Sterling Healthcare Group, based in Coral Gables, Fla., will purchase five family practice clinics in Melbourne, Fla., with 10 physicians and annual revenues of $900,000.
The $455,000 purchase of the practices from Health Care Systems of Melbourne is Sterling's first entry into primary care. Sterling is a clinical contract manager for 58 emergency departments and one anesthesia department in 13 states.
The transaction is expected to close in 30 days, executives said. Sterling previously had disclosed plans to acquire group practices (Aug. 29, p. 65).
Sterling also acquired physician practices in North Miami Beach, Fla., and Adrian, Mich. The company had received a $25 million credit line for capital acquisitions from the First Union National Bank in Charlotte, N.C.