State of Gastroenterology Private Equity | GI Private Equity | PGP

Gastroenterology Private Equity

Market Update

February 2021

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*Shows markets where the platform has a presence in, does not include all locations

Although Gastroenterology is a new sector of interest for private equity groups (the first investment from private equity was Audax’s partnership with Gastro Health in 2016), the industry has seen rapid consolidation in the last 24 months with 6 of the 9 platforms being established after May 2019. The considerable acceleration of transaction activity has created a rapidly closing window for groups to be “first movers” in their market. In addition to these platform acquisitions, there have been dozens of add-ons as existing platforms look to increase regional density and expand into new geographies. Despite the heightened deal activity of the last 24 months, there is still considerable opportunity in the industry with private equity still in the early innings of consolidation within the gastroenterology sector. The opportunity remains very strong for groups interesting in pursuing partnership with private equity to achieve their goals and succession plans.

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Relevant Gastroenterology Private Equity Transactions Over the Last Twelve Months

DateTargetPlatformPE SponsorState
February 2021Four Pennsylvania Gastroenterology PracticesU.S. Digestive HealthAmulet CapitalPennsylvania
February 2021Digestive Health InstitutePinnacle GI PartnersH.I.G. Growth PartnersMichigan
January 2021Allied Digestive HealthAllied Digestive HealthAssured Healthcare PartnersNew Jersey
January 2021Michigan Gastroenterology InstituteCenter for Digestive HealthH.I.G. Growth PartnersMichigan
January 2021Capitol Colorectal SurgeryCenter for Digestive HealthH.I.G. Growth PartnersMichigan
January 2021Digestive Health Associates of TexasGI AllianceWaud CapitalTexas
January 2021GI Associates of ChicagoGI AllianceWaud CapitalIllinois
January 2021Cleburne Endoscopy CenterGI AllianceWaud CapitalTexas
January 2021Associates in GastroenterologyGastro OneWebster Equity PartnersTennessee
January 2021GI Associates and Endoscopy Center of North MississippiGastro OneWebster Equity PartnersMississippi
December 2020Metropolitan GastroenterologyGI AllianceWaud CapitalLouisiana
December 2020GI AssociatesGI AllianceWaud CapitalMichigan
December 2020Pinnacle GI PartnersCenter for Digestive HealthH.I.G. Growth PartnersMichigan
November 2020Adult Gastroenterology AssociatesGI AllianceWaud CapitalOklahoma
October 2020Ohio Gastroenterology and Liver HealthGastro HealthAudaxOhio
August 2020Gastroenterology Associates of HiloCovenant Physician PartnersKKRHawaii
July 2020Illinois Gastroenterology InstituteGI AllianceWaud CapitalIllinois
May 2020Carlisle Digestive Disease AssociatesU.S. Digestive HealthAmulet CapitalPennsylvania
April 2020Gastro OneGastro OneWebster Equity PartnersTennessee
March 2020Gastroenterology Consultants of San AntonioGI AllianceWaud CapitalTexas
February 2020Gastroenterology Associates of OsceolaGastro HealthAudaxFlorida
February 2020Digestive CareGastro HealthAudaxFlorida
February 2020Associates in GastroenterologyGastro HealthAudaxVirginia

About Our Transaction Advisory Firm

  • Physician Growth Partners (PGP) is a transaction advisory firm working exclusively with independent physician platforms 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 gastroenterology
    • Educational approach focusing on both partnership and cultural fit, while simultaneously achieving a market clearing valuation

Recent Relevant Physician Practice Transaction Expertise

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