Ascend Capital Partners, a healthcare-focused private equity firm, announced on October 3 its majority acquisition of Seoul Medical Group (SMG).
Founded in 1993, SMG is one of the largest Korean-American-focused independent physicians associations serving more than 70,000 patients across California, Georgia, Hawaii, New Jersey, New York, Virginia and Washington.
According to its website, the practice has more than 2,000 physicians on staff, composed of more than 400 primary care physicians. It also owns Advanced Medical Management, a management service organization providing comprehensive administrative services to SMG’s network physicians.
Ascend Capital Partners, founded in 2019, invests in companies and entrepreneurs who are improving healthcare access, affordability and quality for vulnerable and underserved populations. It is based in Vienna, Virginia.
Through this acquisition, Ascend will partner with SMG to provide capital, infrastructure and support to further empower physicians and optimize operations. The financial terms of the acquisition were not disclosed.
According to data captured in the LevinPro HC database, this transaction marks the 415th Physician Medical Groups acquisition of the year, 36 of them in the internal medicine specialty. This transaction also represents Ascend Capital Partners’ second acquisition of 2023, having previously purchased Allied Physicians Group, a 150-provider practice based in Melville, New York.
