A timeline of PE investment in GI

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Private equity investors are turning their attention to the gastroenterology space. Here is a timeline of PE investments that will be updated as more deals close:

March 2016: Audax Private Equity enters into a deal with Miami-based Gastro Health.

November 2018: Waud Capital Partners and Southlake-based Texas Digestive Disease Consultants close a deal. They establish The GI Alliance, a practice management company based in Dallas.

December 2018: Frazier Healthcare Partners and Atlanta Gastroenterology Associates enter into a deal. They establish United Digestive, a practice management company.

April 2019: Gastro Health makes its first out-of-state acquisition acquiring Birmingham, Ala.-based Southeast Gastro, becoming the first PE-backed GI practice to expand out of its home state.

May 2019: Amulet Capital Partners unites Lancaster, Pa.-based Regional GI, Wyomissing, Pa.-based Digestive Disease Associates and Malvern, Pa.-based Main Line Gastroenterology Associates through a deal. It establishes US Digestive Health, a practice management company.

July 2019: The GI Alliance enters into a deal with Evanston-based Illinois Gastroenterology Group, becoming the first established PE-backed GI platform to expand.

August 2019: Jamison, Pa.-based Physicians Endoscopy and Silver Spring, Md.-based Capital Digestive Care enter into a strategic partnership, forming a management platform.

The GI Alliance invests in five ASCs owned by Texas Digestive Disease Consultants and Illinois Gastroenterology Group.

September 2019: The GI Alliance continues to rapidly grow, partnering with Beaumont-based Southeast Texas Gastroenterology Associates.

Gastro Health expands outside of the southeastern market, acquiring Seattle-based Puget Sound Gastroenterology.

October 2019: GI Alliance enters into a partnership with Phoenix-based Arizona Digestive Health, growing its affiliated network to more than 275 physicians in four states.

GI Alliance acquires San Antonio Gastroenterology Associates and San Antonio Digestive Disease Consultants

November 2019: Dallas-based GI Alliance acquires Indianapolis Gastroenterology and Hepatology, expanding into a fifth state. 

Atlanta-based United Digestive partners with Savannah, Ga.-based Center for Digestive & Liver Health.

Gastro Health acquires Fairfax-based Gastroenterology Associates of Northern Virginia.

GI Alliance partners with Amarillo (Texas) Endoscopy Center.

December 2019: Colorado Springs, Colo.-based Peak Gastroenterology will partner with Varsity Healthcare Partners, marking Varsity's first investment into gastroenterology. 

GI Alliance acquired Little Rock-based GastroArkansas, marking the sixth state the gastroenterology services organization has expanded into.

GI Alliance acquired Lubbock Digestive Disease Associates and South Plains Endoscopy Center, further expanding its presence in Texas.

January 2020: Gastro Health acquired Gastroenterology Associates of Osceola in Kissimmee, Fla., Digestive Care in Boca Raton, Fla., and Associates in Gastroenterology in Woodbridge, Va.

March 2020: GI Alliance acquired Gastroenterology Consultants of San Antonio. 

April 2020: Private equity firm Webster Equity Partners established One GI, through a partnership with Memphis, Tenn.-based Gastro One.

May 2020: US Digestive Health expanded its presence in Pennsylvania by partnering with Carlisle (Pa.) Digestive Disease Associates.

July 2020: GI Alliance partnered with Peoria-based Illinois Gastroenterology Institute. 

October 2020: Gastro Health partnered with Cincinnati-based Ohio Gastroenterology & Liver Institute and Woodbridge, Va.-based Associates in Gastroenterology in two separate deals, the platform announced Oct. 1.

November 2020: GI Alliance partnered with Hinsdale (Ill.) Gastroenterology Associates and Carl Calandra, DO. 

US Digestive Health partnered with West Chester (Pa.) GI Associates. 

US Digestive Health also acquired Pottstown Medical Specialists in Royersford, Pa.

GI Alliance partnered with Adult Gastroenterology Associates of Tulsa (Okla.), expanding into Oklahoma.

December 2020: H.I.G. Growth Partners entered into a partnership Dec. 1 with Rochester Hills, Mich.-based The Center for Digestive Health creating Pinnacle GI Partners, a new investment platform in Michigan.

GI Alliance partnered with Gastrointestinal Associates in Jackson, Miss., expanding into its 8th state postformation. 

GI Alliance expanded its Louisiana presence Dec. 17 through the acquisition of Metropolitan Gastroenterology Associates. 

One GI made a pair of post formation deals. The platform partnered with Oxford, Miss.-based Gastroenterology Associates and Nashville, Tenn.-based Associates in Gastroenterology in separate deals.

January 2021: GI Alliance made the first deals of 2021, partnering with Cleburne (Texas) Endoscopy Center, Oak Lawn, Ill.-based GI Associates of Chicago and Dallas-based Digestive Health Associates of Texas.

Pinnacle GI Partners partnered with Lansing, Mich.-based providers Michigan Gastroenterology Institute and Capitol Colorectal Surgery on Jan. 8, just slightly over a month after its formation.

Investing firm Assured Healthcare Partners partnered with West Long Branch, N.J.-based Allied Digestive Health, it announced Jan. 13.

February 2021: Gastro Health acquired a practice in Hollywood, Fla., expanding its presence in the Fort Lauderdale, Fla., area. 

Pinnacle GI Partners has deepened its roots in Michigan, partnering with East Lansing, Mich.-based Digestive Health Institute.

US Digestive Health partnered with four gastroenterology practices: Pottstown (Pa.) Ambulatory Center, Brandywine Valley Endoscopy in Downingtown, Pa., The Center for GI Health in Sellersville, Pa., and Hillmont Gastroenterology in Flourtown, Pa. 

One GI added Dayton (Ohio) Gastroenterology, expanding into Ohio through the acquisition. 

March 2021: Gastro Health partnered with Digestive Disease Associates, growing its platform to a sixth state, it announced March 1. 

One GI acquired Tupelo, Miss.-based Digestive Health Specialists, its second acquisition in four days, the platform announced March 2.

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