Code 3 Emergency Partners Receives Growth Capital from Morgan Stanley Credit Partners

November 16th, 2017 | Press Release
NASHVILLE, Tennessee (November 2017) — Bailey Southwell & Co., LLC (BSC) is proud to announce an investment in Code 3 Emergency Partners, LLC (Code 3), a leading operator of freestanding emergency rooms and urgent care clinics, by Morgan Stanley Credit Partners (MSCP), a part of Morgan Stanley’s Private Credit and Equity Investing business that is currently investing out of a $1 billion fund. Financial terms were not disclosed.

BSC acted as the exclusive strategic and financial advisor to Code 3.

Led by founder and CEO Dr. Carrie de Moor, MD, FACEP, Code 3 is a physician-owned network of emergency room and urgent care clinics staffed by board-certified emergency medicine physicians committed to transparent and trusting relationships with its patients. By providing high quality healthcare in a way that is comfortable, affordable, and cutting edge, Code 3 has grown to six facilities in Texas and Nevada, and will soon open an additional hybrid facility in Denton, TX, as well as the first freestanding emergency room and urgent care on airport property in the U.S. at DFW International Airport.

Code 3’s partnership with MSCP will enable Code 3 to continue its innovative growth strategy of finding unique locations that need convenient access to unscheduled acute medical care. Code 3 recently broke ground on an 8,160-square-foot facility at DFW Airport that will house a 24/7/365 full-service emergency room, including observation rooms for short-term observation admissions, as well as a separate urgent care to service the 60,000 employees on site daily and over 60 million passengers that travel through each year. This hybrid facility outside DFW Airport is in addition to the urgent care and pharmacy inside Terminal D that opened in September 2017.

“Given our differentiated strategy and rapid growth trajectory, it was critical for our advisor to find the right partner who could appreciate what is unique about Code 3,” commented Dr. Carrie de Moor, CEO of Code 3. “We retained BSC not only because of its industry experience and relationships, but also because they understood who we are and, more importantly, where we want to go. They provided guidance each step of the way and helped us find the ideal partner in MSCP.”

About Bailey Southwell & Co., LLC

Founded in 2005 and headquartered in Nashville, TN, Bailey Southwell & Co., LLC, is a boutique investment bank providing customized mergers & acquisitions and capital raising services to leading healthcare and tech-enabled services businesses. More information about BSC can be found at

About Code 3 Emergency Partners, LLC

Based in Frisco, TX, Code 3 Emergency Partners, LLC, was founded in 2014 by Dr. Carrie de Moor, MD, FACEP. Code 3 currently operates freestanding emergency room and urgent care sites in Carrollton, Mesquite, McKinney, and Rockport, TX, as well as an urgent care and pharmacy inside DFW International Airport and McCarran International Airport in Las Vegas, NV. More information about Code 3 can be found at

About Morgan Stanley Credit Partners

Morgan Stanley Credit Partners is an investment platform for junior debt capital, senior secured loans, and equity co-investments alongside controlling shareholders to support middle-market companies in North America and Western Europe. MSCP leverages the brand and unparalleled global network of Morgan Stanley to source investment intelligence and opportunities. More information about MSCP can be found at