Cardiology Private Equity - Physician Growth Partners

Cardiology Private Equity – Market Update

Fall 2023

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The cardiology sector has witnessed significant growth in the last 12 months, drawing substantial interest from private equity investors, particularly as more and more hospital employment deals continue to expire. Since the initial surge in consolidation, several new platforms have emerged, and existing ones have expanded their operations into new states. Since January 2023 there have been 22+ transactions within the cardiology space, including 3 new platforms created. While there is still plenty of white space for new platforms within Cardiology, the window to maintain a first-mover advantage is continually shrinking.


Within this evolving landscape, the sector has adapted to broader changing healthcare dynamics, as seen in other specialties. Core procedures and ancillary services continue to transition into outpatient settings, and value-based reimbursement models continue to gain traction, encouraging more physician sellers to explore partnership opportunities. Healthcare private equity investors are increasingly drawn to these models, aiming not only for improved patient outcomes and reduced costs but also for long-term sustainability and profitability.


Even despite current macroeconomic headwinds, this landscape has created an increasingly competitive environment, requiring a careful selection process for cardiology practices considering private equity partnerships. Aligning with a partner who not only understands the intricacies of the sector but also shares a vision for exceptional patient care and clinical autonomy to ensure long-term success is vital. Moreover, a partner’s expertise in service line development, navigating the reimbursement environment, infrastructure development, and geographic expansion are key factors when selecting a partner.

Recent Cardiology Transactions

Date TargetPE SponsorPlatform State
October 2023Clearwater Cardiovascular ConsultantsLee Equity PartnersCardiovascular LogisticsFL
September 2023Southeast Houston CardiologyN/ACLS HealthTX
September 2023Daytona Heart GroupWebster Equity PartnersCardiovascular Associates of AmericaFL
September 2023Central Florida Cardiology GroupChicago Pacific FoundersQoros HealthFL
September 2023The Cardiovascular Center of FloridaWebster Equity PartnersCardiovascular Associates of AmericaFL
August 2023Carolina Vein CenterCortec GroupCenter for Vein RestorationNC
July 2023Cardiovascular AssociatesWebster Equity PartnersCardiovascular Associates of AmericaFL
June 2023Bay Area Cardiology and Vascular Associates Webster Equity PartnersWebster Equity PartnersFL
June 2023James River Cardiology RC Capital Initial Platform: Aligned Cardiovascular Partners VA
June 2023Shore Heart Group Webster Equity PartnersCardiovascular Associates of AmericaNJ
May 2023Memorial Katy Cardiology Associates Ares Management US Heart & VascularTX
April 2023The Cardiac and Vascular InstituteWebster Equity PartnersCardiovascular Associates of AmericaFL
April 2023Heartland CardiologyAres ManagementUS Heart & VascularKS
April 2023First Coast Heart & VascularLee Equity PartnersCardiovascular LogisticsFL
April 2023HeartPlaceAres ManagementUS Heart & VascularTN
April 2023American Vascular AssociatesPetra Capital & Canopy CapitalInitial Platform: American Vascular AssociatesFL
April 2023NovocardiaWebster Equity PartnersCardiovascular Associates of AmericaFL
February 2023Cardiovascular Institute of Central FloridaWebster Equity PartnersCardiovascular Associates of AmericaFL
February 2023Orion MedicalAres ManagementUS Heart & VascularTX
February 2023Cardiovascular Institute of the SouthLee EquityInitial Platform: Cardiovascular LogisticsLA
January 2023Colorado Cardiovascular Surgical AssociatesDuneGlass CapitalLifeFlow PartnersCO
January 2023Oregon Vascular SpecialistsDuneGlass CapitalLifeFlow PartnersOR

About Our Firm

Physician Growth Partners (PGP) Physician Growth Partners (PGP) is an advisory firm working exclusively with independent physician groups in transactions with private equity.

PGP has completed 15+ transactions in the last 12 months. Our firm is differentiated by:

  • Senior partner involvement at every stage of the process
  • Extensive physician practice transaction experience
  • Unmatched relationships with all key private equity and strategic buyers interested in Cardiology
  • Educational approach focused on partnership and cultural fit + achieving a market-clearing valuation

Relevant Physician Practice Transaction Expertise

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