Private equity and ASCs: 8 recent updates

Private equity groups continue to show strong interest in ASCs in 2022, with multiple acquisitions in the last 30 days. 

Here are eight private equity updates Becker's ASC Review has reported on since Jan. 28:

1. Fredericksburg, Va.-based Vista Eye Specialists was acquired by Richmond, Va.-based Atlantic Vision Partners, which is backed by private equity firm Sheridan Capital Partners.

AVP has completed 18 acquisitions since Sheridan's investment, according to a Feb. 14 news release shared with Becker's. The practice management company now operates across three states in about 40 locations.

2. Private equity firm Partners Group acquired a 200-location dermatology practice from Omers Private Equity, Partners said Feb. 10. 

3. Remedy Medical Properties is investing in a 23-property healthcare portfolio owned by MedProperties.

The $350 million joint venture portfolio contains medical office buildings, rehabilitation hospitals and an ASC. The facilities are located in Texas, Pennsylvania, Florida, Ohio, Kentucky, Tennessee, New York, North Carolina and Missouri. Texas holds most of the real estate, with eight facilities.

4. EyeSouth Partners completed an affiliation with Athens, Ga.-based Georgia Center for Sight.

The Shore Capital Partners-backed eye care-focused management services organization now has 28 affiliations overall, including 12 in Georgia, according to a Feb. 9 news release.

5. Private equity firms Vesey Street Capital Partners and MD Healthcare Partners are joining to build a multisite healthcare services platform.

The companies said Feb. 9 that the partnership will look to acquire and build an organization with a value proposition that increases healthcare quality and efficiency while reducing costs. 

6. Private equity-backed orthopedic care platform U.S. Orthopaedic Partners acquired Southern Orthopaedic Surgeons.

Private equity firms Thurston Group and FFL Partners created U.S. Orthopaedic Partners in 2020. This is the company's seventh acquisition since its founding.

7. Investment firm Capital Square 1301 acquired a new medical office building and ASC in Yuma, Ariz.

8. A bill under consideration in the California State Legislature could put power in the hands of physician owners of physician practices.

California Senate Bill 642 would, if enacted, restrict the use of the stock restriction agreement and similar arrangements used in the "friendly professional corporation" model, the report said. The model is often used in California by hospital systems and private equity firms as a way to have control over physician groups' operations without violating the state law that prohibits the corporate practice of medicine.

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