American Renal Associates Holdings, Inc. (ARA, Financial) is a health care services company that runs about two hundred dialysis centers in the United States. This was the first IPO we have participated in for a number of quarters, as it met our quality and return characteristic standards. American Renal Associates is far smaller than its two large competitors, but we believe that it has a solid business model that involves physician ownership in many of its centers. This leads to the company’s ability to attract and retain some of the best nephrologists in its markets.
From Baron Discovery Fund's second quarter 2016 commentary.
