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A relatively new sector to experience the wave of private equity investment, orthopedics has begun to show signs of being the next ‘hot sector’. Sharing similar qualities to other successfully consolidated specialties such as dermatology and ophthalmology, a mixture of provider fragmentation, high infrastructure costs (surgical hospitals, imaging, etc.), and profitable ancillary services, has orthopedics on the forefront of many private equity minds.
With only 12 existing platforms, the industry is still ripe for groups around the country to capitalize on a first-mover advantage. Many major metro markets remain untouched by private equity, creating an opportunity for forward-thinking orthopods to partner with private equity sponsors to be in the driver’s seat of consolidation in their region.
|March 2021||Jackson Anesthesia Pain Center||US Orthopaedic Partners||FFL Partners||Mississippi|
|March 2021||Oxford Orthopaedics||US Orthopaedic Partners||FFL Partners||Mississippi|
|February 2021||Orthopaedic Associates of Manhasset||Spire Orthopedic Care||Kohlberg & Company||New York|
|January 2021||Bluegrass Orthopedics||Bluegrass Orthopedics||Trivest Partners||Kentucky|
|January 2021||Center for Bone & Joint Surgery of the Palm Beaches||HOPco||Linden Capital||Florida|
|December 2020||US Orthopedic Alliance||USOA Orthopedic Alliance||Castleford Capital||California|
|September 2020||Mississippi Sports Medicine||US Orthopedic Partners||FFL Partners||Mississippi|
|August 2020||OrthoCincy||OrthoAlliance||Revelstoke Capital||Ohio|
|August 2020||Reconstructive Orthopaedics & Sports Medicine||OrthoAlliance||Revelstoke Capital||Ohio|
|February 2020||Tallahassee Orthopedic & Sports Physical Therapy||Confluent Health||Partners Group||Tennessee|
|January 2020||Precision Orthopedics & Sports Medicine||Precision Orthopedics & Sports Medicine||Cobepa||Maryland|
|December 2019||Florida Spine and Pain||Orthopedic Care Partners||Varsity Healthcare||Florida|
|November 2019||The Steadman Clinic||Orthopedic Care Partners||Varsity Healthcare||Colorado|
|October 2019||South Island Orthopedics||Health Plus Management||Investcorp||New York|
|July 2019||Beacon Orthopaedics & Sports Medicine||Beacon Orthopaedics & Sports Medicine||Revelstoke Capital Partners||Ohio|
|July 2019||Southeast Orthopedic Specialists||HOPCo||Frazier Healthcare||Florida|
|July 2019||Orthopedic and Sports Therapy Institute||Cora Physical Therapy||Gryphon Investors||Illinois|
|July 2019||Orthopaedic & Neurosurgery Specialists||Spire Orthopedic Partners||Kohlberg & Company||Connecticut|
|May 2019||Citrus Orthopaedic & Joint Institute||Orthopedic Care Partners||Varsity Healthcare||Florida|
|May 2019||Ocala Orthopedic Care||Orthopedic Care Partners||Varsity Healthcare||Florida|
|May 2019||James B. Duke, M.D.||Orthopedic Care Partners||Varsity Healthcare||Florida|
|December 2018||Florida Spine and Joint Institute||Florida Spine and Joint Institute||Trive Capital||Florida|
|November 2018||Precision Spine Care||Roseland Management||Bow River Capital||Texas|
|August 2018||OrthoBethesda||OrthoBethesda||Atlantic Street Capital||Maryland|
|November 2017||The Orthopaedic Institute||Orthopedic Care Partners||Varsity Healthcare||Florida|
With new platforms being announced each quarter, PGP expects to see an uptick in add-on transactions throughout 2021 as existing groups look to increase local density and expand into new geographies.
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.