White Papers

White Paper: Behavioral Health has Captured the Interest of Private Equity

The first quarter of 2021 delivered 38 reported behavioral health transactions, an increase over any quarter in 2020. We expect some of this activity reflects deals that were delayed due to COVID-19. However, we generally expect high deal flow throughout 2021, supported by increasing private equity interest, a favorable government, and a seller pool that is ready to transact.

Buyer Spotlight: BlueSprig Pediatrics

Founded in 2017 and based in Houston, BlueSprig Pediatrics is already one of the largest and fastest- growing ABA (Applied Behavior Analysis) therapy providers in the country. It is the largest autism services provider in Texas and the Southeast, with over 40 centers in Texas, and now has centers in 18 states, from Illinois and Massachusetts to Oregon and Washington. BlueSprig’s mission is to “change the world for children with autism” and it is “committed to providing compassionate, individualized, and evidence-based behavior analysis treatment.”

Buyer Spotlight: EyeSouth Partners

EyeSouth is One of the Most Active Ophthalmology Practice Management Companies with 23 Acquisitions Since 2017

We profile investors to provide our clients with an important understanding of the types of private equity firms, independent investors, and family offices active in the healthcare verticals we work in every day. Although it is not feasible to create case studies for every investor, we profile those that represent the most active practices common in today’s acquisition market.

White Paper: The Physician’s Guide to Private Equity Transactions – June 2021

Designed to help physician owners considering a sale to private equity, this paper examines the key questions common to our initial client conversations. The learnings apply to all practice verticals from ophthalmology .. to gastroenterology .. to dermatology. Topics include: The Best Time to Sell, Determining the Best Buyer, The Private Equity Investment Model, Calculating Adjusted EBITDA for Medical Practices, Practice Valuation and Multiples, How to Get Associate Physicians to Buy-in.

White Paper: Private Equity Investment in Ophthalmology – August 2020 State of the Market

A comprehensive view of ophthalmology's recovery from the pandemic shutdown. We review changes in elective surgery, the emerging investor interest in retina practices, private  equity acquisition activity, geographic development, and changes to acquisition practice size. As the COVID-19 fog begins to clear, we see significant near-term promise and a potential return to record deal levels.

White Paper: Private Equity Investment in Dermatology – April 2020 State of the Market

After seven strong years, private equity investment in dermatology has been in decline since 2019. Now, elective procedure bans and shelter-in-place orders have practice owners wondering if the opportunity to sell has passed. This paper  examines  the differing views on pe-backed consolidation, key performance indicators, investor activity, and saturation by geography and practice size. We see several positive factors for our current and potential clients within a coming private equity player restructuring.

White Paper: Private Equity Investment in Gastroenterology – 2020 Outlook

Is gastroenterology the next darling of private equity? Large GI practice acquisitions exploded in 2019, tripling that of the prior three years. Expansion to new geographic areas doubled in each of the last three quarters of 2019. We see this activity accelerating in 2020 when a significant number of new private equity investors enter the market and physician sellers see high demand for their practices.

White Paper: Private Equity Investment in Ophthalmology – 2020 Outlook

Private equity investment in ophthalmology practices has been one of the "hottest" sectors in M&A over the last several years. We believe the market will continue to be strong but our key indicators now signal a transition to Network Growth in 2020 – a more mature phase characterized by consistent add-on acquisitions. There are still open geographies with great opportunity, such as Texas and multiple areas on the West Coast. We project increased deal activity in these areas including large platform acquisitions.

White Paper: The Physician Sellers Guide to Private Equity Firms Investing in Orthopedics – April 2019

Private equity investment in orthopedic practices is in the early pioneering stage. Twelve private equity firms have participated in major orthopedic and spine practice investments … 6 as LEAD investors and 6 as participating investors. We examine the six lead investors to understand their investment strategy, current geographic footprint, and growth prospects. We also discuss the five issues we believe will drive the future growth of private equity investment in orthopedics.