The Carlyle Group Bets On Primary Care With $350 Million Investment In One Medical

Primary care provider One Medical announced Wednesday that it had received an investment of up to $350 million from private equity firm The Carlyle Group.

With 72 offices around the country, One Medical, offers concierge-style primary care, charging patients an annual fee of $149 to $199 in exchange for perks like same-day office visits and 24/7 access to a medical professional via their app. One Medical was founded in 2007 by Tom Lee (who is now executive chairman), and former United Healthcare executive Amir Rubin was hired to take over as CEO last year.

Of the $350 million announced, $220 million will be a direct investment in One Medical. Another $130 million is expected to go toward buying shares from existing investors, though the company says that part of the deal has not closed yet.