Women’s Health Private Equity – Market Update

Spring 2021

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Women’s Health is a relatively new sector of interest for private equity groups (the first investment from private equity was Ares partnership with Unified Women’s Healthcare in 2013 before investment halted until 2017). In a short period of time, the industry has seen rapid consolidation with nearly 70% of acquisitions to date occurring in 2020 or 2021 (showing resiliency amidst a global pandemic).

Womens Health Acquisition Map

The considerable acceleration of transaction activity has created a rapidly closing window for groups to be “first movers” in their market. Platform acquisitions have been coupled with many add-on acquisitions as existing platforms look to increase regional density and expand into new geographies.

Recent Transaction Activity in Women’s Health

DateTargetPE SponsorPlatformState
February 2021Together Women’s HealthShore Capital Partners MI
January 2021Care FirstAudax GroupAxia Women’s HealthNJ
December 2020Women’s Care EnterprisesBC Partners FL, CA, KY
December 2020Desert Perinatal AssociatesSverica CapitalWomen’s Health USANV
December 2020Mid Atlantic Women’s CareAtlas PartnersUnified Women’s HealthcareVA, NC
December 2020Unified Women’s HealthcareAtlas Partners 12 States
November 2020Women’s Health GroupShore Capital Partners CO
September 2020Women’s Health USASverica CapitalWomen’s Health USANV
September 2020Women’s Health Associates of Southern NevadaSverica CapitalWomen’s Health USANV
June 2020Reiter, Hill, Johnson & NevinAssured Healthcare PartnersAdvantia HealthDC, MD, VA
June 2020Seven Hills Women’s Health CentersAudax GroupAxia Women’s HealthOH
March 2020Seven Hills OB-GYN AssociatesAudax GroupAxia Women’s HealthOH
March 2020Rubino OB/GYN GroupAudax GroupAxia Women’s HealthNJ
January 2020Southern California Reproductive CenterLindsay GoldbergWomen’s Care EnterprisesCA
January 2020Oceanside OB/GYNAudax GroupAxia Women’s HealthNJ
January 2020Advantia HealthAssured Healthcare Partners IL, MD, MO, VA,
January 2020Women’s Health of Central MassachusettsSverica CapitalWomen’s Health USAMA
November 2019OB/GYN of IndianaAudax GroupAxia Women’s HealthIN
October 2019Palm Beach OB-GYNLindsay GoldbergWomen’s Care EnterprisesFL
January 2019London Women’s CareLindsay GoldbergWomen’s Care EnterprisesFL
August 2017Women’s Health USASverica Capital CT
May 2017Women’s Care FloridaLindsay Goldberg FL
January 2017Axia Women’s HealthAudax Group NJ, PA

Despite the heightened deal activity in the last year, there is still considerable opportunity in the industry with private equity still in the early innings of consolidation within the women’s health sector. The opportunity remains very strong for groups interesting in pursuing partnerships with private equity to achieve their goals and succession plans.

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.

PGP Advises Spokane Eye Clinic in Partnership with PR