Cardiology is one of the newer sectors seeing interest from private equity. There are just six notable platforms currently active in the space. Compared to other healthcare services verticals such as dermatology, eye care, or pain management, cardiology has remained relatively untouched until recently.
The specialty is gaining traction in the private equity space as hospital employment deals expire and more procedures can be completed in physician owned facilities given macro dynamics around reducing cost. By partnering with private equity, independent practices have found attractive opportunities to gain scale, bring costly ancillaries in-house, and gain operational/management support to expand in their markets.
We believe that Cardiology is among a new wave of sector consolidation where early movers can choose from some of the best partners and get a head start in terms of consolidating regionally.
| Date | Target | Sponsor | Platform | State |
| July 2021 | First Coast Heart & Vascular | Deerfield Management | Novocardia | Florida |
| November 2020 | Cardiovascular & Arrhythmia Institute | Bain Capital | National Cardiovascular Partners and Azura Vascular Care | Arizona |
| November 2020 | Partners First Cardiology | Varsity Healthcare Partners | Partners First Cardiology | Texas |
| April 2019 | Arizona Cardiovascular Institute & the Center for Cardiovascular Research and Education | Bain Capital | National Cardiovascular Partners | Arizona |
| April 2019 | Cardiovascular Consultants, LTD | Bain Capital | National Cardiovascular Partners | Arizona |
| February 2019 | Sunset Cardiology | Comvest Partners and Athyrium Capital Management | IMC Health Medical Centers | Florida |
| March 2017 | St. Louis Cardiovascular Institute | UnitedHealth | Surgical Care Affliates | Missouri |
| January 2014 | National Cardiovascular Partners | Bain Capital | National Cardiovascular Partners | Texas |
| Undisclosed | Cardiothoracic & Vascular Surgical Associates | Ashlar Capital | Cardiothoracic & Vascular Surgical Associates | Florida |
Physician Growth Partners is a firm that recognizes and prioritizes the importance of clinically focused outcomes, first and foremost. The groups that allow us to advise them will attest to the fact that we always emphasize partnership over economics. When the highest level of care is delivered, financial success will always follow.