MEDNAX Divests Radiology Division to PE-Backed Firm
MEDNAX, Inc. (NYSE: MD) announced its second major sale of 2020 last week. After divesting its anesthesiology group, American Anesthesiology, Inc., to North American Partners in Anesthesia for $50 million in May, the physician-led health care organization has decided to sell MEDNAX Radiology Solutions as well. Radiology Partners Inc. (RP), a portfolio company of New Enterprise Associates, is buying the subsidiary for $885 million. MEDNAX Radiology Solutions consists of more than 300 onsite radiologists who primarily serve patients in Connecticut, Florida, Nevada, Tennessee and Texas, and more than 500 teleradiologists, who serve patients in all 50 states. Its physicians interpret... Read More » New Physician Medical Group Acquisitions in August
There was an eclectic mix of Physician Medical Group acquisitions in August, with nine on the books so far, according to Deal Search Online. Good news has remained rare for the sector during the COVID-19 pandemic, but investors are keeping up with dealmaking nonetheless. Here a few notable deals. Vancouver-based CRH Medical Corporation (NYSE: CRHM) continued its buying spree, acquiring Orange County Anesthesia Associates, LLC for $6.2 million. Orange County Anesthesia provides anesthesia services to a single gastroenterology ambulatory surgery center in Orlando, Florida, and generates annual revenues of $3.1 million. Orange County Anesthesia is CRH Medical’s fifth physician medical... Read More »
Ophthalmology Groups Are Still Selling
Despite the effects of COVID-19 on physician groups, investors are still acquiring ophthalmology groups, especially in the third quarter, according to DSO. Just last week, EyeSouth Partners acquired Retina Associates of Middle Georgia (RAMG) for an undisclosed sum. Based in Macon, Georgia, RAMG provides treatment for the retina, macula, and vitreous diseases at two clinics in the middle Georgia area. The practice has three physicians. The affiliation represents EyeSouth’s eighth in the state of Georgia and eighteenth affiliation overall. EyeSouth is backed by Shore Capital Partners and is an eye care services organization in the southeast. Its affiliate network consists of 114... Read More »
EyeCare Partners Had a Busy Second Quarter
It’s not surprising to find new deals weeks or months down the line, but EyeCare Partners announced a bunch of transactions from the second quarter — five to be exact — last week. EyeCare added Vitreous Retina Macula Specialists of New Jersey (Somerset, New Jersey), Foothills Eye Care (King, North Carolina ), 2020 Vision Care (St. Louis, Missouri), The Retina Clinic (Mine Hill, New Jersey), and Patel Retina Institute (Clarks Summit, Pennsylvania). EyeCare technically closed six deals in the second quarter, acquiring Phoenix-based Arizona Eye Institute & Cosmetic Laser Center, but that transaction was disclosed in late June, according to DSO. The six new acquisitions give... Read More » GI Alliance Expands Market Reach in Illinois
GI Alliance announced two new acquisitions in Illinois last week. With the backing of private equity firm Waud Capital Partners, the company has expanded nationwide quickly, announcing nearly 10 transactions since early 2019, according to DSO. And GI Alliance doesn’t seem to be slowing down, even in the midst of a pandemic that is forcing other providers to hit pause on M&A transactions. First, GI Alliance has acquired the Illinois Gastroenterology Institute (IGI). Founded in 1987, IGI serves adult patients throughout downstate Illinois, with many physicians sub-specializing in various aspects of gastroenterology. The practice has nine physicians. and its main office is on the... Read More »