Primary Care/Multi-Specialty - Physician Growth Partners

Primary Care/Multi-Specialty – Market Update

Spring 2023


In recent years, private equity investors have increasingly been drawn to Primary Care and Multi-Specialty practices. This trend has been driven by a recognition among these firms that there is significant potential to create value by consolidating referrals and ancillary services, as well as by keeping patients within a single network that spans multiple specialties. The ongoing shift towards value-based care, along with the increasing demand for integrated and coordinated healthcare delivery, has further amplified the appeal of investing in practices that are well-positioned to thrive under these new service models.

Private equity firms are particularly interested in groups that have a substantial patient population under their control, as these practices are currently receiving historically high valuations and attention. This is true regardless of whether the practice operates under a fee-for-service or risk-based model. Private equity is drawn to the opportunity to maintain self-governance while enjoying economies of scale that provide stronger bargaining power with both payors and suppliers.

Despite recent market challenges, we continue to see high levels of deal activity and valuations in the Primary Care and Multi-Specialty sector. We anticipate that this trend will persist for the foreseeable future, especially as investor interest moves beyond the East Coast into the rest of the US.

Interested in how private equity can be helpful in your practice?

Recent Primary Care/Multi-Specialty Transactions

5/2/23Cohen Medical AssociatesAscend Capital PartnersMedical Specialists of the Palm BeachesMulti-SpecialtyFlorida
4/19/23Lexington ClinicClayton Dubilier & RiceAgilon HealthMulti-SpecialtyKentucky
4/12/23Plaza Medical CentersBeecken Petty O’Keefe & CompanyClareMedica Health PartnersPrimary CareFlorida
3/6/23Starling PhysiciansWalgreensVillage MDMulti-SpecialtyConnecticut
3/1/23Family Practice CenterClayton Dubilier & RiceAgilon HealthMulti-SpecialtyPennsylvania
2/22/23One MedicalAmazonOne MedicalPrimary CareCalifornia
2/7/23Total Family MedicalWebster Equity PartnersMyTown Health PartnersPrimary CareCalifornia
1/30/23Allied Physicians GroupAscend Capital PartnersCareAboutPrimary CareNew York
1/30/23Adjuvant HealthAscend Capital PartnersCareAboutPrimary CareNew York
1/26/23Family and Internal Medicine AssociatesWalgreensVillageMDPrimary CareKentucky
1/23/23Norwood ClinicPharos Capital Group, LLCComplete HealthPrimary CareAlabama
1/20/23Dallas Internal MedicineWalgreensVillageMDPrimary CareTexas
1/12/23Ladiga MedicalBeecken Petty O’Keefe & CompanySoutheast Primary Care PartnersPrimary CareAlabama
1/5/23Summit Health-CityMDWalgreensVillageMDMulti-SpecialtyNew Jersey
12/23/22Jacinto Medical GroupChicago Pacific FoundersMyCare MedicalMulti-SpecialtyTexas
12/19/22Rise HealthLorient Capital; Martis CapitalRise HealthPrimary CareArizona
12/5/22Medical Specialists of the Palm BeachesAscend Capital PartnersMedical Specialists of the Palm BeachesMulti-SpecialtyFlorida
11/28/22Excelsior Integrated Medical GroupAscend Capital PartnersRendrMulti-SpecialtyNew York
11/16/22Greenbrier Primary CareKinderhook IndustriesRural Healthcare GroupPrimary CareTennessee
11/16/22White House Primary CareKinderhook IndustriesRural Healthcare GroupPrimary CareTennessee
11/16/22Pleasant View Primary CareKinderhook IndustriesRural Healthcare GroupPrimary CareTennessee
11/16/22Springfield Primary CareKinderhook IndustriesRural Healthcare GroupPrimary CareTennessee
11/7/22Summit Health-CityMDWalgreensVillageMDMulti-SpecialtyNew York

About Physician Growth Partners

  • Physician Growth Partners (PGP) is a transaction advisory firm that represents independent physician groups working with private equity
  • We are Healthcare Transaction Advisors 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 eye care
    • Educational approach focused on partnership and cultural fit, while achieving a market clearing valuation

Relevant Physician Practice Transaction Expertise

Learn More About Primary Care Private Equity