PE Deals

Sponsors circle Eagles Landing Family Practice

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Eagles Landing Family Practice, healthcare, medical, private equity, merger, M&A
Doctor talks to child and parents. Photo courtesy of sturti/E+/Getty Images
  • Atlanta medical group operates 11 locations in metro area
  • Valuation could be upward of $200 mln
  • Process narrowed to three PE groups

Atlanta medical group Eagles Landing Family Practice is exploring a sale, according to three sources familiar with the matter.

SunTrust Robinson Humphrey is providing financial advice to Eagles Landing, Buyouts has learned.

The auction is understood to have commanded significant interest from the private equity community, with three PE groups still in the running, two of the sources said.

Eagles Landing is projecting adjusted pro forma 2018 Ebitda of about $19 million and is expected to command a multiple of Ebitda in the 11x to 12x range, the sources said. That suggests a valuation upward of $200 million.

SunTrust declined comment, while Eagles Landing couldn’t immediately be reached.

Eagles Landing has benefited from scarcity value, with strong market density having compelled interest from PE. It’s the largest independent provider of primary care in Georgia, and the group’s ancillary services have added further appeal, one source said.

Eagles Landing provides family medicine and specialized services including imaging and vision, as well as condition management in various areas such as cardiac care, diabetes care and women’s health, its website states.

Led by CEO Nick Williams, Eagles Landing has 11 locations throughout Georgia’s Henry County, Butts County and Rockdale County.

In other primary-care activity this year, Nautic Partners exited its investment in Miami-area provider Community Medical Group via a sale to Centene. Last year, Anthem bought Summit Partners’ HealthSun, an integrated Medicare Advantage health plan and primary-care network in Florida.

Other PE-backed medical groups include Miami Beach Medical Group, backed by Gauge Capital; Miami-based InHealth MD Alliance, backed by Pine Tree Equity Partners; and South Carolina network Family Care Partners, backed by Varsity Healthcare Partners.

Action Item: Learn more about Eagle’s Landing.