Primary Care & Multispecialty Private Equity – Market Update
Summer 2021
After many years of Private Equity investments focused on single specialty providers, Primary Care and Multi-specialty have proven to be among the hottest areas for private equity investment over the last two years.
Private equity groups are recognizing the ability to create value created when referrals, ancillary services, and patients can be kept within a single network for multiple specialties. Whether practices are taking on risk or have built traditional fee-for-service models, groups that control large patient populations are being rewarded with historically high valuations and interest.
Private equity is attracted to the unique ability to preserve elements of self-governance while having economies of scale that allow for stronger bargaining power from both payors and suppliers. PGP believes that valuations and interest for both Primary Care and Multispecialty groups will remain high for the foreseeable future.
Select Recent Private Equity Transactions in the Primary Care & Multispecialty Space
Date
Target
PE Sponsor
Platform
Type
State
7/6/2021
Doctor’s Medical Center
InTandem Capital Partners
Cano Health
Primary Care
Florida
6/25/2021
Reliance Medical Centers
AIM Associates Capital Group
Reliance Medical Centers
Primary Care
Florida
6/15/2021
OnePeak Medical
NB Group
OnePeak Medical
Primary Care
Oregon
5/10/2021
Rendr
Ascend Partners
Rendr
Multispecialty
New York
4/14/2021
Bluestone Physician Services
Windrose Health Investors LLC
Bluestone Physician Services
Primary Care
Minnesota
4/7/2021
Southeast Primary Care Partners
Beecken Petty O’Keefe & Company
Southeast Primary Care Partners
Primary Care
Georgia
3/12/2021
MAXHealth
Arsenal Capital Partners
Best Value Healthcare
Multispecialty
Florida
2/10/2021
CareAccess MSO
Cimarron Healthcare Capital
CareAccess MSO
Primary Care
California
1/25/2021
Multi-Specialty Healthcare
Bain Capital Double Impact
Multi-Specialty Healthcare
Multispecialty
Maryland
12/23/2020
Family Care Medical Group
Clayton Dubilier & Rice
Agilon Health
Multispecialty
New York
11/18/2020
Miami Beach Medical Group
Sun Capital Partners
Clinical Care Medical Centers
Primary Care
Florida
11/17/2020
Best Value Health Care
Arsenal Capital Partners
Best Value Health Care
Primary Care
Florida
11/10/2020
Doctors Making Housecalls
Enhanced Healthcare Partners
Eventus Whole Health
Primary Care
North Carolina
9/1/2020
Concentra
Trive Capital
Concentra
Multispecialty
Texas
8/20/2020
Northside Medical Associates
Pharos Capital Group, LLC
Complete Health
Primary Care
Alabama
8/20/2020
Adamsville Family Medicine
Pharos Capital Group, LLC
Complete Health
Primary Care
Alabama
8/18/2020
CalCare IPA
Leonard Green & Partners
Prospect Medical Holdings, Inc.
Multispecialty
California
8/18/2020
Los Angeles Medical Center IPA
Leonard Green & Partners
Prospect Medical Holdings, Inc.
Multispecialty
California
8/18/2020
Vantage Medical Group
Leonard Green & Partners
Prospect Medical Holdings, Inc.
Multispecialty
California
Physician Growth Partners
Physician Growth Partners is a firm that recognizes and prioritizes the importance of clinically focused outcomes, first and foremost. The groups that allow us to advise them will attest to the fact that we always emphasize partnership over economics. When the highest level of care is delivered, financial success will always follow.