Driven by regulatory efforts, market forces, and major structural changes, growth and consolidation has dominated U.S. health care for more than a decade.
All sectors of the health care market are experiencing investment and buyouts, with more and more large superregional and national platforms being established. Orthopedics is very much a growing part of this trend.
Investment in the orthopedic sector is not new but private equity’s interest in this specialty area continues to gain traction and the specialty now has nearly 20 private-equity backed platforms as of December 2025.
Orthopedic practices share many characteristics with other physician specialties that have experienced successful consolidation waves. For example, there is significant fragmentation, coupled with imbalances between provider supply and patient demand, and increasing costs associated with the facilities, equipment and operational tools necessary to be competitive.
Our team at PGP has successfully guided several orthopedic practices through the M&A transaction process. There are several steps that we take to ensure successful outcomes for our clients, including but not limited to:
Develop the appropriate financial modeling to position maximized cash flow and “credit” for ongoing initiatives that are driving growth
Determine the right mix of potential buyers (including both strategic acquirers and private equity groups) and implement a strategy to reach them
Managing buyer marketing, bid solicitation, and negotiation
Position the client to meet relevant potential buyers with strong offers that address cultural fit, strategy, and alignment
Manage the transaction process to maximize leverage with potential buyers
Negotiate key economic and structural deal terms, leveraging PGP experience within the orthopedic specialty
Facilitate all due-diligence pre-closing to ensure a seamless process that does not take away from the day-to-day business while ensuring the highest probability for a successful close
Maximize financial results for shareholders while maintaining clinical autonomy
Introduction Private equity investment in the physician practice management (PPM) space has continued to accelerate and expand in scope over recent years. After beginning with specialties like anesthesiology, radiology, pathology,...
Recent Relevant Transactions
Client Testimonial
Robert Aprill and his team at PGP were exceptional! They really dug in to understand the unique complexities of our practice and business affording them the ability to truly advocate and negotiate on our behalf. The team was always accessible, and their experience, intellect and skill guided us through the complex and arduous diligence process. We are excited for the growth opportunities that lie ahead for our practice and those prospects would not have been possible without PGP.
