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Mixed Q1 2023 Results in the Diagnostics Sector: COVID-19 Testing Revenues Slump

Mixed Q1 2023 Results in the Diagnostics Sector: COVID-19 Testing Revenues Slump

The Diagnostics Market: Despite a bustling M&A market in 2022, the diagnostics sector appears to have experienced a slowdown in deal activity, though it still remains relatively strong compared with previous years. As of May 15, 2023, a total of 26 deals have been announced year-to-date. Although this represents a 42% decline compared to the 45 deals observed during the same period in 2022, it still signifies a substantial 44% and 86% increase from the deal count in 2021 and 2020, respectively. These figures highlight the enduring interest in the diagnostics market, which increased out of necessity during the COVID-19 pandemic and continues to drive investment and strategic... Read More »
Marquee Dental Partners Acquires Three Florida Practices

Marquee Dental Partners Acquires Three Florida Practices

Marquee Dental Partners, a portfolio company of Chicago Pacific Founders, announced on May 11 that it purchased three dental practices in Florida. The practices are Alafaya Family Dentistry in Oviedo; the practice of Dr. Mark Damerau in Palm Beach Gardens; and the practice of John S. Ledakis D.D.S. in West Palm Beach. Marquee Dental Partners is a dental support organization, founded in 2015 with an investment of $35 million. Marquee Dental supports more than 70 offices and more than 100 dentists who care for nearly 300,000 patients annually. Marquee Dental Partners also acquired Parkside Family Dental in 2023.  With the completion of these partnerships, Marquee now supports 28 offices... Read More »
Ohio Gastroenterology Group Buys $1.5 Million Columbus, Ohio MOB Near Headquarters

Ohio Gastroenterology Group Buys $1.5 Million Columbus, Ohio MOB Near Headquarters

Ohio Gastroenterology Group purchased a medical office building (MOB) near its north Columbus, Ohio headquarters in an effort to support growth. The purchase price for the property was $1.5 million. According to data captured in the LevinPro HC database, this represents the 83rd MOB transaction of 2023. This is a slight increase from last year, when there were 76 MOB deals announced between January 1, 2022, and May 15, 2022. The one-story, 10,576-square-foot MOB sits on less than 1 acre and was built in 1966, according to Franklin County property records. The building was remodeled in 2012. The current tenant is OhioHealth Physician Group Gynecology, which operates a comprehensive... Read More »
Anchor Health Properties Executes Off-Market Transaction of MOB in Atlanta MSA

Anchor Health Properties Executes Off-Market Transaction of MOB in Atlanta MSA

Anchor Health Properties recently closed an off-market transaction involving a three-story, 40,000 square foot Class A medical office building (MOB) and adjacent land site slated for a subsequent Phase II MOB development. Located in the Lawrenceville submarket of Atlanta, Georgia, the properties are strategically positioned in the medical cluster surrounding Northside Hospital Gwinnett, a regional hospital with 353 acute care beds. The 100% leased MOB features anchor tenancy from Northside Health and Fresenius Medical Care. Other key tenancy includes Georgia Nephrology, Palmetto Infusion, Amedisys Home Health and Gwinnett Pediatrics. To optimize the strategic value in the properties, the... Read More »
Sorenson Capital-Backed Golden State Dermatology Acquires Second California Practice of 2023

Sorenson Capital-Backed Golden State Dermatology Acquires Second California Practice of 2023

Golden State Dermatology (GSD), a portfolio company of growth capital private equity firm, Sorenson Capital, has announced a new partnership with Calkin & Boudreaux Dermatology Associates in Sacramento, California. This marks GSD’s second transaction of the year. In April, GSD acquired California-based Moy-Fincher-Chipps Facial Plastics/Dermatology for an undisclosed price. The new practice expands GSD’s northern California footprint and offers patients a second GSD location in the Greater Sacramento area. Financial terms of the deal were not disclosed. Calkin & Boudreaux Dermatology Associates is run by doctors Jacqueline M. Calkin and Alison A. Boudreaux and provides... Read More »
Syneos Health to be Acquired by a Private Investment Consortium In $7.1 Billion Deal

Syneos Health to be Acquired by a Private Investment Consortium In $7.1 Billion Deal

Syneos Health is being acquired by a consortium of private investment firm affiliates composed of Elliott Investment Management, Patient Square Capital and Veritas Capital. Completion of the transaction is expected in the second half of 2023. The consortium of private investment firm affiliates is acquiring Syneos for $43.00 per share in cash in a transaction valued at approximately $7.1 billion, including outstanding debt. The purchase price represents a 24% premium to Syneos Health’s unaffected closing stock price on February 13, 2023. Upon completion of the transaction, Syneos Health will become a private company and shares of Syneos Health Class A common stock will no longer trade on... Read More »
MB2 Dental Solutions Acquires Nine Practices

MB2 Dental Solutions Acquires Nine Practices

MB2 Dental Solutions, a portfolio company of middle-market private equity firm Charlesbank Capital Partners, announced that it expanded its presence with the acquisition of nine practices.  The acquired practices are M Street Dental in Auburn, Washington; Canyon Crest Dental in Riverside, California; Diamond Lakes Dental in Hot Springs, Arkansas; Creating Smiles Dental in Clearwater and St. Petersburg, Florida; Clear Creek Family Dental in Rogersville, Ash Grove and Strafford, Missouri; Central Ohio Roots Canals in Pickerington, Ohio; Shelton Dental Excellence in Shelton, Washington; Foothill Dental in Salt Lake City, Utah; and Pasadena Family Dentistry in Pasadena, Texas.  MB2... Read More »
Jackson Healthcare Acquires Staffing Provider LRS Healthcare

Jackson Healthcare Acquires Staffing Provider LRS Healthcare

Jackson Healthcare announced on May 9 its acquisition of Omaha, Nebraska-based LRS Healthcare. Bridgepoint Investment Banking served as advisor to LRS Healthcare on the business combination.  LRS Healthcare is a provider of medical staffing that connects nursing and allied healthcare professionals to facilities nationwide. Jackson Healthcare is a group of healthcare staffing, search and technology companies. Backed by more than 2,000 associates and more than 15,000 clinician providers, Jackson Healthcare is one of the largest U.S. healthcare staffing companies with more than $2 billion in annual revenue. The company has helped healthcare facilities across the country serve more than... Read More »
Montecito Medical Acquires Medical Office Portfolio in Indiana

Montecito Medical Acquires Medical Office Portfolio in Indiana

Montecito Medical has completed the acquisition of a five-building medical portfolio in Elkhart, Indiana, marking its 16th deal of 2023. The buildings, which represent approximately 124,000 square feet, are 100% occupied by the Elkhart Clinic. With eight locations and 35 physicians on staff, the Elkhart Clinic is the area’s dominant family medicine practice. Montecito Medical specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. Fairfield Advisors advised the seller and worked closely with Montecito to complete the transaction. The transaction builds... Read More »
NVISION Eye Centers Partners with Eye Institute of Corpus Christi

NVISION Eye Centers Partners with Eye Institute of Corpus Christi

NVISION Eye Centers, backed by the Ontario Teachers’ Pension Plan, announced on May 5 that it entered into an agreement to partner with Eye Institute of Corpus Christi (EICC). According to data captured in the LevinPro HC database, this acquisition represents the 202nd Physician Medical Groups transaction of the year, and the 20th in the eye care specialty.  EICC is operated by Dr. Kevin Voigt and Dr. Ravi Krishnan. The practice has one location in Corpus Christi, Texas. NVISION Eye Centers is a leading ophthalmology partner that operates ophthalmic physician groups across the United States. The company has more than 80 practices and 11 ambulatory surgery centers. Through this partnership,... Read More »