The Physician Medical Group (PMG) market experienced a decline in deal activity, totaling 455 transactions, compared to the 537 in 2023, and the 622 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. Dental was the most active specialty with 238 transactions reported since the start of 2024.
Here are the top five PMG transactions of the year.
Mission Cancer + Blood Purchased by University of Iowa Health Care
On October 7, Mission Cancer + Blood was acquired by the University of Iowa Health Care (UIHC) for $280 million. Mission Cancer + Blood will continue to operate its 21 clinics, with the added benefits of UIHC’s resources and its National Cancer Institute-designated cancer center. This is the largest purchase price announced in the oncology subsector for 2024.
Stewardship Health’s Acquisition by Rural Healthcare Group
Kinderhook Industries’ Rural Healthcare Group acquired Stewardship Health, which is an Ohio based internal medicine practice with 1,700 physicians. The seller, Steward Health Care, is currently going through bankruptcy proceedings. The purchase price of $245 million was the largest in the internal medicine subsector throughout 2024.
23 Simply Beautiful Smile Locations
The Smilist Management, Inc. acquired 23 Simple Beautiful Smile locations in New York and Maryland. Beautiful Smile, backed by the private equity group Sun Capital Partners, is a dental service organization that operates in New Jersey, Pennsylvania, New York and Maryland. This marks one of the largest transactions announced during 2024, in terms of practice locations.
REV One Dental, a portfolio company of Freedom Dental Partners, announced in April that it acquired nine dental practices. The practices are located throughout Virginia and Ohio. This is REV One Dental’s only acquisition of 2024 and marks one of the biggest dental acquisitions, in terms of number of practices acquired at once, of the year. Terms were not disclosed.
11 internal medicine practices in Rhode Island
On March 20, Arches Medical Partners, a medical group management company, announced its acquisition of 11 internal medicine practices in Rhode Island. The seller was VillageMD, which has gone through financial struggles since it was purchased by Walgreens. Together, the practices have 55 physicians on staff. This is the largest internal medicine transaction, in terms of specific locations, that was announced during 2024. The financial terms were not disclosed.
