Apollo agreed to take a stake in GI Alliance as part of a physician-led buyout valuing the company at $2.2 billion, according to the report.
Physician owners from GI Alliance agreed to buy back a minority equity stake of about 30 percent from Waud Capital Partners, the practice’s private equity investor, according to the report.
The deal gives GI Alliance and its physicians more autonomy over the practice, Bloomberg reported.
“We were majority owned but we weren’t in majority control,” GI Alliance CEO Jim Weber told Bloomberg. “That was something that we missed and wanted back.”
As part of the transaction, Apollo will receive two seats on the GI Alliance board.
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