Global Vice President Operations/Mergers and Acquisitions, Natus Systems, a Division of Buffalo-based Natus Medical.

“With Virginia on board, and our long-term relationship with the Aligned Modern Health team, the company has a solid foundation to successfully execute its growth blueprint,” commented Bret Bowerman, Co-Founder and Partner at Harbour Point Capital, a healthcare services focused private equity firm. “As individuals increasingly look toward natural, integrative approaches to health care, Aligned Modern Health is well positioned to meet that demand, both locally and in promising new markets.”

Aligned Modern Health currently operates 18 clinics in and around Chicago, staffed by more than 100 highly trained, experienced, and licensed practitioners. The company is a forward-looking integrated medical group providing evidence-based solutions to such health challenges as musculoskeletal pain, anxiety, gastrointestinal distress, metabolic disorders and infertility. Among its clinical offerings are Chiropractic Physical Medicine, Acupuncture, Massage Therapy, Clinical Nutrition, and Functional Medicine.

About Aligned Modern Health (www.alignedmodernhealth.com)

Aligned Modern Health is Chicagoland’s top rated integrative care destination delivering multiple specialties and treatment options under one roof to help empower patients to live their best life. Aligned Modern Health offers the highest standard of patient centered, evidenced-based care at 18 locations in the Chicago area staffed by over 100 doctors and wellness experts. The range of treatments include Chiropractic Physical Medicine, Acupuncture, Massage Therapy, Functional Medicine and Clinical Nutrition.

About Harbour Point Capital

Harbour Point Capital is a private equity investment firm that partners with the founders and executives of innovative, high-growth healthcare services companies. Harbour Point Capital invests in companies that deliver value to the healthcare system by improving access and enabling the provision of higher quality care at lower cost. For more information, please visit www.harbourpointcapital.com

Contacts

Media

For Aligned Modern Health:
Bill Fiely, Co-Founder and Chief Marketing Officer
(773) 598-4387
Bill.fiely@alignedmodernhealth.com

For Harbour Point Capital:
Anreder & Company
Steven Anreder
Michael Wichman
(212) 532-3232
steven.anreder@anreder.com
michael.wichman@anreder.com

CVS Health Completes Acquisition of Oak Street Health

WOONSOCKET, R.I.May 2, 2023 /PRNewswire/ — CVS Health® (NYSE: CVS) today announced it has completed its acquisition of Oak Street Health.

The acquisition will broaden CVS Health’s value-based primary care platform and significantly benefit patients’ long-term health by improving outcomes and reducing costs – particularly for those in underserved communities.

On February 8, 2023, CVS Health announced it entered into a definitive agreement to acquire Oak Street Health in an all-cash transaction for $39 per share, representing an enterprise value of approximately $10.6 billion. The company financed the transaction with borrowings of $5.0 billion from a term loan agreement entered into on May 1, 2023, and existing cash and available resources. CVS Health is committed to maintaining its current credit ratings.

Oak Street Health will continue to operate as a multi-payor primary care provider as part of CVS Health.

The acquisition will be further discussed during CVS Health’s first quarter 2023 earnings conference call with analysts and investors on May 3, 2023, at 8 a.m. ET. An audio webcast of the call will be broadcast simultaneously on the Investor Relations section of the CVS Health website at investors.cvshealth.com.

About CVS Health
CVS Health® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that’s managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.

Cautionary Statement Concerning Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. This press release contains forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements regarding the anticipated benefits of the Oak Street Health acquisition, the integration of Oak Street Health and how the combined business will operate, and the anticipated future operating performance and results of CVS Health. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to risks and uncertainties related to CVS Health’s acquisitions of Signify Health, Inc. and Oak Street Health, Inc.; as well as additional risks and uncertainties as described in our Securities and Exchange Commission (“SEC”) filings, including those set forth in the Risk Factors section and under the heading “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and our other filings with the SEC.

You are cautioned not to place undue reliance on CVS Health’s forward-looking statements. CVS Health’s forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.

Media contact
T.J. Crawford
212-457-0583
CrawfordT2@CVSHealth.com

Investor contact
Larry McGrath
800-201-0938
InvestorInfo@CVSHealth.com

SOURCE CVS Health

MMT Ambulance Appoints Chris Ciatto as New CEO

GREENWICH, Conn. & OMAHA, Neb.–(BUSINESS WIRE)–MMT Ambulance (“MMT” or the “Company”), a premier provider of ground ambulance transportation services to hospitals and health systems, is pleased to announce the appointment of Chris Ciatto as the Company’s new Chief Executive Officer and member of its Board of Directors effective immediately. With over 25 years of experience in the healthcare industry, Mr. Ciatto brings a wealth of knowledge and expertise to the Company.

Mr. Ciatto joins MMT after previously serving as the Chief Executive Officer of Phoenix Physical Therapy. He has held numerous executive leadership positions throughout his career, focusing on healthcare operations, service delivery organizations, strategy development, and patient experience improvement with industry-leading organizations including Elior North America, Optum (UHC), and Aramark.

“Chris has a consistent track record of building high quality businesses the right way while delivering impressive results to stakeholders,” said Kevin Ketzel, Chairman of the Board of Directors of MMT. “We are confident that his leadership will help maximize the Company’s potential and we look forward to working with him to continue providing best-in-class medical transportation services to our clients. His appointment as the CEO of MMT is a reflection of the Company’s commitment to hiring top talent in the industry and its dedication to providing outstanding patient care.”

MMT Ambulance has been a leading provider of ground based interfacility patient transport for over 30 years and has earned a reputation for partnering with its clients to deliver high-quality medical transportation services with a focus on safety, reliability, and compassion. MMT leverages its best-in-class people, processes, and technology to deliver great care to patients and strong operating results for its partners.

“I am honored to join the talented team at MMT and to help build on the Company’s legacy of providing high-quality medical transportation services to the communities where our team members live and work,” said Mr. Ciatto. “I look forward to working with the MMT team with support from Harbour Point Capital to continue to enhance and expand our services and positively impact the lives of those we serve.”

Mr. Ciatto holds a joint bachelor’s degree in political science and economics from Princeton University and an MBA from Harvard Business School.

About MMT Ambulance

MMT Ambulance, a portfolio company of Harbour Point Capital, has been putting Medicine in Motion by ambulance to improve lives for more than 30 years. With operations across 10 states, we are the partner of choice for many premier health systems. Our customizable model allows hospitals, health systems, and patient access centers to receive sustainable, on-time, and streamlined transport services. For more information, please visit www.mmtamb.com

About Harbour Point Capital

Harbour Point Capital is a private equity investment firm that partners with the founders and executives of innovative, high-growth healthcare services companies. Harbour Point Capital invests in companies that deliver value to the healthcare system by improving access and enabling the provision of higher quality care at lower cost. For more information, please visit www.harbourpointcapital.com

Contacts

Media Contacts:

For MMT Ambulance:
Rick Sheehy
402-469-6193
Rick.sheehy@mmtamb.com

For Harbour Point Capital:
Anreder & Company
Steven Anreder
212-532-3232
steven.anreder@anreder.com

Enhabit Announces Agreement with Cruiser Capital and Harbour Point Capital

DALLAS–(BUSINESS WIRE)–Enhabit, Inc. (NYSE: EHAB) (“Enhabit” or the “Company”), a leading national home health and hospice provider, today announced an agreement with Cruiser Capital Advisors LLC (“Cruiser”) and Harbour Point Capital Management LP (“Harbour Point” ), which collectively own approximately 4.7% of the outstanding shares of Enhabit’s common stock, pursuant to which Enhabit has appointed Stuart McGuigan and Barry Schochet to its board of directors, effective immediately. With these appointments the Company’s board will expand temporarily to 13 directors.

As Enhabit previously disclosed in May 2022 ahead of the completion of its separation from Encompass Health Corporation (“Encompass Health”), five of its board members previously served on the board of directors of Encompass Health and remain on Enhabit’s board on a transitional basis to assist Enhabit’s start up as a public company, leveraging their knowledge of the business and experience as public company directors (the “Transition Plan”). The appointments of Mr. McGuigan and Mr. Schochet support the advancement of the Company’s Transition Plan. The board reemphasizes its commitment to an orderly transition whereby at least four of the five transitional Encompass Health board members will step down from the board at or before the 2024 annual meeting of stockholders.

In conjunction with the appointment of the two directors, the Company has entered into a cooperation agreement with Cruiser and Harbour Point Capital (together, the “Investor Group”). In addition to the director appointments, the cooperation agreement provides that the Investor Group will support the board’s full slate of directors at the annual meeting and will abide by customary standstill, voting and other provisions. The complete agreement will be filed on Form 8-K with the U.S. Securities and Exchange Commission.

“We are pleased to strengthen the Enhabit board with the additions of Stuart and Barry as new independent directors,” said Leo I. Higdon Jr., Chairman of the Enhabit board. “With Enhabit still in its first full year operating as a public company, we believe today’s announcement underscores our board refreshment efforts. Stuart brings over 30 years of information and technology experience with successful Chief Information Officer roles at a variety of organizations where technology and data analytics were critical to their success. Barry is a highly accomplished healthcare industry executive and investor with more than three decades of experience. We look forward to working together as we continue to focus on meeting the needs of our patients and enhancing stockholder value.”

“With technology playing an increasingly important role in successfully delivering high-quality, cost-effective care, I look forward to working closely with the board and management team toward our shared goal of driving value for Enhabit,” said Mr. McGuigan.

“I am honored to be joining the Enhabit board,” said Mr. Schochet. “Enhabit has a diverse portfolio, a strong pipeline and a talented team in place today and is well positioned to deliver superior, cost-effective care where patients most prefer it: in their homes. I am excited for the opportunity to help the Company advance its objectives for growth and value creation.”

Keith Rosenbloom, Managing Member of Cruiser Capital Advisors, said, “We believe Enhabit’s intrinsic value is underappreciated, and it has the potential to generate tremendous returns for investors – particularly given the level of consolidation activity in the industry. As shareholders we appreciate the constructive engagement we have had with the Enhabit leadership team and Board and are pleased the Company is strengthening its Board with these two additions. We view today’s announcement as a positive development for all Enhabit stockholders.”

Goldman Sachs & Co. LLC is serving as financial advisor to Enhabit, Sidley Austin LLP is serving as legal advisor to Enhabit and Foley & Lardner LLP is serving as legal advisor to the Investor Group.

About Stuart McGuigan

Stuart McGuigan currently serves as a Senior Advisor at McKinsey & Company. Prior to this position, he served as Chief Information Officer (CIO) of the U.S. Department of State. As CIO, he established technology strategic direction and provided oversight for $2.4 billion of technology programs across the Department. McGuigan joined the Department of State from Johnson & Johnson, where he was responsible for global Information Technology strategy and operations for an organization with 130,000 employees at over 170 overseas and domestic locations. Prior to Johnson & Johnson, McGuigan served as Senior Vice President and CIO of CVS Caremark, Senior Vice President and CIO of Liberty Mutual and Senior Vice President of Information Services for Medco Health Solutions. McGuigan currently serves as a director of Posit PBC and M2GEN.

Mr. McGuigan holds Master of Science and Master of Philosophy degrees in the Cognitive Science program at Yale University and has a Bachelor of Arts degree in psychology from Fairfield University.

About Barry Schochet

Barry Schochet serves as a Healthcare Operating Partner at CIC Partners, an investment firm with an investment record spanning more than 30 years and representing greater than $1 billion in aggregate realized proceeds. Prior to his current role at CIC Partners, Mr. Schochet served as the President and CEO of BPS Health Ventures, a healthcare consulting and investment firm. In addition, Mr. Schochet served as Vice Chairman and a number of other senior executive positions, including President of the Hospital Division, at Tenet Healthcare (NYSE: THC) and predecessor National Medical Enterprises from 1979-2004. During his tenure, Tenet reached revenues of over $13 billion. Mr. Schochet has previously served as a director for several health care companies, including Omnicare (NYSE:OCR), until it was acquired by CVS (NYSE: CVS), and Agiliti (NYSE: AGTI). Mr. Schochet currently serves as a director of BroadJump LLC and as an advisor to Rendina Health Care Real Estate.

Mr. Schochet holds Master of Hospital Administration degree from George Washington University and a Bachelor of Arts degree in zoology from the University of Maine.

About Enhabit Home Health & Hospice

Enhabit Home Health & Hospice (Enhabit, Inc.) is a leading national home health and hospice provider working to expand what’s possible for patient care in the home. Enhabit’s team of clinicians supports patients and their families where they are most comfortable, with a nationwide footprint spanning 252 home health locations and 105 hospice locations across 34 states. Enhabit leverages advanced technology and compassionate teams to deliver extraordinary patient care. For more information, visit ehab.com.

Additional Information

The Company intends to file a proxy statement on Schedule 14A, an accompanying proxy card and other relevant documents with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies from the Company’s stockholders for the Company’s 2023 annual meeting of stockholders. STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the Company’s definitive proxy statement, an accompanying proxy card, any amendments or supplements thereto and other documents filed by the Company with the SEC when they become available at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge in the “SEC Filings” subsection of the Company’s Investor Relations website at http://investors.ehab.com or by contacting the Company’s Investor Relations Department at InvestorRelations@ehab.com, as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.

Certain Information Regarding Participants to the Solicitation

The Company, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company’s stockholders in connection with matters to be considered at the Company’s 2023 annual meeting of stockholders. Information regarding the direct and indirect interests, by security holdings or otherwise, of the Company’s directors and executive officers is included in the Company’s Information Statement, a copy of which is filed as Exhibit 99.1 and incorporated by reference in the Company’s Current Report on Form 8-K filed with the SEC on June 21, 2022. Changes to the direct or indirect interests of the Company’s directors and executive officers are set forth in SEC filings on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4. These documents are available free of charge as described above.

Forward-Looking Statements

Statements contained in this press release which are not historical facts, such as those relating to future events, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Enhabit undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise. Investors should consult further disclosures and risk factors included in our Form 10 Registration Statement dated June 14, 2022 and subsequent quarterly reports on Form 10-Q, each of which can be found on the Company’s website at http://investors.ehab.com and the SEC’s website at www.sec.gov.

Contacts

Investor Contact
Mark Brewer
Mark.Brewer@ehab.com
469-860-6061

Media Contact
Andy Brimmer / Adam Pollack / Andrew Squire
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

CVS Health to Acquire Oak Street Health

WOONSOCKET, R.I. and CHICAGOFeb. 8, 2023 /PRNewswire/ — CVS Health® (NYSE: CVS) and Oak Street Health (NYSE: OSH) have entered into a definitive agreement under which CVS Health will acquire Oak Street Health in an all-cash transaction at $39 per share, representing an enterprise value of approximately $10.6 billion.

Oak Street Health is a leading multi-payor, value-based primary care company helping older adults stay healthy and live life more fully. With an innovative care model and technology platform designed to deliver consistently superior outcomes and patient experiences, Oak Street Health has demonstrated that its model is scalable.

Bringing CVS Health and Oak Street Health together can significantly benefit patients’ long-term health by reducing care costs and improving outcomes – particularly for those in underserved communities. Oak Street Health centers are located where health care services are needed most; more than 50 percent of Oak Street Health’s patients have a housing, food or isolation risk factor.

“Combining Oak Street Health’s platform with CVS Health’s unmatched reach will create the premier value-based primary care solution,” said CVS Health President and CEO Karen S. Lynch. “Enhancing our value-based offerings is core to our strategy as we continue to redefine how people access and experience care that is more affordable, convenient and connected.”

Oak Street Health employs approximately 600 primary care providers and has 169 medical centers across 21 states. Oak Street Health is differentiated by its leading technology solution, Canopy, which is fully integrated with Oak Street Health’s operations and utilized when determining the appropriate type and level of care for each patient. That care will be enhanced by CVS Health’s community, home and digital offerings.

“This agreement with CVS Health will accelerate our ability to deliver on our mission and continue improving health outcomes, lowering medical costs, and providing a better patient experience while offering significant value to our shareholders,” said Oak Street Health CEO Mike Pykosz. “Together with CVS Health, we will have access to greater resources and capabilities to expand the reach of our platform, provide more opportunities for our teammates and, most importantly, make a meaningful difference in the lives of the patients we serve.”

Following the close of the transaction, Pykosz will continue to lead Oak Street Health, which will become part of CVS Health’s recently formed Health Care Delivery organization. Oak Street Health will continue to serve its extensive network of health plan partners and patients – consistent with CVS Health’s payor-agnostic approach to delivering leading solutions.

Transaction details

CVS Health will acquire Oak Street Health’s outstanding shares for $39 per share in cash, representing an enterprise value of approximately $10.6 billion. CVS Health expects to fund the transaction through available resources and existing financing capacity and is committed to maintaining its current credit ratings. The transaction was approved by the Board of Directors at each of the respective companies and is subject to approval by a majority of Oak Street Health’s stockholders, receipt of regulatory approval and satisfaction of other customary closing conditions. Private equity funds affiliated with Newlight Partners LP and General Atlantic LLC and certain members of the Oak Street Health Board of Directors, which collectively own approximately 45% of the common stock of Oak Street Health, have agreed to vote the shares they own in favor of the transaction, subject to customary exceptions. CVS Health and Oak Street Health anticipate that the transaction will close in 2023.

“Oak Street Health is a premier value-based primary care platform,” said CVS Health Chief Financial Officer Shawn M. Guertin. “We believe that in partnership with CVS Health, Oak Street Health can accelerate its growth and provide an attractive return to our shareholders over time. The pending acquisitions of Oak Street Health and Signify Health will also meaningfully advance our goal of adding 200 basis points of long-term adjusted operating income growth, a key commitment we made to shareholders at our December 2021 Investor Day.”

By 2026, Oak Street Health will have over 300 centers, each of which has the potential to contribute $7 million of Oak Street Health Adjusted EBITDA at maturity, representing more than $2 billion of Oak Street Health embedded Adjusted EBITDA at that time. Additionally, CVS Health projects more than $500 million in synergy potential over time, enhancing CVS Health’s long-term adjusted operating income growth.

CVS Health continues to project that it will achieve 2023 Adjusted EPS in the range of $8.70 to $8.90. CVS Health is now targeting 2024 Adjusted EPS of approximately $9.00, growing to approximately $10.00 in 2025, with upside in 2025 based on the successful resolution of its Medicare Stars Ratings mitigation efforts. The 2024 and 2025 Adjusted EPS trajectories reflect the impact of the previously disclosed 2024 Medicare Stars Ratings headwind and Centene contract loss, closing of the Oak Street Health transaction in 2023, as well as projected contributions from the pending Signify Health transaction in 2024 and beyond. Consistent with past practice, CVS Health expects to exclude integration and transaction costs from its Adjusted EPS presentation.

Advisors

Credit Suisse Securities (USA) LLC and Lazard Ltd are serving as co-financial advisors to CVS Health. CVS Health was advised on legal matters by Shearman & Sterling LLP, Dechert LLP and McDermott Will & Emery. Centerview Partners is serving as financial advisor for Oak Street Health and Kirkland & Ellis LLP is acting as Oak Street Health’s legal advisor.

About CVS Health

CVS Health® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that’s managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.

About Oak Street Health

Founded in 2012, Oak Street Health is a network of value-based primary care centers for adults on Medicare. With a mission of rebuilding healthcare as it should be, the Company operates an innovative healthcare model focused on quality of care over volume of services, and assumes the full financial risk of its patients. Oak Street Health currently operates more than 160 centers across 21 states and is the only primary care provider to carry the AARP name. The Company is a winner of Energage’s 2022 Top Workplaces USA award, was recognized by Inc. on its inaugural Best-Led Companies of 2021 list and was honored as a recipient of the 2022 and 2021 Joy in Medicine™ Health System Recognition Program by the American Medical Association. To learn more about Oak Street Health’s proven approach to care, visit oakstreethealth.com or read its Social Impact Report.

CVS Health Contacts:

Media
T.J. Crawford
212-457-0583
CrawfordT2@CVSHealth.com

Investors
Larry McGrath
800-201-0938
InvestorInfo@CVSHealth.com

Oak Street Health Contacts:

Media
Erica Frank
330-990-5026
Erica.Frank@OakStreetHealth.com

Investors
Sarah Cluck
773-572-0254
Sarah.Cluck@OakStreetHealth.com

Cautionary Statement Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health or Oak Street Health. This press release contains forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements regarding CVS Health’s expectations, intentions or strategies regarding the future. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “aim,” “potential,” “continue,” “ongoing,” “goal,” “can,” “seek,” “target” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Statements in this press release that are forward looking may include, but are not limited to, statements regarding the benefits of the proposed acquisition of Oak Street Health and the associated integration plans, expected synergies and revenue opportunities, anticipated future operating performance and results of CVS Health, the expected management and governance of Oak Street Health following the acquisition and expected timing of the closing of the proposed acquisition and other transactions contemplated by the merger agreement. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Such risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstance that could give rise to the right of CVS Health or Oak Street Health or both of them to terminate the merger agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the merger agreement; the failure to obtain applicable regulatory or Oak Street Health stockholder approval in a timely manner or otherwise; the risk that the acquisition may not close in the anticipated timeframe or at all due to one or more of the other closing conditions to the transaction not being satisfied or waived; the risk that there may be unexpected costs, charges or expenses resulting from the proposed acquisition; risks related to the ability of CVS Health and Oak Street Health to successfully integrate the businesses and achieve the expected synergies and operating efficiencies within the expected timeframes or at all and the possibility that such integration may be more difficult, time consuming or costly than expected; risks that the proposed transaction disrupts CVS Health’s or Oak Street Health’s current plans and operations; the risk that certain restrictions during the pendency of the proposed transaction may impact CVS Health’s or Oak Street Health’s ability to pursue certain business opportunities or strategic transactions; risks related to disruption of each company’s management’s time and attention from ongoing business operations due to the proposed transaction; continued availability of capital and financing and rating agency actions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of CVS Health’s and/or Oak Street Health’s common stock, credit ratings or operating results; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of CVS Health and Oak Street Health to retain and hire key personnel, to retain customers and to maintain relationships with each of their respective business partners, suppliers and customers and on their respective operating results and businesses generally, including with respect to Humana Inc. and its affiliates, which lease or license to Oak Street Health a majority of Oak Street Health’s primary care centers; the risk of litigation that could be instituted against the parties to the merger agreement or their respective directors, managers or officers and/or regulatory actions related to the proposed acquisition, including the effects of any outcomes related thereto; risks related to unpredictable and severe or catastrophic events, including but not limited to acts of terrorism, war or hostilities, cyber attacks, or the impact of the COVID-19 pandemic or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide on CVS Health’s or Oak Street Health’s business, financial condition and results of operations, as well the response thereto by each company’s management; and other business effects, including the effects of industry, market, economic, political or regulatory conditions. Also, CVS Health’s and Oak Street Health’s actual results may differ materially from those contemplated by the forward-looking statements for a number of additional reasons as described in CVS Health’s and Oak Street Health’s respective SEC filings, including those set forth in the Risk Factors section and under any “Forward-Looking Statements” or similar heading in CVS Health’s or Oak Street Health’s respective most recently filed Annual Report on Form 10-K, Oak Street Health’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and CVS Health’s and Oak Street Health’s Current Reports on Form 8-K.

You are cautioned not to place undue reliance on CVS Health’s or Oak Street Health’s forward-looking statements. CVS Health’s and Oak Street Health’s respective forward-looking statements are and will be based upon each company’s management’s then-current views and assumptions regarding CVS Health’s proposed acquisition of Oak Street Health, future events and operating performance, and are applicable only as of the dates of such statements. Neither CVS Health nor Oak Street Health assumes any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.

The press release may include non-GAAP financial measures that CVS Health uses to describe its performance. In accordance with SEC regulations, you can find the definitions of these non-GAAP measures, as well as reconciliations to the most directly comparable GAAP measures, on the Investors portion of CVS Health’s website. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. CVS Health’s definitions of its non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. In addition, this press release includes Oak Street Health’s projected adjusted EBITDA, a non-GAAP measure used to describe Oak Street Health’s expected performance. We have not presented a reconciliation of this non-GAAP measure to Oak Street Health’s projected net income, the most comparable GAAP financial measure, because the reconciliation could not be prepared without unreasonable effort. The information necessary to prepare the reconciliation is not available on a forward-looking basis and cannot be accurately predicted. The unavailable information could have a significant impact on the calculation of the comparable GAAP financial measure.

Additional Information and Where to Find It

This communication is being made in respect to the proposed transaction involving CVS Health and Oak Street Health. A meeting of the stockholders of Oak Street Health will be announced as promptly as practicable to seek stockholder approval in connection with the proposed transaction. CVS Health and Oak Street Health intend to file relevant materials with the SEC, including that Oak Street Health will file a preliminary and definitive proxy statement relating to the proposed transaction. The definitive proxy statement will be mailed to Oak Street Health’s stockholders. The press release is not a substitute for the proxy statement or any other document that may be filed by Oak Street Health with the SEC.

BEFORE MAKING ANY DECISION, OAK STREET HEALTH STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Any vote in respect of resolutions to be proposed at Oak Street Health’s stockholder meeting to approve the proposed transaction or other responses in relation to the proposed transaction should be made only on the basis of the information contained in Oak Street Health’s proxy statement. You will be able to obtain a free copy of the proxy statement and other related documents (when available) filed by Oak Street Health and documents filed by CVS Health with the SEC at the website maintained by the SEC at www.sec.gov or by accessing the Investor Relations section of Oak Street Health’s website at https://www.oakstreethealth.com for documents filed by Oak Street Health or the Investors portion of CVS Health’s website at https://investors.cvshealth.com for documents filed by CVS Health.

No Offer or Solicitation

This press release is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

CVS Health, Oak Street Health and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Oak Street Health’s stockholders in connection with the proposed transaction. Information regarding CVS Health’s directors and executive officers is contained in CVS Health’s Definitive Proxy Statement for its 2022 Annual Meeting of Stockholders filed with the SEC on April 1, 2022 as updated by CVS Health’s subsequent filings made on www.sec.gov. Information regarding Oak Street Health’s directors and executive officers, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement described above. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov or by accessing the Investor Relations section of Oak Street Health’s website at https://www.oakstreethealth.com for documents filed by Oak Street Health or the Investors portion of CVS Health’s website at https://investors.cvshealth.com for documents filed by CVS Health.

SOURCE CVS Health

Array Behavioral Care Secures $25 Million from CVS Health to Help Address National Mental Health Crisis through Virtual Care

MOUNT LAUREL, N.J.–(BUSINESS WIRE)–Array Behavioral Care, the nation’s leading virtual psychiatry and therapy practice, announced today the closing of its latest equity round to further scale modern behavioral health care across the continuum, with CVS Health leading the round. Existing investors also joined the round and contributed additional capital.

The financing builds upon a long history between Array and CVS Health and opens doors to new levels of collaboration to expand access to high-quality behavioral care.

“Array has consistently been a strong mental health care provider within Aetna’s network,” said Cara McNulty, President of Behavioral Health and Mental Well-being for CVS Health. “As CVS Health drives more innovation into care delivery, we look forward to working with Array to enhance access that complements our existing services in new ways.”

Serving hospitals, clinics, and individuals directly at home, Array uniquely delivers psychiatry and therapy across the continuum of care. With CVS Health as a new investor, Array will scale faster to provide further access to quality, timely behavioral care in new and existing markets through enhanced service offerings and operations, innovative technology, and expansion of the practice team.

The Array team’s experience with telepsychiatry spans more than two decades, and during this time, we’ve been at the forefront of creating, implementing, and evolving virtualized mental health programs across the continuum of care. From our first telepsychiatry encounter in a rural hospital in 1999 to caring for patients online from their homes today, we’ve stayed true to our mission to meet patients where they are regardless of acuity level or setting to deliver the behavioral health care they deserve,” said Geoffrey Boyce, CEO and Co-founder of Array. “As we continue to lead the charge in transforming access to modern behavioral health care, we’re proud to do it with our existing partners and CVS Health.”

“Array’s long history in virtual behavioral care and its devotion to quality stand out,” said Vijay Patel, Managing Partner and co-founder of CVS Health Ventures, the company’s dedicated corporate venture capital platform. “Our collaboration and investment can help enhance access to these services, which is particularly important with demand for mental health services increasing significantly in recent years.”

As an early champion of telepsychiatry more than 20 years ago, Array and its early founders have been instrumental in the reinvention of how mental health care is delivered. The practice has long advocated for improved access to timely, quality behavioral health care in hospitals, community clinics, primary care offices, and homes for patients nationwide. Today, there are about 90 million Americans who can access Array’s services across all 50 states.

An estimated 150 million Americans, or 40% of the population, live in federally designated mental health professional shortage areas. According to research by the U.S. Department of Health & Human Services, only 27.7% of the national need for mental health professionals is actively being met. This scarcity of mental health professionals prevents patients from receiving the care they need, resulting in adverse health outcomes. The virtual care model allows for a more equitable distribution of clinical resources, particularly in rural and underserved communities, helping to remove barriers that limit patient access and increasing collaboration between mental and physical health clinicians.

“Our practice has always focused on helping provide patients the care they need, when and where they need it, without sacrificing quality,” said Dr. James Varrell, Executive Chief Medical Officer and Co-Founder of Array. “It’s clear that telebehavioral care is one of the most meaningful ways to address the clinician shortage and mental health crisis. As our practice broadens its reach, our patients and partners can rest assured in knowing that we lead with quality and clinical excellence first and foremost.”

Virtual solutions can also benefit psychiatrists, therapists, and other clinicians who can often be burdened with excessive administrative work that detracts from time that could be spent providing direct patient care. At Array, clinicians have a support team of clinical, operational, administrative, and technical specialists who help providers operate at the top of their licenses, integrate with care teams, and similarly practice as they would if they were physically present with the patient. In 2022, Array earned the Great Place to Work Certification, with 90 percent of team members calling Array a great place to work.

CVS Health joins other industry leaders and early investors in Array Behavioral Care, including Wells Fargo Strategic Capital, Health Velocity Capital, Harbour Point Capital, HLM Venture Partners, OCA Ventures, and OSF Healthcare.

Wells Fargo served as Array’s advisor on the transaction with a team led by Puneet Chandhok.

David Fairchild, MD, MPH, SVP and Chief Medical Officer of Retail Health for CVS Health will join Array’s board of directors. “Providing high-quality, whole-person care to consumers is essential to improving the health care system,” said Dr. Fairchild. “Working with Dr. Varrell, Geoffrey Boyce, and the entire Array organization, we believe that we can help increase access to excellent, convenient behavioral health care services.”

To learn more about Array Behavioral Care, please visit www.arraybc.com.

About Array Behavioral Care
Array Behavioral Care is the nation’s leading clinician-centric virtual psychiatry and therapy practice with a mission to transform access to quality, timely behavioral health care. Array offers telepsychiatry solutions and services across the continuum of care, from hospital to home, through its three flexible delivery models. For more than 20 years, Array has partnered with hundreds of hospitals and health systems, community health care organizations and payers of all sizes to expand access to care and improve outcomes for underserved individuals, facilities, and communities. As an industry pioneer and established thought leader, Array has helped shape the field, define the standard of care and advocate for improved telepsychiatry-friendly regulations. To learn more, visit www.arraybc.com.

About CVS Health
CVS Health is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that’s managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.

Contacts

Media
Andrew Young
615-603-1574
Andrew@Hencove.com

Harbour Point Capital Completes Investment in Midwest Medical Transport

GREENWICH, Conn. & OMAHA, Neb.–(BUSINESS WIRE)–Harbour Point Capital (“HPC”), a private equity investment firm specializing in the healthcare services field, today announced completion of a new investment in Midwest Medical Transport (“MMT”), a premier provider of ambulance transportation services. HPC and healthcare industry veteran Kevin Ketzel, former president of Agiliti Health (NASDAQ: AGTI), partnered on the transaction.

Panorama Point Partners (“Panorama”) and its equity partners, Dixon Midland Company (“Dixon Midland”) and ORIX Private Equity Solutions (“ORIX”), prior investors in MMT, have sold their interests as part of the recapitalization. Details were not disclosed.

Founded in Columbus, Nebraska, MMT began providing ambulance services in 1987, focusing on inter-facility transportation (“IFT”) within health systems. The company was acquired in 2015 by Panorama, Dixon Midland, and ORIX, and has since established itself as a clear market leader in the industry, customizing its model to currently serve more than 200,000 patients annually for health systems in 10 states across the country. The new investment will allow MMT to accelerate growth in both existing and new geographic locations, continuing its commitment to superior quality, safety and customer service.

“Panorama, Dixon Midland, and ORIX did an excellent job guiding MMT’s growth from a founder-led company to the industry leader we are today,” said Jeff Shullaw, President & CEO of MMT. “We are looking forward to expanding our footprint nationally to create sustainable access to healthcare, as we gain financial, strategic and operational support from Harbour Point Capital and Kevin.”

“MMT’s service model is unique in the IFT space, delivering customized solutions to its health system partners with unparalleled transparency and accountability,” said Robert Juneja, Co-Founder and Partner of Harbour Point Capital. “We believe the Company’s compelling value proposition has positioned it for accelerated growth. We are excited to partner with Kevin, Jeff and the rest of MMT’s management team for this next phase of development.”

“I am looking forward to working with Jeff and his team to expand MMT’s best in class service to customers and patients across the country,” added Mr. Ketzel, who has joined MMT’s board.

“We are proud to have assisted MMT in its growth, becoming the national leader in inter-facility medical transportation,” said Stephen George, Founder and Managing Partner of Panorama. “I have no doubt the MMT management team will reach its new goal, and I wish the company great success.”

About Midwest Medical Transport
Midwest Medical Transport is a premier provider of ambulance transportation services, completing more than 200,000 missions per year. Currently, the company serves hospitals and health care facilities in 10 states. For more information, please visit: www.midwest-med.com

About Harbour Point Capital
Harbour Point Capital is a private equity investment firm that partners with the founders and executives of innovative, high-growth healthcare services companies. Harbour Point Capital invests in companies that deliver value to the healthcare system by improving access and enabling the provision of higher quality care at lower cost. For more information, please visit: www.harbourpointcapital.com

About Panorama Point Partners
Panorama Point Partners, and its successor firm InterAlpen Partners, is a US based, globally minded growth private equity firm with a mission to combine profitability and purpose. It invests in growth stage, category winning companies at the nexus of technology and ESG impact. For more information, please visit: www.panoramapoint.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20220125006174/en/Harbour-Point-Capital-Completes-Investment-in-Midwest-Medical-Transport

Contacts

Media Contacts:

For Midwest Medical Transport:
Rick Sheehy
402-469-6193
Rick@mwmtc.com

For Harbour Point Capital:
Anreder & Company
Steven Anreder
212-532-3232
steven.anreder@anreder.com

For Panorama Point Partners:
Stephen George
402-933-1280
Stephen@panoramapoint.com

Oak Street Health Announces the Upsize and Pricing of Secondary Offering

CHICAGO–(BUSINESS WIRE)– Oak Street Health, Inc. (NYSE: OSH, or the “Company”), a network of value-based primary care centers for adults on Medicare, today announced the pricing of its previously announced underwritten public offering of 12,052,258 shares of its common stock by certain selling stockholders at a public offering price of $62.00 per share. The offering was upsized from a previously announced offering size of 10,000,000 shares. Such selling stockholders also granted the underwriters a 30-day option to purchase up to an additional 1,807,838 shares of Oak Street’s common stock. Oak Street will not receive any of the proceeds from the sale of the shares of its common stock being offered by the selling stockholders, and the selling stockholders will bear the costs associated with the sale of such shares, including underwriting discounts and commissions. The offering is expected to close on June 1, 2021, subject to customary closing conditions.

J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley, William Blair and Piper Sandler are acting as joint book running managers for the offering. Truist Securities is acting as co-manager for the offering.

A registration statement relating to the offering of common stock has been declared effective by the Securities and Exchange Commission. This offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866- 803-9204 or email at prospectus-eq_fi@jpmchase.com; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606; via telephone at (800) 621-0687 or via email: prospectus@williamblair.com; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at (800) 747-3924 or via email at prospectus@psc.com.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Oak Street Health:
Founded in 2012, Oak Street Health is a network of value-based primary care centers for adults on Medicare. With a mission of rebuilding healthcare as it should be, the Company operates an innovative healthcare model focused on quality of care over volume of services, and assumes the full financial risk of its patients. Oak Street Health currently operates more than 85 centers across 13 states.

Forward-Looking Statements:
Certain of the statements made in this press release are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, such as those, among others, statements concerning the expected closing of the offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to the satisfaction of customary closing conditions related to the offering and the impact of general economic, industry or political conditions in the United States or internationally. There can be no assurance that Oak Street will be able to complete the offering on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements as predictions of future events, which statements apply only as of the date of this press release. Additional risks and uncertainties relating to the offering, Oak Street and its business can be found under the heading “Risk Factors” in Oak Street’s most recent Annual Report on Form 10-K, in its Quarterly Report on Form 10-Q and in the S-1 for this offering, filed with the Securities and Exchange Commission. Forward-looking statements represent Oak Street’s beliefs and assumptions only as of the date of this press release. Oak Street expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based, except as may be required under applicable law.

Source: Oak Street Health

View source version on businesswire.comhttps://www.businesswire.com/news/home/20210526006178/en/

Media:
Erica Frank
Vice President of Public Relations
(330) 990-5026
Erica.Frank@oakstreethealth.com

Investors:
Kevin Ellich (Westwicke)
(443) 450-4186
kevin.ellich@westwicke.com

Oak Street Health Announces Secondary Offering

CHICAGO–(BUSINESS WIRE)–Oak Street Health, Inc. (NYSE: OSH, or the “Company”), a network of value-based primary care centers for adults on Medicare, today announced the commencement of an underwritten public offering of 10,000,000 shares of its common stock by certain selling stockholders. Such selling stockholders also intend to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of Oak Street’s common stock. Oak Street will not receive any of the proceeds from the sale of the shares of its common stock being offered by the selling stockholders, and the selling stockholders will bear the costs associated with the sale of such shares, including underwriting discounts and commissions.

J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley and William Blair are acting as joint book running managers for the proposed offering.

The proposed offering of common stock will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866- 803-9204 or email at prospectus-eq_fi@jpmchase.com; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606; via telephone at (800) 621-0687 or via email: prospectus@williamblair.com.

A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Oak Street Health:
Founded in 2012, Oak Street Health is a network of value-based primary care centers for adults on Medicare. With a mission of rebuilding healthcare as it should be, the Company operates an innovative healthcare model focused on quality of care over volume of services, and assumes the full financial risk of its patients. Oak Street Health currently operates more than 85 centers across 13 states.

Forward-Looking Statements

Certain of the statements made in this press release are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, such as those, among others, statements concerning the expected closing of the offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to the satisfaction of customary closing conditions related to the offering and the impact of general economic, industry or political conditions in the United States or internationally. There can be no assurance that Oak Street will be able to complete the offering on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements as predictions of future events, which statements apply only as of the date of this press release. Additional risks and uncertainties relating to the offering, Oak Street and its business can be found under the heading “Risk Factors” in Oak Street’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and in the S-1 for this offering, filed with the Securities and Exchange Commission. Forward-looking statements represent Oak Street’s beliefs and assumptions only as of the date of this press release. Oak Street expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based, except as may be required under applicable law.

Source: Oak Street Health

View source version on businesswire.comhttps://www.businesswire.com/news/home/20210524005814/en/

Contacts

Media:
Erica Frank
Vice President of Public Relations
(330) 990-5026
Erica.Frank@oakstreethealth.com

Investors:
Kevin Ellich (Westwicke)
(443) 450-4186
kevin.ellich@westwicke.com

Get in Touch with Harbour Point Capital
Phone
646-681-4600
Email
info@harbourpointcapital.com
Address
320 Boston Post Road, Suite 180-256
Darien, CT 06820