Apollo to support physician-led buyout of gastroenterology group GI Alliance

The transaction is expected to close in the third quarter of this year.

  • Apollo Partner and Head of U.S. Hybrid Value Jason Scheir and Apollo Principal Anton Finucane-Courreges will join the GI Alliance board of directors
  • Latham & Watkins LLP and Houlihan Lokey acted as financial advisor to Apollo while Jefferies acted as lead financial advisor to GI Alliance and its shareholders
  • As of June 30, 2022, Apollo had approximately $515 billion of assets under management

Apollo Global Management has agreed to back a physician-led buyout of U.S. gastroenterology group GI Alliance at a $2.2 billion valuation. Sellers include Waud Capital Partners.

Apollo Partner and Head of U.S. Hybrid Value Jason Scheir said in a statement, “GI Alliance is the leading gastroenterology platform in the U.S. and is led by a best-in-class management team with a proven track record of growth. We are proud to partner with the Company and structure a value-add, non-control investment through our Hybrid Value franchise that furthers the objective of physician ownership while providing ongoing strategic and capital support for future growth.”

Upon the closing of the transaction, Scheir and Apollo Principal Anton Finucane-Courreges will join the GI Alliance Board of Directors.

The transaction is expected to close in the third quarter fo this year.
Latham & Watkins LLP and Houlihan Lokey acted as legal counsel and financial advisor, respectively, to the Apollo Funds. Jefferies acted as lead financial advisor to GI Alliance and its shareholders. Greenhill & Co. acted as lead financial advisor to management and physician owners of GI Alliance. Kirkland & Ellis LLP and Katten Muchin Rosenman LLP served as legal advisors to WCP and GI Alliance, respectively. Blackstone & Ally led the lender group providing committed debt financing for the transaction.

GI Alliance is a physician-led and majority physician-owned GI practice with 688 independent gastroenterologists operating in Texas, Arkansas, Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Utah, and Washington.

As of June 30, 2022, Apollo had approximately $515 billion of assets under management.