Women’s Health is a relatively new sector of interest for private equity groups (the first investment from private equity was Ares partnership with Unified Women’s Healthcare in 2013 before investment halted until 2017). In a short period of time, the industry has seen rapid consolidation with nearly 70% of acquisitions to date occurring in 2020 or 2021 (showing resiliency amidst a global pandemic).
The considerable acceleration of transaction activity has created a rapidly closing window for groups to be “first movers” in their market. Platform acquisitions have been coupled with many add-on acquisitions as existing platforms look to increase regional density and expand into new geographies.
Recent Transaction Activity in Women’s Health
Date
Target
PE Sponsor
Platform
State
February 2021
Together Women’s Health
Shore Capital Partners
MI
January 2021
Care First
Audax Group
Axia Women’s Health
NJ
December 2020
Women’s Care Enterprises
BC Partners
FL, CA, KY
December 2020
Desert Perinatal Associates
Sverica Capital
Women’s Health USA
NV
December 2020
Mid Atlantic Women’s Care
Atlas Partners
Unified Women’s Healthcare
VA, NC
December 2020
Unified Women’s Healthcare
Atlas Partners
12 States
November 2020
Women’s Health Group
Shore Capital Partners
CO
September 2020
Women’s Health USA
Sverica Capital
Women’s Health USA
NV
September 2020
Women’s Health Associates of Southern Nevada
Sverica Capital
Women’s Health USA
NV
June 2020
Reiter, Hill, Johnson & Nevin
Assured Healthcare Partners
Advantia Health
DC, MD, VA
June 2020
Seven Hills Women’s Health Centers
Audax Group
Axia Women’s Health
OH
March 2020
Seven Hills OB-GYN Associates
Audax Group
Axia Women’s Health
OH
March 2020
Rubino OB/GYN Group
Audax Group
Axia Women’s Health
NJ
January 2020
Southern California Reproductive Center
Lindsay Goldberg
Women’s Care Enterprises
CA
January 2020
Oceanside OB/GYN
Audax Group
Axia Women’s Health
NJ
January 2020
Advantia Health
Assured Healthcare Partners
IL, MD, MO, VA,
January 2020
Women’s Health of Central Massachusetts
Sverica Capital
Women’s Health USA
MA
November 2019
OB/GYN of Indiana
Audax Group
Axia Women’s Health
IN
October 2019
Palm Beach OB-GYN
Lindsay Goldberg
Women’s Care Enterprises
FL
January 2019
London Women’s Care
Lindsay Goldberg
Women’s Care Enterprises
FL
August 2017
Women’s Health USA
Sverica Capital
CT
May 2017
Women’s Care Florida
Lindsay Goldberg
FL
January 2017
Axia Women’s Health
Audax Group
NJ, PA
Despite the heightened deal activity in the last year, there is still considerable opportunity in the industry with private equity still in the early innings of consolidation within the women’s health sector. The opportunity remains very strong for groups interesting in pursuing partnerships with private equity to achieve their goals and succession plans.
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.