Orthopedics Private Equity | Market Update Fall 2022 | PGP

Orthopedic Private Equity – Market Update

Fall 2022


PE interest in Orthopedics has picked up momentum in 2022 with transaction volume increasing. However, these are still the ‘early-innings’ of private equity investment compared to other healthcare specialties. With a mixture of provider fragmentation, high infrastructure costs (surgical hospitals, imaging, etc.), and profitable ancillary services, the Orthopedic market continues to show signs of successful consolidation.

There are just over 15 PE-backed Ortho platforms operating nationally, so groups are still looking to capitalize on first-mover advantages, especially in untouched cities and regions. This year we have seen healthcare-focused private equity that is successful in other sectors (Shore Capital, Archimedes Health) make their Ortho platform entry, with more expected. Additionally, United Musculoskeletal Partners merged with Novum Orthopedic Partners in a race to establish a national presence. 

The current activity (despite the state of capital markets) indicates continued and accelerated activity, specifically in terms of add-on acquisitions by strategic acquirers. PGP advised on two Orthopedic transactions this year and expects to close two more before the end of 2022. With new Ortho platforms being announced regularly, we expect an increase of add-on transactions as existing groups look to capture market share and expand into untapped geographies.

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Recent Transaction Activity in Orthopedics

DateTargetPlatformPE SponsorState
September 2022Georgia Bone and Joint SurgeonsTriumph OrthopedicsShore CapitalGeorgia
September 2022Orthopaedic Associates of ZanesvilleOrthoAllianceRevelstoke CapitalOhio
August 2022Jordan-Young InstituteAligned Orthopedic PartnersAtlantic Street CapitalVirginia
August 2022The Wilsonville Foot Health CenterUnity MSKTrinity HuntOregon
July 2022Orthopedic Foot & Ankle CenterOrthoAllianceRevelstoke CapitalOhio
July 2022Clintonville Foot & Ankle GroupOrthoAllianceRevelstoke CapitalOhio
July 2022Panorama OrthopedicsUnited Musculoskeletal PartnersWCASColorado
July 2022North Texas Orthopedics & Spine CenterNovum Orthopedic PartnersA&M Capital PartnersTexas
June 2022OrthoNeuroOrthoAllianceRevelstoke CapitalOhio
June 2022Orthopedics Specialties of Austin*Growth OrthoTrivest PartnersTexas
May 2022Premier OrthopaedicsHOPCoLindenPennsylvania
April 2022Shady Grove OrthopaedicsAligned Orthopedic PartnersAtlantic Street CapitalMaryland
April 2022Sports Medicine NorthSpire Orthopedic CareKohlberg & CompanyMassachusetts
January 2022JIS OrthopedicsOrthoAllianceRevelstoke CapitalOhio
January 2022Washington Orthopaedics and Sports Medicine*Aligned Orthopedic PartnersAtlantic Street CapitalDC
December 2021Resurgens OrthopaedicsUnited Musculoskeletal PartnersWCASGeorgia
December 2021Arlington Orthopedic AssociatesNovum Orthopedic PartnersA&M Capital PartnersTexas
December 2021Andrews Sports Medicine & Orthopaedic CenterUS Orthopaedic PartnersFFL PartnersAlabama
November 2021Anderson Orthopaedic ClinicM2 OrthopedicsArchimedesVirginia
October 2021Orthopaedic Associates of St. AugustineHOPCoLindenFlorida
*These targets were advised by Physician Growth Partners

About Physician Growth Partners

  • Physician Growth Partners (PGP) is a transaction advisory firm which represents independent physician groups in transactions with private equity
  • We are Healthcare Transaction Advisors differentiated by:
    • Senior partner involvement at every stage of the process
    • Extensive orthopedic transaction experience
    • Unmatched relationships with all key private equity and strategic buyers interested in orthopedics
    • Educational approach focusing on both partnership and cultural fit, while achieving a market clearing valuation

Recent Medical Practice Transaction Expertise

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