Life After the Deal: AUNC’s Journey to Joining Solaris Health
Introduction
In December 2024, Associated Urologists of North Carolina (“AUNC”), one of the largest independent urology groups in the state, entered a strategic private equity partnership with Solaris Health (“Solaris”), a leading national urology platform backed by Lee Equity Partners. Founded in 2011 through the merger of five independent urology clinics, AUNC has grown into a market leader, providing comprehensive urologic care through 27 providers, including 18 physicians and 9 mid-levels, across six state-of-the-art clinical facilities in the Research Triangle region. Regarded as the most trusted provider of urologic care in the greater Raleigh area, AUNC has built a strong reputation for delivering patient-centered, cutting-edge treatments. Physician Growth Partners (“PGP”) served as the exclusive healthcare investment banker to AUNC.
Client Background
AUNC’s physician leadership recognized the growing challenges of remaining independent in an increasingly consolidated and administratively complex healthcare environment. With a longstanding commitment to high-quality care, AUNC sought a strategic partner to support growth without compromising its core values. The practice was particularly focused on expanding ancillary service offerings, investing in infrastructure, and strengthening long-term provider recruitment.
Transaction Overview
PGP led a comprehensive and competitive investment banking process that positioned AUNC as a premier urology group in a high-growth market with significant operational and geographic expansion opportunities. The process targeted all relevant private equity-backed urology platforms with proven track records of supporting growth in ancillary service offerings, infrastructure, and provider recruitment, while respecting partner practices’ clinical independence and values. PGP generated strong interest from three leading private equity sponsors and platforms with extensive experience in urology practice investment and management. After thoughtful evaluation, AUNC selected Solaris Health as the ideal partner based on cultural alignment, national scale, and the ability to provide the infrastructure necessary to support AUNC’s continued growth.
Outcome and Impact
Upon closing in December 2024, AUNC joined Solaris’ national network of over 730 providers across 14 states. The partnership has enabled AUNC to enhance patient care through improved access to Solaris’ centralized support infrastructure, offering patients greater access to care in the markets AUNC serves. The partnership with Solaris gives AUNC access to a national network of ancillary services, including more robust pathology and IOD programs, a research division, a drug purchasing program, and the opportunity to leverage Solaris’ expertise in radiation oncology and surgery center development.
Conclusion
Physician Growth Partners is a healthcare-focused investment banking firm that advises founder-led physician groups in transactions involving strategic partnerships with private equity.
If you’re a physician founder or shareholder of an independent physician practice wondering if private equity makes sense for your practice, please fill out the form below and one of our healthcare advisors will be in touch with you shortly.