BUYER POOL ANALYSIS
Selling a Medical Practice Primary Care to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 7.3x across 29 disclosed deals (P25: 4.35x, P75: 14.55x). Median EV/Revenue 0.6x across 55 deals. Median deal value: $25.67M.
- How many disclosed transactions?
- 59 deals total (59 from 2018+), filtered to Strategic / Industry acquirers of medical practice primary care businesses.
- Most active buyers
- Skylight Health Group, Inc. (6) · Optum, Inc. (3) · Privia Health Group, Inc. (2) · Princeton Community Hospital (2) · Apollo Medical Holdings, Inc. (2) · WELL Health Technologies Corp. (2)
Recent disclosed deals
Strategic / Industry acquisitions of medical practice primary care businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Palmetto Primary Care Physicians | MUSC | $111.0M | — | 1.30x |
| 2026 | Woofter Family Medicine | United Physician Care | $0.1M | — | 0.10x |
| 2025 | Evolent Care Partners | Privia Health Group, Inc. | $94.2M | 9.4x | — |
| 2025 | Integrated Medical Services, Inc. | Privia Health Group, Inc. | $95.0M | — | 1.20x |
| 2025 | Lagaay Medical Group | Universal Marine Medical Supply International | $45.9M | 9.6x | 0.70x |
| 2025 | MTL Cannabis Corp. | Canopy Growth Corporation | $122.8M | 12.5x | 2.02x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
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 strategic / industry 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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