Early Success: Two Chicago Area Women’s Health Groups off to Strong Start with Nova Women’s Health Partners

Introduction

Women’s HealthFirst (WHF) and WomanCare (WC) are leading OB-GYN practices in the Chicago area, each with over 20 years of service to their respective communities. Together, they operate nine clinic locations – five for WHF and four for WC – and have built strong reputations for delivering comprehensive women’s healthcare. 

Led operationally by Drs. Erwin Szela and Randy Kahan, respectively, Women’s HealthFirst and WomanCare had shared longstanding relationships and clear synergies across services, geographies, and operational strategies. After years of informal discussions around combining forces, the groups engaged Physician Growth Partners (PGP) to lead a formal, joint investment banking process that culminated in a strategic private equity partnership with Webster Equity Partners in December 2024. The transaction marked the launch of Nova Women’s Health Partners – a new, national women’s health platform.

Client Background

The decision to pursue a partnership was driven by a shared vision: to consolidate resources, expand the provider base, and replicate their proven strategy in new markets. Both Women’s HealthFirst and WomanCare were seeking a private equity partner that could provide the capital and expertise required to fuel sustainable growth – while preserving clinical autonomy.

The practices faced common challenges, including limited capital for expansion and increasing complexity in scaling operations. Their primary goal was to continue delivering high-quality, patient-centered care while enhancing infrastructure and strategic support.

Transaction Overview

Physician Growth Partners led a highly competitive investment banking process, engaging both private equity sponsors and strategic consolidators within the women’s health space. The process was designed to evaluate potential partners based on financial support, operational capability, alignment with a physician-centric model, and a deep understanding of the existing business structures.

The opportunity generated interest from more than seven qualified parties. After thorough evaluation, Webster Equity Partners – recognized for its strong healthcare investment track record and leadership in women’s health – emerged as the ideal private equity partner. The result was an exceptional strategic and economic outcome for all shareholders.

Outcome and Impact

The private equity partnership between WHF, WC, and Webster Equity Partners has positioned Nova Women’s Health Partners for meaningful, accelerated growth. Just three months post-transaction, the organization is actively pursuing an acquisition opportunity in the Chicago market to broaden its regional footprint.

Simultaneously, the group is recruiting additional physicians to strengthen its provider base and expand clinical capacity. They are also in the process of integrating a hospitalist group from a local health system – enhancing both service offerings and continuity of care.

Webster Equity’s capital and operational resources have enabled these strategic initiatives without compromising clinical independence. WHF and WC remain committed to delivering high-quality care, and early feedback points to a strong trajectory as Nova leverages its platform to drive scalable, efficient growth.

Conclusion

For physicians looking for further assistance in the ever challenging livelihood of independent practice, a strategic partnership can help grow the practice by improving operations and aggregating scale and shared resources, while allowing the physician shareholders to focus on maintaining and improving patient care. This can translate to further growth and success for the practice, their patients and the community.

If you’re a founder or shareholder of an independent physician practice wondering what the value of your practice is or would like some help to confirm/deny if a strategic partnership is an avenue worth exploring, please fill out the form below and one of our healthcare advisors will be in touch with you shortly.