Nation's largest gastroenterology practice
management company to pursue continued growth with new investment
partner
DALLAS, Sept. 15,
2022 /PRNewswire/ -- Waud Capital Partners, L.L.C.
("WCP") today announced it has completed its sale of a controlling
ownership stake in GI Alliance ("GIA"), the nation's largest
gastroenterology practice management company, as part of a
physician-led buyout and recapitalization (the
"Transaction"). The Transaction valued GIA at $2.2 billion and was facilitated by an investment
from funds managed by Apollo
(NYSE: APO). As a result of the Transaction, GI Alliance's
physician owners, led by James Weber
M.D., CEO, own a controlling equity interest in
GIA.
GIA was formed in 2018 in partnership with WCP and has since
established itself as the nation's largest independent
gastroenterology practice management company through organic
growth, ancillary investment, and practice affiliation. Since
WCP's initial investment, GIA expanded from 2 to 14 states, and has
become the partner of choice for high-quality gastroenterology
practices looking to benefit from a national support services
organization. GIA's strategic priority has been to maintain
its unwavering commitment to support clinical quality, complemented
by significant investment in corporate infrastructure and systems,
while pursuing and maintaining its position of national
leadership.
"GI Alliance has achieved significant growth over the past four
years, and I appreciate the support from our committed partners at
WCP," said Dr. Weber. "Our primary focus on delivering superior
outcomes for patients has continued through this growth. With this
transaction, GI Alliance will maintain its vision of being a
physician-owned and physician-led organization. We are
excited to embark on this new chapter with Apollo and we want to thank the WCP team for
its contributions to our success."
David Neighbours, Partner at WCP,
commented, "We are proud to have partnered with Dr. Weber and the
team we helped him recruit over the last four years to build one of
the leading physician practice management organizations in the U.S.
across all medical specialties. Since the time of our initial
investment, GIA has increased its physician count by nearly five
times. This growth was achieved through both organic
initiatives and highly targeted, strategic acquisitions. We wish
GIA continued success with its new partner, Apollo."
Kirkland & Ellis LLP and Katten Muchin Rosenman LLP served
as legal advisors to WCP and GI Alliance's practices and
management, respectively. Latham & Watkins LLP and
Houlihan Lokey acted as legal
counsel and financial advisor, respectively, to the Apollo funds. Jefferies acted as
financial advisor to GI Alliance and its shareholders.
Greenhill & Co. acted as financial advisor to management and
physician owners of GI Alliance. Blackstone & Ally led
the lender group providing committed debt financing for the
Transaction.
About GI Alliance
GI Alliance is a physician-led and majority physician-owned GI
practice management company providing services to nearly 700
independent gastroenterologists operating in Texas, Arkansas, Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Utah, and Washington. GIA-managed
practices focus on providing the highest-quality care to their
patients. In addition to providing operational support for
practices, GIA is working to unite gastroenterologists nationwide
by aligning interests and improving patient care. To learn
more, please visit www.gialliance.com.
About Waud Capital
Partners
Waud Capital Partners is a growth-oriented private equity firm
with total capital commitments of approximately $3.7 billion since its founding in 1993. WCP
partners with exceptional management teams to build market-leading
companies within two industries: healthcare services and
software/technology. Since its founding, WCP has successfully
completed more than 400 investments, including platform companies
and follow-on opportunities. To learn more, please visit
www.waudcapital.com.
Waud Capital Partners Contacts
Antonia Schwartz
312.676.8436
aschwartz@waudcapital.com
Gabriel Torres
312.676.8431
gtorres@waudcapital.com
GI Alliance Contact
Dee Dee
Brooks
Head of Communications
(214) 998-3434
deedee.brooks@gialliance.com
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SOURCE Waud Capital Partners