Women's Health Private Equity - Physician Growth Partners

Women’s Health Private Equity – Market Update

Winter 2024

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Despite ongoing global economic challenges and macroeconomic headwinds facing the healthcare industry, the women’s health sector continues to remain active as private equity continues to partner with and invest into practices building density in their core markets throughout 2023 and into 2024. The past four years have seen deal values resemble that of a roller coaster, with 15 deals in 2020, 8 in 2021, 14 in 2022, and 7 in 2023 (through November), according to internal PGP data. Not surprisingly, women’s health deal activity in the trailing 24 month period has been dominated by three private equity firms, Atlas Partners (Unified Women’s Healthcare), Shore Capital Partners (Together Women’s Health), and BC Partners (Women’s Care Enterprises).

These strategic platforms continue to acquire practices, allowing them to build regional density and economies of scale in concentric markets such as the northeast, southeast, and southwest parts of the United States. In an area dominated by a small number of players however, there is still keen interest by private equity firms looking to enter the women’s health space by making their first platform investment. As new private equity firms enter the space, competition will increase for attractive women’s health practices in the marketplace, not only in areas where platforms already exist but also “between the coasts”, where there appears to be a lot of white space.

From a thesis perspective, investor appetite is bolstered by technological enhancements, an increasing need for services such as reproductive health, maternal health, and personalized medicines, and a specialty that hasn’t had the robust M&A seen in other specialties since the early onset of private equity investment in healthcare – dermatology, eye care, and dental – to name a few.

When evaluating a potential private equity partner, it is critical to consider cultural fit, as well as value, as strategy differs highly from platform to platform. Key aspects such as clinical autonomy, integration, management fees, and governance must be considered to ensure a strong go-forward partnership.

Women's Health Map

RECENT WOMEN’S HEALTH TRANSACTIONS

DateTargetPE SponsorPlatformState
November 2023Trio (CA)KKRIVI RMAN/A
November 2023Boston IVF (US)KKRIVI RMAMA
August 2023The Advanced IVF InstituteAltas PartnersUnified Women’s HealthcareIL
June 2023The Association for Women’s Health Care*Altas PartnersUnified Women’s HealthcareIL
April 2023New Hope Center for Reproductive MedicineAltas PartnersUnified Women’s HealthcareVA
January 2023Women’s Health ConsultingShore Capital PartnersTogether Women’s HealthIL
January 2023Midwest Center for Women’s HealthCareAltas PartnersUnified Women’s HealthcareIL
December 2022OB/GYN SouthShore Capital PartnersTogether Women’s HealthAL
September 2022Camelback Women’s HealthAltas PartnersUnified Women’s HealthcareAZ
August 2022A New Beginning OBGYNBC PartnersWomen’s Care EnterprisesAZ
August 2022University Obstetrics & GynecologyBC PartnersWomen’s Care EnterprisesAZ
August 2022Mesa Obstetricians & GynecologistsBC PartnersWomen’s Care EnterprisesAZ
August 2022Sunrise Women’s HealthcareBC PartnersWomen’s Care EnterprisesAZ
August 2022Desert Rose OBGYNBC PartnersWomen’s Care EnterprisesAZ
August 2022Arizona Women’s Health PartnersBC PartnersWomen’s Care EnterprisesAZ
August 2022North Shore Associates in Gynecology and ObstetricsShore Capital PartnersTogether Women’s HealthIL
August 2022Northwestern Specialists for Women*Shore Capital PartnersTogether Women’s HealthIL
August 2022Palm Valley Women’s CareBC PartnersWomen’s Care EnterprisesAZ
August 2022Bella Women’s CareBC PartnersWomen’s Care EnterprisesAZ
April 2022Paint Creek Ob/GynShore Capital PartnersTogether Women’s HealthMI
April 2022Obstetrics & Gynecology AssociatesShore Capital PartnersTogether Women’s HealthMI
September 2021Valley Women for WomenAltas PartnersUnified Women’s HealthcareAZ
* – PGP provided transaction advisory services

About Our Firm

Physician Growth Partners (PGP) is a transaction advisory firm working exclusively with independent physician groups in transactions with private equity.

Differentiated Healthcare Transaction Advisors:

  • Senior partner involvement at every stage of the process
  • Extensive physician practice transaction experience
  • Unmatched relationships with all key private equity and strategic buyers interested in Women’s Health
  • Educational approach focusing on both partnership and cultural fit, while simultaneously achieving a market clearing valuation

Learn More About Women’s Health Private Equity

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