BUYER POOL ANALYSIS
Selling a Medical Practice Primary Care to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 16.7x across 7 disclosed deals (P25: 13x, P75: 18x). Median EV/Revenue 1.7x across 5 deals. Median deal value: $1200M.
- How many disclosed transactions?
- 10 deals total (10 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of medical practice primary care businesses.
- Most active buyers
- General Atlantic (1) · CVS Health Corporation (1) · Skylight Health Group Inc. (OTCEM:SLHG.F) (1) · Partners Group (1) · Goldman Sachs Asset Management and Charlesbank Capital Partners (1) · Sun Capital (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of medical practice primary care businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2024 | Eventus WholeHealth | General Atlantic | $540.0M | 18.0x | — |
| 2023 | Oak Street Health, Inc. | CVS Health Corporation | $10556.9M | — | 4.84x |
| 2022 | NeighborMD, Inc. | Skylight Health Group Inc. (OTCEM:SLHG.F) | $8.0M | — | 0.23x |
| 2021 | Axia Women's Health | Partners Group | $790.0M | 19.8x | — |
| 2021 | MDVIP | Goldman Sachs Asset Management and Charlesbank Capital Partners | $1500.0M | 16.7x | 3.40x |
| 2020 | Miami Beach Medical | Sun Capital | $550.0M | 13.8x | — |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same medical practice primary care can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
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 private equity / pe-backed roll-up 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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