Top Physician Medical Group Deals of 2023  

by | Dec 29, 2023 12:25 pm | Physician Medical Groups, Private Equity

The Physician Medical Group (PMG) market experienced a decline in deal activity, totaling 515 transactions, compared to the 621 in 2022. The transactions varied in size and buyer time, with many of them small or independent practices getting purchased by large private equity groups.  

Here are the top five PMG transactions of the year.  

  1. TPG Capital and AmerisourceBergen, both private equity groups, teamed up to purchase OneOncology, Inc. for $2.1 billion in April. In addition to being the largest PMG purchase price of the year, OneOncology has more than 700 physicians on staff which is an impressive number, adding to its attractiveness for buyers.  The seller, private equity firm General Atlantic, initially formed OneOncology in 2018.  
  1. Health Network One, backed by private equity group H.I.G. Capital and based in Ft. Lauderdale, announced it was acquiring Premier Eye Care, Inc. for an undisclosed price. Premier Eye Care has more than 20,000 eye care specialists on staff and operates in 37 states, making it one of the largest eye care providers in the country. This transaction was done with the aim of enhancing Health Network One’s reach and strengthening its position in the eye care field.  
  1. In August, InterWell Health announced that it had added 20 nephrology practices to its network, expanded its staff by 100 providers. The practices are located in Georgia, Ohio, Massachusetts, Wyoming, Missouri, Maine, Virginia, Mississippi, New York and New Jersey. InterWell Health is based in Waltham, Massachusetts and has more than 1,600 physicians on its staff. This is the largest acquisition of nephrology practices of the year and one of the largest PMG acquisitions not completed by a private equity-backed buyer.  
  1. Sonrava Health, a dental service organization based out of Coppell, Texas, announced that it acquired 24 dental practices in Arizona, Florida and and Pennsylvania. Sonrava cares for more than four million patients annually in almost 600 affiliated practices across 21 states. This transaction expanded Sonvara into the state of Florida.  
  1. In January, Waud Capital Partners’ portfolio company, GI Alliance, announced that it acquired Connecticut GI for an undisclosed price. Connecticut GI has 82 gastroenterologists on staff, making it one of the largest GI groups to be bought in 2023. Connecticut is the 15th state to be added to GI Alliance’s portfolio.