Pamlico Capital has acquired Physicians Endoscopy, a portfolio company of Silver Oak Services Partners. CEO Barry Tanner and his executive management team will retain significant ownership of Physicians Endoscopy and will continue to manage the growth of the company in partnership with Pamlico.
Physicians Endoscopy is a developer and manager of freestanding, single-specialty endoscopic ambulatory surgery centers (ASCs) in partnership with practicing physicians and hospitals. The company currently owns and manages 29 facilities across the United States, in partnership with over 300 gastroenterologists and eight hospitals. The company was founded in 1998 and is headquartered near Philadelphia in Jamison, PA (www.endocenters.com).
“Our focus on making equity investments in growing and high-efficacy healthcare companies led us to Physicians Endoscopy. We were tremendously impressed by the caliber and breadth of the management team, as well as the opportunity the company has to capitalize on the favorable trends in the ASC market,” said Pamlico Partner Art Roselle.
Pamlico Capital seeks control-oriented growth equity investments of up to $75 million alongside management teams in its target industries which include business & technology services, communications, and healthcare. Pamlico Capital, formerly known as Wachovia Capital Partners, was founded in 1988 and has invested in excess of $3.5 billion in over 200 middle market companies since its inception. The firm currently manages over $2 billion in assets and is based in Charlotte, NC (www.pamlicocapital.com).
“We chose to partner with Pamlico because of its track record of accelerating its portfolio companies’ growth and its extensive healthcare investing experience,” said Mr. Tanner. “Our company is poised to continue its growth across the country by opening and acquiring new ASCs and by expanding our product offerings with gastroenterologists.”
Physicians Endoscopy was advised by Piper Jaffray & Co.
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-3-13
