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Q1-2023 Gastroenterology Update

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Q1-2023 Gastroenterology Update

The Gastroenterology sector continues to be one of the most active M&A sectors within physician services. Q1 2023 was characterized by continued add-on acquisitions from existing private equity-backed platforms as well as a private equity-backed platform transaction.

In March, Frazier Healthcare Partners announced the sale of their portfolio company United Digestive to Kohlberg & Company. This is the third PE-backed GI platform to trade to date and follows Gastro Health and GI Alliance whose respective investors exited their positions in 2021 and 2022. The third sale of a PE-backed platform shows that large cap investors are highly interested in GI services, and they see significant runway remaining to build upon the growth of these practices. This investment should give GI physicians still in private practice conviction that we are still in an early phase of the investment life cycle and there is upside remaining for groups that partner with private equity now.

GI Alliance gained strong geographic density in the Northeast through their transaction with CTGI in January. This is the first major transaction they have closed following their own partnership with Apollo Asset Management that closed in September 2022.

To print and download the full Gastroenterology¬†Update report, please click below…

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