PGP advises Chicago-based UroPartners in deal with Solaris Health, largest US urology platform
CHICAGO, February 6, 2023 – Physician Growth Partners (“PGP”) is pleased to have advised UroPartners, the country’s largest independent urology practice, in forming a partnership with Solaris Health (“Solaris”), the largest private equity-backed urology platform in the US. Solaris is a portfolio company of New York-based Lee Equity. Prior to the transaction Solaris had more than 500 medical providers across 11 states. UroPartners will add more than 90 providers to this operation.
Led by CEO and President Dr. Richard Harris, since its founding in 2004 UroPartners has grown to provide patient services at 40+ locations in Northern Illinois and Southeast Wisconsin. Dr. Harris said, “UroPartners is embarking on a new chapter in its history. We believed that to continue thriving in private practice for the next 20 years we would benefit immensely from having a partner on our side operating with the appropriate leverage. We are very excited to be partnering with the national urology group, Solaris, which will enhance our ability to offer premier urological care to our patients.” Dr. Harris will join Solaris as its Chief Strategy Officer.
Josh Peck, Chief Development Officer at Solaris, also commented on the combination. “We are excited to partner with the talented team at UroPartners. Solaris prides itself on the quality of its affiliates. UroPartners is one of the leading urology practices in the country, and together with Solaris, we will be on the forefront of general urologic care by providing market leading resources, empowering our affiliated physicians to set new standards for high-quality, cost-effective patient care.”
Physician Growth Partners served as exclusive transaction advisor to UroPartners in its evaluation, negotiation, and execution of the transaction. PGP was able to complete the full process in less than six months. Dr. Harris said, “UroPartners worked hand-in-hand with PGP to complete this transaction. With a group as large and complicated as ours, it is important to have a transaction advisory team with deep expertise representing physician groups communicating and negotiating on your behalf. Ezra Simons, Robert Aprill, and the PGP team worked tirelessly to achieve this outcome. They did an outstanding job navigating and executing around the complexity of this large transaction.”
PGP Co-Founder and Managing Partner Ezra Simons said, “We met Dr. Harris and the UroPartners team after they had explored private equity on their own. We jumped into a complex situation and were able to create significant value for the shareholders in terms of economics, but also regarding structure, autonomy, and practice trajectory. At the same time, I am proud of our team for completing a years’ worth of work in five months from start to finish. This required constant collaboration, clear communication, and nimble execution from all sides. PGP is excited for the future of UroPartners and we’re humbled that the practice trusted PGP to advise them. This is a huge win for a market-leading urology practice seeking autonomy with the appropriate support and leverage to propel them into the future.”
PGP Managing Director Robert Aprill stated that the UroPartners/Solaris partnership was much more complex than a typical mandate. “The number of providers and locations, the nuances of the business – including an ASC, an in-house lab, two linear accelerators, and in-office dispensary – all made this work especially challenging and the successful outcome that much more rewarding. Partnering with Solaris will provide additional scale and support for UroPartners, empowering the practice to continue providing best in class care to current patients while expanding its reach into underserved markets beyond Chicagoland.”
About Physician Growth Partners
Physician Growth Partners is a private equity and national healthcare advisory firm dedicated to representing physician platforms in transactions with private equity, and investing in growth companies focused on healthcare. PGP creates value by providing operational support, strategic positioning, and transaction advisory services, delivering optimal outcomes for its clients and investments.