Medical practice acquirers we could document (2026-09)
| Acquirer | Owner / sponsor | HQ | Focus | Footprint (as stated) | Latest dated event (source) |
|---|---|---|---|---|---|
GI Alliance | Cardinal Health (71% stake, closed Dec 2024) | Not stated | Gastroenterology management services | 345 practices across 20 states at the 2024 deal (company release) | |
OneOncology | Cencora agreed to acquire TPG's equity interest (majority) | Not stated | Community oncology practices | Not restated here | |
U.S. Dermatology Partners | Private equity-backed (sponsor not restated here) | Not stated | Dermatology practice partnerships | Describes partnership and acquisition options for practices | |
U.S. Anesthesia Partners | Welsh, Carson, Anderson & Stowe (limited by FTC consent order, Jan 2025) | Not stated | Anesthesiology | Not restated here | Jan 2025: FTC settlement restricts sponsor’s future anesthesia roll-ups |
Read this before you answer a letter
Physician practice deals are specialty-specific: an MSO buys the non-clinical assets and signs a long management agreement, while physicians keep the clinical entity where state corporate-practice-of-medicine rules require it. Expect part of the price as rollover equity in the platform and a multi-year employment term. Regulators are watching roll-ups (see the FTC’s 2025 anesthesia settlement), which can slow or reshape deals.
Platform vs add-on: what it means for price
A platform is the first company a PE firm buys in a trade or region; it is usually larger, keeps its management and is priced at a higher multiple. An add-on is a smaller company bolted onto that platform, typically at a lower multiple, because the buyer is paying for your customers, technicians and location rather than a management team.
Published ranges for medical practices:
| Deal type / size | Multiple | Source |
|---|---|---|
| Larger deals | No reliable published range | - |
If one of these groups contacts you
- Do not reply with numbers yet
Run your own range first with the medical practice calculator.
- Ask what kind of deal it is
Platform or add-on? How much cash at close, how much rollover equity or earn-out, and what role they expect you to play for how long.
- Check who owns the buyer
The sponsor and when it invested tell you how soon the buyer itself may be sold, which matters if you roll over equity.
- Talk to more than one buyer
A single-bidder process rarely gets the top of the range. Use our unsolicited offer guide and checklist.
Got a PE letter? Get our offer-review checklist
Twelve questions to ask before you sign anything, including the rollover and earn-out terms that change what you actually take home.
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Spotted an error or an out-of-date sponsor? Send a correction and we will review it against the primary source. Company names are used only to identify them; we are not affiliated with any acquirer listed.
Frequently asked questions
Who is buying medical practice businesses?
We documented 4 active acquirers from primary sources, including GI Alliance, OneOncology, U.S. Dermatology Partners. The table lists each one’s owner, footprint and latest dated announcement.
Do PE-backed buyers pay more?
For larger companies, usually yes on headline multiple, but more of the price may come as rollover equity or earn-out. Compare cash at close and your required role, not only the multiple.
Can you introduce me to these buyers?
No. We are not a broker, we do not make introductions and we take no fees from buyers or sellers. See not a broker.
Sources
- GI Alliance - primary source (accessed 2026-09-23)
- OneOncology - primary source (accessed 2026-09-23)
- U.S. Dermatology Partners - primary source (accessed 2026-09-23)
- U.S. Anesthesia Partners - primary source (accessed 2026-09-23)