Lindsay Goldberg is gearing up for a sale of Women’s Care Enterprises, in what marks one of the few scale opportunities for investment in physician practice management during the nationwide lockdown period.
A sale process for the Tampa, Florida-headquartered business is expected to kick off imminently, sources familiar with the matter told PE Hub.
Jefferies has been retained to conduct the process, sources said, with the women’s health platform expected to field significant interest from private equity funds.
Women’s Care Enterprises produces approximately $85 million in EBITDA, some of the people said. A teens multiple is anticipated, which suggests a deal could be valued substantially above $1 billion.
Speaking to the asset’s scarcity value, one source commented that healthcare investors that typically don’t like the PPM [physician practice management] universe are poised to look at both Women’s Care Enterprises and Unified Women’s Healthcare – the Ares Management portfolio company that PE Hub wrote in March had engaged Moelis and Barclays for an upcoming sale process.
More than seven-and-a-half years into Ares’ investment, the auction for Unified kicked off around a week ago, sources told PE Hub. The Boca Raton, Florida-based company is projecting approximately $90 million in 2020 EBITDA, they said.
Meanwhile, Lindsay Goldberg’s investment in Women’s Care Enterprises dates back three years, with the platform having executed six add-on acquisitions in the period since.
The New York firm bought the physician-owned company through Fund IV, a $3.5 billion vehicle, following a Hyde Park Capital-run auction. In connection with the deal, Lindsay Goldberg partner Chris Lialata and principal Ali Nensi joined the board of Women’s Care Enterprises.
Women’s Care Enterprises is a multi-specialty women’s care platform and the management services provider for its partner businesses, which offer obstetrics, gynecology and fertility care, among other services.
On Tuesday, the company announced its expansion through a partnership with Complete Women Care, a women’s health practice in Los Angeles.
Women’s Care Enterprises in July named Alistair Madle CEO, rejoining the company from Cressey & Co’s D4C Dental, where he held the CEO post. Madle previously spent 14 years at Women’s Care Florida, serving as CFO, COO and CEO.
Lindsay Goldberg, Jefferies, Ares, Moelis and Barclays declined to comment. Women’s Care Enterprises didn’t return requests for comment on Tuesday.
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Update: This report has been updated with additional info on the status of the process for Ares’ Unified Women’s Healthcare.