BUYER POOL ANALYSIS
Selling a Medical Practice Specialty 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 13x across 12 disclosed deals (P25: 9.8x, P75: 15.95x). Median EV/Revenue 1.6x across 9 deals. Median deal value: $842M.
- How many disclosed transactions?
- 13 deals total (13 from 2018+), filtered to Individual / Owner-Operator acquirers of medical practice specialty businesses.
- Most active buyers
- Physicians (2) · Zenyth Partners / Evolve Orthopedic Partners (1) · IK Investment Partners (1) · TPG / AmerisourceBergen (1) · Digital Transformation Opportunities Corp. (1) · Olympus Partners (1)
Recent disclosed deals
Individual / Owner-Operator acquisitions of medical practice specialty businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | OrthoNY | Zenyth Partners / Evolve Orthopedic Partners | $110.0M | 11.0x | — |
| 2023 | Medica Group PLC | IK Investment Partners | $336.0M | 16.6x | 3.50x |
| 2023 | OneOncology | TPG / AmerisourceBergen | $2100.0M | 19.0x | — |
| 2022 | American Oncology Network | Digital Transformation Opportunities Corp. | $497.0M | 13.8x | 0.40x |
| 2022 | EyeSouth Partners | Olympus Partners | $975.0M | 13.0x | 1.60x |
| 2021 | Brooklyn Community Dialysis | Physicians | $5.8M | 4.2x | 1.00x |
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 specialty 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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