BUYER POOL ANALYSIS
Selling a Medical Practice Primary Care to Individual / Owner-Operator buyers
Owner-operators, SBA-financed independent buyers, and smaller management buyouts. Pricing reflects what an individual can finance (typically 10-25% down + SBA 7(a)) and operate hands-on. Below typical PE engagement size.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 12.65x across 6 disclosed deals (P25: 9.12x, P75: 30.13x). Median EV/Revenue 1.7x across 11 deals. Median deal value: $796M.
- How many disclosed transactions?
- 12 deals total (12 from 2018+), filtered to Individual / Owner-Operator acquirers of medical practice primary care businesses.
- Most active buyers
- Individuals (3) · Kinderhook Industries (1) · Alkuri Global Acquisition Corp. (1) · SoftBank, etc. (1) · Foresight Acquisition Corp. (1) · Jaws Acquisition Corp. (1)
Recent disclosed deals
Individual / Owner-Operator acquisitions of medical practice primary care businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2022 | A Merryland Health Center | Individuals | $1.6M | — | 1.70x |
| 2022 | Physician Partners | Kinderhook Industries | $2700.0M | 22.5x | 3.30x |
| 2021 | Allhealth D&T Center | Individuals | $0.8M | — | 0.30x |
| 2021 | Babylon | Alkuri Global Acquisition Corp. | $3600.0M | — | 5.10x |
| 2021 | Cityblock Health | SoftBank, etc. | $5700.0M | — | 14.30x |
| 2021 | P3 Health Partners | Foresight Acquisition Corp. | $2300.0M | — | 3.70x |
What this buyer pool prices for
Individual buyers — owner-operators, SBA-financed independents, smaller management buyouts — price for what they can finance (typically 10-25% down with SBA 7(a) loans up to $5M deal value) and operate hands-on. Multiples are below PE / strategic because the buyer is taking the owner-operator role, not stepping in as institutional capital. Owner-dependency and seasonality matter more here than to a PE buyer.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to medical practice primary care businesses acquired by individual / owner-operator buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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