BUYER POOL ANALYSIS
Selling a Medical Practice Specialty 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 12.75x across 18 disclosed deals (P25: 10x, P75: 15x). Median EV/Revenue 1.55x across 9 deals. Median deal value: $525M.
- How many disclosed transactions?
- 19 deals total (19 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of medical practice specialty businesses.
- Most active buyers
- Audax Private Equity (2) · Partners Group (2) · The Carlyle Group (1) · Kohlberg & Company (1) · Apollo Global Management (1) · Ares Management (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of medical practice specialty businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2024 | United Urology Group | Audax Private Equity | $525.0M | 15.0x | — |
| 2024 | Vantive (Baxter Kidney Care Segment) | The Carlyle Group | $3800.0M | — | 0.85x |
| 2023 | United Digestive | Kohlberg & Company | $500.0M | 13.5x | — |
| 2022 | Forefront Dermatology | Partners Group | $1500.0M | 15.2x | 2.90x |
| 2022 | GI Alliance | Apollo Global Management | $2200.0M | 14.7x | — |
| 2022 | Pima Heart & Vascular | Ares Management | $300.0M | 15.0x | — |
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 specialty 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 specialty 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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