ENT & Allergy Private Equity - Physician Growth Partners

ENT & Allergy Private Equity – Market Update

Fall 2023


Despite a generally slow healthcare M&A environment in 2023, driven by economic uncertainty and rising interest rates, healthcare private equity investment in the ENT & Allergy space has been consistent through Q3 2023.

As one of the most fragmented physician subspecialties, the ENT space offers a significant opportunity to drive value through consolidation and the centralization of corporate functions, as well as the addition of ancillary services. When it comes to ancillary services, ENT practices offer one of the widest arrays of options including ambulatory surgery centers, allergy testing, asthma, audiology testing, hearing aids, sleep disorder clinics, and pediatric ENT, making the space particularly attractive to investors. As such, practices that already offer a comprehensive ancillary service offering can expect to command a higher multiple when pursuing a transaction.

The deal activity in the ENT & Allergy space has been centralized in the midwest, southeast, and southwest United States, with Elevate ENT Partners, SENTA Partners, and Parallel ENT & Allergy as the most acquisitive platforms.

Interested in how private equity can help your ENT & Allergy practice?

A number of states still lack the presence of a private equity backed ENT & Allergy platform, and the west coast, in particular, has seen minimal investment. Groups in high concentration areas such as the Midwest will benefit from a high level of competition and a wide variety of partnership options when pursuing a sale. Practices looking to sell in an untouched market such as on the west coast can be expected to be treated as a new market beachhead, which often entails regional leadership and more upside potential. Large groups in these markets are good candidates for direct private equity investment via the formation of a new ENT platform.

Overall, the market outlook in the ENT space remains strong and private equity partnerships continue to be an attractive option for physician owners looking to achieve their goals and succession plans. When evaluating a potential private equity partner, it is critical to consider cultural fit, as well as value, as strategy differs highly from platform to platform. Key aspects such as clinical autonomy, integration, go-forward compensation, and governance must be considered to ensure a strong go-forward partnership.

Recent ENT & Allergy Transactions

Date TargetPE SponsorPlatformState
October 2023Head & Neck Surgery of Kansas CityTrinity Hunt PartnersParallel ENT & AllergyMO
October 2023North Florida Center for OtolaryngologyAudax Private EquityElevate ENT PartnersFL
October 2023Charleston Allergy and AsthmaWaypoint CapitalAllergy PartnersSC
September 2023Advanced ENT & AllergyShore Capital PartnersSENTA PartnersKY
September 2023Allergy & Asthma Care of New YorkZenyth Partners; LNK Partners; LLR Partners; SV Health InvestorsSchweiger Dermatology GroupNY
August 2023San Antonio Head & Neck Surgical AssociatesAudax Private EquityElevate ENT PartnersTX
August 2023Centers for Advanced ENT CareHealthQuest CapitalENT Specialty PartnersMD, DC, VA
July 2023Southern Indiana ENTCandescent PartnersENT PartnersIN
July 2023Vero ENT AssociatesAudax Private EquityElevate ENT PartnersFL
July 2023Breathe Better Allergy, Asthma, & Sinus CenterShore Capital PartnersSENTA PartnersGA
May 2023Louisiana Ear, Nose, Throat and SinusAudax Private EquityElevate ENT PartnersLA
May 2023Ear Institute of Texas and the Hearing Institute of TexasTrinity Hunt PartnersParallel ENT & AllergyTX
April 2023Wilmington OtolaryngologyParallel ENT & Allergy; Trinity Hunt PartnersENT & Allergy of DelawareDE
April 2023Otolaryngology ConsultantsAudax Private EquityElevate ENT PartnersFL
March 2023Ear, Nose & Throat Associates of TexasAudax Private EquityElevate ENT PartnersTX

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 ENT & Allergy
  • Educational approach focused on partnership and cultural fit + achieving a market-clearing valuation

Relevant Physician Practice Transaction Expertise

ENT & Allergy PGP Private Equity Transaction

Learn More About ENT & Allergy Private Equity