Physicians Endoscopy has announced the acquisition of a majority share in the Endoscopy Center of Bucks County in Newton, Pa.
The center is the closest in proximity to Physicians Endoscopy's corporate office and was the sixth acquisition for the company in 2012. The center has three procedure rooms and eight physicians and opened in 2006. The center is expected to perform 7,000 procedures annually.
"PE was initially contacted by the physicians in November 2012. They wanted to quickly close the transaction before the end of the year to benefit from the capital gains tax. It was an extraordinary effort by all parties to navigate through the due diligence and legal process in a matter of 60 days. Fortunately, the center's administrative and physician teams were extremely organized and committed to keeping to our tightly structured transaction timeline. It was evident from the outset this would be a great partnership," said Carol Stopa, vice president of new business development for Physicians Endoscopy.
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