General Atlantic, a prominent global growth equity firm, has completed a significant growth investment in U.S. Urology Partners, marking the exit of NMS Capital. The transaction was announced on April 9, 2025, after closing on April 8, 2025. Financial terms of the deal were not disclosed.
This acquisition represents a strategic move in the rapidly consolidating urology sector, where private equity (PE) firms are increasingly acquiring practices to achieve scale and operational efficiencies. The investment aims to strengthen U.S. Urology Partners’ position as a leading management services organization (MSO) supporting independent, community-based urology practices across the United States.
About U.S. Urology Partners
U.S. Urology Partners provides management expertise and infrastructure resources across several areas, including provider recruitment, payor contracting, data analytics and compliance. Founded in 2018, the company is headquartered in Nolensville, Tennessee.
As of April 2025, U.S. Urology Partners’ network encompasses more than 180 providers in more than 50 clinical locations across five states: Florida, Indiana, Massachusetts, New York and Ohio. This represents growth from December 2023, when they had more than 150 providers in more than 60 locations.
The company offers a comprehensive range of services to affiliated practices, including practice management, ancillary services, revenue cycle management, operational support, financial resources, and expertise in business operations, data insights and technology infrastructure. This suite of practice management capabilities allows affiliated practices to maintain their local brand and identity while alleviating administrative burdens. The company supports affiliated groups with expertise in business operations, data insights and technology infrastructure to improve patient outcomes. It also invests in clinical capabilities for genitourinary oncology (prostate, kidney and bladder cancers) and non-oncology treatment pathways.
About NMS Capital
NMS Capital is a private investment firm that specializes in strategic equity investments in middle-market companies. It focuses on companies with sustainable growth trends in the business services and healthcare services industries.
NMS Capital formed U.S. Urology Partners in 2018 and played a key role in its growth into a nationally recognized platform. During its ownership, NMS supported U.S. Urology Partners with investments in infrastructure, technology, provider recruitment and the expansion of ancillary services like outpatient robotic surgery and clinical research. NMS Capital’s investment strategy focused on increasing access to care and improving the patient experience in lower-cost community-based settings. The sale to General Atlantic marks a successful exit for NMS.
Previous Ownership and Transactions
U.S. Urology Partners’ notable partnerships and acquisitions under NMS Capital’s ownership include Associated Medical Professionals of New York (November 2020), Urology of Indiana (January 2023) and Greater Boston Urology (December 2023). NMS Capital had grown the company from a single market group practice in 2018 to its current scale.
Transaction Advisors
Houlihan Lokey served as the lead financial advisor to U.S. Urology Partners and NMS Capital. Ernst & Young Capital Advisors also served as a financial advisor to the company and NMS Capital. McDermott Will & Emery provided legal counsel to U.S. Urology Partners and NMS Capital. Ropes & Gray advised General Atlantic.
Market Context and Comparable Activity
Recent activity in urology practice acquisitions and healthcare Management Service Organization (MSO) investments reveals a dynamic and evolving landscape. PE groups have been increasingly acquiring urology practices, significantly expanding their influence in the field. This trend is expected to continue.
PE firms often drive acquisitions through MSOs like Solaris and United Urology. They may also acquire practices as part of larger multi-specialty networks.
Consolidation in urology is accelerating and expected to continue into 2025. This is driven by factors like the need for scale to compete, rising operational costs and declining reimbursements.
As of March 2021, an estimated 7.2% of private practice urologists in the United States were employed by one of five PE-backed platforms. In states like New Jersey and Maryland, this figure exceeded 25%.
The aging global population is a key driver of demand for urology services, as older adults are more susceptible to urological conditions. The growing incidence of urinary disorders and cancers contributes to market growth. For physicians approaching retirement, a PE deal can be appealing, allowing them to maintain an ownership stake.
Urology practices are increasingly diagnosing and treating oncology conditions like prostate and bladder cancer, rather than referring patients to specialized oncology practices. Practices are investing in internal dispensing pharmacies and infusion suites to support this expanded role. The genitourinary (GU) oncology market is evolving with new product approvals, expanding treatment options and the increasing relevance of targeted therapy and genetic testing.
