Who Owns CareMax Company?

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Who Owns CareMax Company?

CareMax, Inc., a value-based care provider, has seen its ownership evolve significantly since its founding in 2011. The company's journey includes a public listing via a SPAC merger and a recent emergence from Chapter 11 bankruptcy, which has reshaped its stakeholder base.

Understanding CareMax's ownership is key to grasping its future direction after its financial restructuring. The company's path from a private entity to a publicly traded one, and then through bankruptcy, has brought new entities into its ownership structure.

Following its emergence from Chapter 11 bankruptcy on February 3, 2025, CareMax's ownership structure has been significantly altered. The pre-arranged plan that facilitated its exit from bankruptcy has established a new set of stakeholders. As of August 2025, the company's market capitalization is approximately $1.6 million USD. For a deeper understanding of the external factors influencing its business, a CareMax PESTEL Analysis can provide valuable context.

CareMax, Inc., established in 2011 as CareMax Medical Group, L.L.C., was co-founded by Carlos de Solo, who also served as its President and Chief Executive Officer. Carlos de Solo brought over a decade of healthcare experience to the venture, including a prior role as Chief Operating Officer and partner at Solera Health Systems, LLC. His brother, Albert de Solo, joined as Chief Operating Officer, contributing expertise in finance, accounting, and risk management. The founding team's initial objective was to develop an effective healthcare delivery system for vulnerable senior populations in underserved communities, focusing on comprehensive care and social determinants of health.

Founding Vision

The founders aimed to create a healthcare system for seniors in economically challenged areas. Emphasis was placed on comprehensive care and leveraging social determinants of health.

Proprietary Technology

Early growth was supported by the CareOptimize technology platform. This system was designed to aggregate and analyze data for better care delivery decisions.

Early Backing

A significant early investor was Deerfield Management Company, L.P. Their involvement began through a 2021 SPAC merger with Deerfield Healthcare Technology Acquisitions Corp.

Strategic Investment

The Deerfield investment in 2021 through a reverse merger was a pivotal moment. This provided substantial capital essential for the company's expansion efforts.

Ownership Structure Evolution

While initial equity splits are not publicly detailed, the company's ownership structure evolved significantly with external investment. This marked a transition from its early private stages.

Public Trading Status

Following the SPAC merger, the company became publicly traded. This allowed for broader access to capital markets and a wider base of potential shareholders.

The early ownership of CareMax was primarily driven by its founders, Carlos de Solo and Albert de Solo, who established the company with a clear mission to serve vulnerable senior populations. While the precise equity distribution at inception remains undisclosed, the company's growth trajectory was significantly influenced by its technological advancements, particularly the CareOptimize platform. A key development in its ownership history occurred in 2021 with the merger facilitated by Deerfield Healthcare Technology Acquisitions Corp., a special purpose acquisition company sponsored by an affiliate of Deerfield Management Company, L.P. This transaction not only provided substantial capital for expansion but also marked Deerfield Management as a significant investor, fundamentally altering the company's ownership landscape and paving the way for its public trading status. Understanding this early ownership structure is crucial for grasping the company's subsequent strategic decisions and its approach to market expansion, as detailed in the Marketing Strategy of CareMax.

Key Early Ownership Aspects

The initial phase of CareMax's ownership was characterized by the foundational roles of its co-founders and the strategic importance of its proprietary technology. The company's transition to public ownership was a significant event, influenced by external investment.

• Founders: Carlos de Solo and Albert de Solo
• Key Technology: CareOptimize platform
• Major Early Investor: Deerfield Management Company, L.P. (via SPAC merger in 2021)
• Impact of Investment: Provided capital for expansion and altered ownership structure

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The ownership landscape of CareMax has seen significant shifts, most notably following its public debut via a SPAC merger in June 2021 and its subsequent Chapter 11 bankruptcy filing in November 2024. These events fundamentally altered who holds stakes in the company.

Following its emergence from bankruptcy in February 2025, CareMax's ownership structure has been significantly redefined. The prior equity interests were extinguished, meaning former shareholders no longer hold any claims. The primary stakeholders now consist of former secured lenders who converted their debt into equity or acquired ownership in the divested assets. BlackRock Financial Management and Crestline Investors are key entities that have become part-owners and lenders to the clinical care centers business, now operated by ClareMedica Health Partners. This business was acquired by ClareMedica Viking, LLC for $35 million in cash and $65 million in units of ClareMedica Health Partners, LLC. Additionally, the Medicare Shared Savings Program portion of the Managed Services Organization (MSO) business was sold to Revere Medical for $10 million, plus certain program payments. ClareMedica Health Partners is under the ownership of private equity firm Beecken Petty O'Keefe & Company. Prior to the bankruptcy, Deerfield Management Company, L.P. Series C was the largest shareholder with 530,230 shares as of September 2024. However, current institutional ownership for the company, now listed on the Pink Market as CMAXQ, stands at approximately 1.14%, with insiders holding 0.23% and public companies and individual investors holding the remaining 99.77%.

Key Ownership Changes

CareMax's ownership has been reshaped by its recent bankruptcy and asset sales. The focus has shifted from former shareholders to secured lenders and new owners of divested business segments.

• Former equity interests were extinguished during the February 2025 restructuring.
• Secured lenders are now primary stakeholders, having converted debt to equity.
• BlackRock Financial Management and Crestline Investors are significant new stakeholders.
• The clinical care centers business is now owned by ClareMedica Health Partners.
• The MSO business's Medicare Shared Savings Program portion was sold to Revere Medical.

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The current board of directors for the reorganized entity is shaped by its recent financial restructuring. Following the emergence from Chapter 11 in February 2025, the prior ownership structure was dissolved, and new leadership is in place, reflecting the influence of key lenders and part-owners.

The composition of the board and the distribution of voting power at CareMax underwent a significant transformation due to the company's financial restructuring and subsequent emergence from Chapter 11 bankruptcy in February 2025. Prior to this, Carlos A. de Solo was President, Chief Executive Officer, and a director, having held these roles since June 8, 2021. Other directors at that time included Kevin Berg (representing Deerfield Management), Bryan Cho, Ralph de la Torre, M.D., Dr. Vincent Omachonu, Ryan O'Quinn, and Jose R. Rodriguez, who also served as Chairman of the Board. Edward J. Borkowski was appointed as a Class II director on September 24, 2024, with his term set to conclude at the 2026 Annual Meeting of Stockholders.

Shift in Voting Power Post-Restructuring

The Chapter 11 restructuring effectively nullified all pre-existing equity interests, including the common stock and its associated voting rights. This means the previous ownership structure no longer dictates control.

• Carlos de Solo and Jose Rodriguez departed from their executive and chairman roles on February 2, 2025.
• New ownership is primarily held by BlackRock Financial Management and Crestline Investors, who were lenders to the clinical care centers business.
• These new stakeholders now hold the voting power and strategic control over the reorganized company.
• The specific voting percentages and any special rights for BlackRock, Crestline, or ClareMedica are outlined in the restructuring agreements.
• Understanding the Brief History of CareMax provides context for these ownership changes.

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Over the past few years, the ownership of CareMax has undergone a dramatic transformation, marked by its initial public offering, subsequent financial difficulties, and a comprehensive restructuring. These events have fundamentally altered who controls the company’s future.

Following its emergence from Chapter 11 bankruptcy on February 3, 2025, CareMax's operational assets were significantly divided. The Medicare Shared Savings Program MSO business was sold to Revere Medical for $10 million. Concurrently, the operating clinic business was acquired by ClareMedica Viking, LLC, with the transaction valued at $35 million in cash and $65 million in units of ClareMedica Health Partners, LLC. This restructuring has resulted in BlackRock Financial Management and Crestline Investors becoming part owners and lenders within the clinical care centers business now under ClareMedica Health Partners, indicating a shift in control from previous public shareholders to these institutional entities.

Leadership Transition

Carlos de Solo stepped down as CEO, and Jose Rodriguez resigned as Chairman on February 2, 2025. This marks a significant change in the executive leadership team.

Market Capitalization Decline

As of August 2025, CareMax’s market capitalization stands at approximately $1.6 million USD. This reflects the substantial reduction in operations post-restructuring.

Stock Performance

The company’s stock experienced a sharp decline, falling from $3.03 per share on August 21, 2024, to $0.42 per share by November 27, 2024. This trend preceded the bankruptcy filing.

Industry Context

The U.S. value-based healthcare market is projected to grow significantly, with an estimated CAGR of 7.4% through 2030. This growth fuels private equity investment in the sector, influencing consolidation trends.

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