Pamlico Capital and the management team of Physicians Endoscopy announced today that Pamlico has completed a significant equity investment in Physicians Endoscopy, LLC (“PE” or the “Company”) from Silver Oak Services Partners, LLC. Physicians Endoscopy, founded in 1998, is the leading developer and manager of freestanding, single-specialty endoscopic Ambulatory Surgery Centers (“ASCs”) in partnership with practicing physicians and hospitals. 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. Detailed terms of the transaction have not been disclosed.
PE partners with physicians and provides a comprehensive suite of billing and management services. The Company typically owns a significant minority interest in each of its partner centers, which are located throughout the United States. Several more centers are expected to open within the next 12 months.
“We chose to partner with Pamlico because of its track record of accelerating its portfolio companies’ growth and its extensive healthcare investing experience,” said Barry Tanner, PE CEO. “PE is poised to continue its growth across the country by opening and acquiring new ASCs and by expanding our product offerings with gastroenterologists. PE has enjoyed substantial growth under Silver Oak Services Partners’ stewardship and now with Pamlico, the Company will benefit from a continuation of that track record. Pamlico provides our company with strong financial and advisory resources with which to build upon our market leadership position.”
Pamlico Partner Art Roselle said, “Our focus on making equity investments in growing and high-efficacy healthcare companies led us to PE. We were tremendously impressed by the caliber and breadth of the management team, as well as the opportunity PE has to capitalize on the favorable trends in the ASC market.”
PE was advised by Piper Jaffray & Co. (investment banker) and Kirkland & Ellis LLP (legal advisor). Pamlico was advised by Alston & Bird LLP (legal advisor).
Physicians Endoscopy is a nationally recognized development and management company that partners with GI physicians in the development, management and acquisition of single-specialty EASCs. The Company currently owns and manages 29 facilities across the United States, in partnership with over 300 gastroenterologists and eight hospitals. PE is headquartered in Jamison, Pennsylvania approximately 40 miles north of Philadelphia. For more information about PE, visit www.endocenters.com.
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in the U.S. Pamlico Capital seeks control-oriented growth equity and buyout investments of up to $75 million alongside proven management teams in its target industries, business and technology services, communications and healthcare. The firm, based in Charlotte, NC, currently manages over $2 billion in assets. Please refer to http://pamlicocapital.com for additional information.