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 »
Banner Health Goes On an Acquisition Spree
Banner Health, the Phoenix, Arizona-based not-for-profit health system, is bucking a trend. Thanks to the impact of the COVID-19 epidemic in the United States, some healthcare analysts expect 2020 will be a “throw-away year” for earnings and M&A activity. Not so for Banner Health, which owns and operates 28 acute-care hospitals in six states, as well as Banner Health Network, Banner University Medicine, academic and employed physician groups, long-term care centers, outpatient surgery centers and an array of other services. It reported revenue of $2.37 billion in the first quarter of 2020, up from $2.33 billion in the same period in 2019. In August 2019, the system acquired... Read More »
NMS Capital-Backed Physician Group Adds New Dermatology Practice
A portfolio company of NMS Capital announced in the last week of June it has acquired a Maryland-based dermatology practice, capping off a busy month for the private equity firm. Anne Arundel Dermatology Management (ADM) purchased Chevy Chase Cosmetic Center and Dermatology & Cosmetics Surgery Associates (CCCC), a dermatology practice founded in 1992 with four physicians and multiple locations in Chevy Chase and Greenbelt in Maryland. No terms were disclosed With the addition of CCCC, ADM now provides support services to over 65 clinic locations across four states and over 155 providers. CCCC will benefit from ADM’s administrative and support services, including investments in... Read More »
Lee Equity Partners Forms New Urology Group
Lee Equity Partners (LEP) announced on June 17 the acquisition of Integrated Medical Professionals (IMP) and The Urology Group (TUG) to form Solaris Health, a management services organization. According to the release from LEP, it will be one of the nation’s largest providers of urological and other specialty services. LEP plans to use Solaris Health as the foundation for a national platform that attracts leading independent urological partners. For the two practices, LEP spent roughly $240 million, according to sources cited in PE HUB. TUG and IMP have combined estimated revenue of $270 million and $25 million in EBITDA. IMP is a urology-centric multi-specialty practice with 81... Read More »