Audax Private Equity has entered into an agreement to acquire Gastro Health, a gastroenterology physician practice management company. Partnering with Audax on the transaction are Dr. James Leavitt, President/Co-Founder of Gastro Health, CEO Alex Fernandez, and other members of the Gastro Health team.
Gastro Health was founded in 2006 with the merger of GI Care Center, Gastroenterology Associates, and Gastroenterology Group. Today, the company operates 21 health centers across South Florida and has acquired 16 new centers and on-boarded over 30 new physician partners since its founding. The company is headquartered in Miami (www.gastrohealth.com).
“Audax has a proven track record of helping companies complement organic expansion initiatives with add-on acquisitions,” said Mr. Fernandez.
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).
“Gastro Health is a leading provider of gastroenterology services with an unparalleled reputation for providing exceptional care to its patients. We look forward to partnering with Dr. Leavitt and Mr. Fernandez, and the rest of the Gastro Health team to continue growing the business organically and through add-on acquisitions,” said Geoffrey Rehnert, Co-CEO of Audax Group.
Deloitte Corporate Finance (www.investmentbanking.deloitte.com) was the financial advisor to Gastro Health and DLA Piper (www.dlapiper.com) served as legal counsel. Ropes and Gray (www.ropesgray.com) served as legal counsel to Audax.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-11-16