After many years of Private Equity investments focused on single specialty providers, Primary Care and Multi-specialty have proven to be among the hottest areas for private equity investment over the last two years.
Private equity groups are recognizing the ability to create value created when referrals, ancillary services, and patients can be kept within a single network for multiple specialties. Whether practices are taking on risk or have built traditional fee-for-service models, groups that control large patient populations are being rewarded with historically high valuations and interest.
Private equity is attracted to the unique ability to preserve elements of self-governance while having economies of scale that allow for stronger bargaining power from both payors and suppliers. PGP believes that valuations and interest for both Primary Care and Multispecialty groups will remain high for the foreseeable future.
| Date | Target | PE Sponsor | Platform | Type | State |
| 7/6/2021 | Doctor’s Medical Center | InTandem Capital Partners | Cano Health | Primary Care | Florida |
| 6/25/2021 | Reliance Medical Centers | AIM Associates Capital Group | Reliance Medical Centers | Primary Care | Florida |
| 6/15/2021 | OnePeak Medical | NB Group | OnePeak Medical | Primary Care | Oregon |
| 5/10/2021 | Rendr | Ascend Partners | Rendr | Multispecialty | New York |
| 4/14/2021 | Bluestone Physician Services | Windrose Health Investors LLC | Bluestone Physician Services | Primary Care | Minnesota |
| 4/7/2021 | Southeast Primary Care Partners | Beecken Petty O’Keefe & Company | Southeast Primary Care Partners | Primary Care | Georgia |
| 3/12/2021 | MAXHealth | Arsenal Capital Partners | Best Value Healthcare | Multispecialty | Florida |
| 2/10/2021 | CareAccess MSO | Cimarron Healthcare Capital | CareAccess MSO | Primary Care | California |
| 1/25/2021 | Multi-Specialty Healthcare | Bain Capital Double Impact | Multi-Specialty Healthcare | Multispecialty | Maryland |
| 12/23/2020 | Family Care Medical Group | Clayton Dubilier & Rice | Agilon Health | Multispecialty | New York |
| 11/18/2020 | Miami Beach Medical Group | Sun Capital Partners | Clinical Care Medical Centers | Primary Care | Florida |
| 11/17/2020 | Best Value Health Care | Arsenal Capital Partners | Best Value Health Care | Primary Care | Florida |
| 11/10/2020 | Doctors Making Housecalls | Enhanced Healthcare Partners | Eventus Whole Health | Primary Care | North Carolina |
| 9/1/2020 | Concentra | Trive Capital | Concentra | Multispecialty | Texas |
| 8/20/2020 | Northside Medical Associates | Pharos Capital Group, LLC | Complete Health | Primary Care | Alabama |
| 8/20/2020 | Adamsville Family Medicine | Pharos Capital Group, LLC | Complete Health | Primary Care | Alabama |
| 8/18/2020 | CalCare IPA | Leonard Green & Partners | Prospect Medical Holdings, Inc. | Multispecialty | California |
| 8/18/2020 | Los Angeles Medical Center IPA | Leonard Green & Partners | Prospect Medical Holdings, Inc. | Multispecialty | California |
| 8/18/2020 | Vantage Medical Group | Leonard Green & Partners | Prospect Medical Holdings, Inc. | Multispecialty | California |
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.