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.
Select Recent Private Equity Transactions in the Cardiology Space
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
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.