Waud Capital Partners

Industry:	Healthcare Services – Outsourced physician services
Headquarters:	Brentwood, TN
Date of Investment:	September 2006
Fund:	WCP Fund II
Date of Exit:	Date of Exit: April 2010 (Recapitalization Transaction): WCP remains minority investor
Website:	hmgdoc.com
Related News 01/12 Cogent HMG Announces New CEO 08/11 The Intensivist Group Teams with Cogent HMG 04/11 HMG, Cogent Merge to Form Largest Private Hospitalist Company in the U.S. 04/10 WCP Completes Recapitalization of HMG with AEA Investors 04/09 Dr. Stephen L. Houff Recognized in M.D. News 10/07 Richard P. Gustafson Joins Hospitalists Management Group’s Board of Directors 09/06 WCP Announces Acquisition of Hospitalists Management Group

“We were tremendously fortunate to have partnered with Waud Capital Partners. Waud Capital has an impressive track record in healthcare services, and I believe their understanding of hospital medicine and their relationships in the healthcare industry allowed us to accelerate
the growth
of HMG.”

Stephen L. Houff, MD
Chairman and Former Chief Executive Officer