Read the original article in LevinPro HC – Editor Kate Humphrey, Levin Associates

September 24, 2024 – Physician Growth Partners (PGP) announced that it worked as the financial advisor to Keystone Urology Specialists in its acquisition by Solaris Health.

Based out of four Lancaster, Pennsylvania MSA locations, Keystone Urology Specialists is run by a team of 9 physicians. The practice has been in business for more than 55 years and has provided service to more than 25,000 unique patients each year.  

Solaris Health, a portfolio company of private equity firm Lee Equity Partners, is a national healthcare platform committed to enhancing access to specialty healthcare. The group was formed in June 2020 when Lee Equity Partners purchased and merged Integrated Medical Professionals and The Urology Group. It is based in Fort Lauderdale, Florida. 

According to the original press release, the addition of Keystone Urology Specialists means that Solaris now aligns the skills and talents of more than 700 providers who annually care for more than one million unique patients located in 13 states.  

This is also Solaris Health’s second acquisition of 2024; in May, the company purchased Urological Services, a seven-provider practice based in Flint, Michigan.  

Robert Aprill, Partner at PGP, provided insight into the acquisition. According to Aprill, PGP’s involvement in this transaction began in late 2023 and through early 2024 when PGP was connected to Keystone Urology Specialists through a mutually known attorney.  

Aprill also noted that while there were several companies that were interested in buying Keystone Urology Specialists, Solaris stood out because their “footprint in Philadelphia would provide integration and scale opportunities” for the practice. He went on to say that the practice was intrigued with the idea of having a “brother or sister” practice in Philadelphia that would provide a “shared service line.”  

In addition to PGP acting as an advisor, Katten Muchin Rosenman LLP served as legal counsel to Keystone Urology Specialists. McDermott Will & Emery LLP served as legal counsel to Solaris.  

Aprill also addressed the state of the urology market, saying, “I am optimistic for the future of the urology market. Of course, there are going to be less transactions than other specialties as it is a smaller market to begin with, but I am still bullish about acquisition opportunities.”  

According to data captured in the LevinPro HC database, there have been 359 Physician Medical Group transactions in 2024 (through September 23, 2024), five of them in the urology specialty.

Are you a journalist covering trends in Healthcare Services M&A? Reach out to our team at PGP for additional insights on the market: [email protected]