Urology Private Equity - Physician Growth Partners

Urology Private Equity – Market Update

Fall 2023


As 2023 draws to a close, private equity backed urology groups continues to be active in the urology sector, driven by a confluence of factors that promise sustained growth in the coming years. The sector’s resilience and appeal can be attributed to the ongoing demographic shift, characterized by an aging population that increasingly requires urological care. Furthermore, the urology field presents a plethora of ancillary opportunities with economies of scale, including advancements in medical imaging, pathology, radiation therapy, the management of chronic urological conditions, and surgery center development. These factors collectively create a conducive environment for accelerated urology consolidation, with major players in the industry actively seeking opportunities to enhance their scale and geographic footprint.

Across the U.S., there are currently seven private equity backed urology platforms along with Summit Health, that have been actively acquiring urology groups throughout the United States. Looking ahead to 2024, we anticipate the activity to continue with current private equity backed urology platforms consolidating like-minded practice in current and adjacent markets.

We do not foresee any new private equity groups entering the Urology sector but do believe several PE-backed urology groups will achieve a “second bite” within the next 12 to 24 months.

Independent urology groups are poised to benefit from this trend, as the established platforms have developed economies of scale and strengthened their foundations, boasting a track record of success that continues to grow. However, there are instances where private equity backed urology groups underperformed due to lack of alignment with their practice affiliations. As a result, it is imperative to evaluate these groups based on cultural fit and benefits associated with joining a private equity backed urology platform.

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Recent Transaction Activity in Urology

Date TargetPE SponsorPlatformState
October 2023Urologic Specialists of Northwest IndianaLee Equity PartnersSolaris HealthIN
May 2023Spokane UrologyLee Equity PartnersSolaris HealthWA
January 2023Low Country Urology ClinicsLee Equity PartnersSolaris HealthSC
January 2023UroPartnersLee Equity PartnersSolaris HealthIL
January 2023Urology of IndianaNMS CapitalUS Urology PartnersIN
September 2022Urology Associates of Central IndianaLee Equity PartnersSolaris HealthIN
July 2022Southern Surgical & Medical SpecialistsGauge CapitalUrology AmericaLA
June 2022Florida Urology CenterNMS CapitalUS Urology PartnersNY
March 2022Advanced Urology InstituteLee Equity PartnersSolaris HealthFL
January 2022New Jersey UrologyWarburg PincusSummit HealthNJ
January 2022Urology Associates of DenverGauge CapitalUrology AmericaCO
January 2022West Coast UrologyTriton PacificUrology Partners of America (Unio)CA
December 2021Anne Arundel UrologyLee Equity PartnersSolaris HealthMD
November 2021Colorado Springs Urological AssociatesLee Equity PartnersSolaris HealthCO
November 2021Michigan Institute of UrologyLee Equity PartnersSolaris HealthMI
October 2021Advanced Urology AssociatesLee Equity PartnersSolaris HealthIL
October 2021Skyline Urology GroupTriton PacificUrology Partners of America (Unio)CA
May 2021Genesis HealthcareTriton PacificUrology Partners of America (Unio)CA
March 2021Associated Urological SpecialistsLee Equity PartnersSolaris HealthIL
January 2021Midlantic UrologyLee Equity PartnersSolaris HealthPA
January 2021Arizona Institute of Urology and Urological Associates of Southern ArizonaAudax Private EquityUnited Urology GroupAZ
January 2021Southwest UrologySilver Oak ServicesIntegrated Oncology NetworkOH
November 2020Associated Medical Professionals of New YorkNMS CapitalUS Urology PartnersNY
*These practices were advised by PGP

About Our Firm

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

Differentiated Healthcare Transaction Advisors:

  • 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 Urology
  • Educational approach focusing on both partnership and cultural fit, while simultaneously achieving a market clearing valuation

Our Recent Urology Transaction Expertise

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