M&A Deal Summary

Cardinal Health Acquires Integrated Oncology Network

On September 20, 2024, Cardinal Health acquired healthcare services company Integrated Oncology Network from Silver Oak Services Partners for 1.1B USD

Acquisition Highlights
  • This is Cardinal Health’s 8th transaction in the Healthcare Services sector.
  • This is Cardinal Health’s 11th largest (disclosed) transaction.
  • This is Cardinal Health’s 38th transaction in the United States.
  • This is Cardinal Health’s 3rd transaction in Tennessee.

M&A Deal Summary

Date 2024-09-20
Target Integrated Oncology Network
Sector Healthcare Services
Buyer(s) Cardinal Health
Sellers(s) Silver Oak Services Partners
Deal Type Add-on Acquisition
Deal Value 1.1B USD

Target

Integrated Oncology Network

Nashville, Tennessee, United States
Integrated Oncology Network is an operator of physician management, radiation oncology management, and cancer center development company that partners with hospitals and physicians. ION provides expertise including strategic solutions, development, financing, and management services including radiation oncology operations, revenue cycle management, compliance, HR, IT, and accounting. Integrated Oncology Network was founded in 2008 and is based in Nashville, Tennessee.

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Buyer(S) 1

Buyer

Cardinal Health

Dublin, Ohio, United States

Category Company
Founded 1979
Sector Distribution
Employees47,040
Revenue 205.0B USD (2023)
DESCRIPTION
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.

Cardinal Health is a distributor of healthcare products. Cardinal Health manufactures medical and surgical products and distributes pharmaceuticals and medical supplies worldwide. Cardinal Health was founded in 1979 and is based in Dublin, Ohio.


DEAL STATS #
Overall 41 of 43
Sector (Healthcare Services) 8 of 9
Type (Add-on Acquisition) 36 of 38
State (Tennessee) 3 of 3
Country (United States) 38 of 40
Year (2024) 2 of 4
Size (of disclosed) 11 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-31 Specialty Networks

Cleveland, Ohio, United States

Specialty Networks is a technology-enabled group purchasing organization (GPO) that serves independent specialty medical practices, pharmaceutical companies, and medical device companies. Specialty Networks’ service offerings include UroGPO, a urology-specific GPO and provider of educational programs for providers, PPS Analytics, a clinical and business intelligence company serving providers and industry partners, GastroGPO, a gastroenterology-specific GPO, United Rheumatology, a rheumatology-specific GPO, and SN Research, a decentralized clinical research platform. Specialty Networks was founded in 2018 and is headquartered in Cleveland, Ohio.

Buy $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-11 GI Alliance

Dallas, Texas, United States

GI Alliance is an independent gastroenterology practice in the US, measured both by provider count and by revenue, operating in Dallas, Fort Worth, Austin, San Antonio, Houston, and several metropolitan markets in Louisiana. GI Alliance was founded in 2018 and is based in Dallas, Texas.

Buy $2.8B

Seller(S) 1

SELLER

Silver Oak Services Partners

Evanston, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
Size Small
Type Sector Focused
DESCRIPTION

Silver Oak Services Partners, LLC is a private equity firm focused on service businesses, specifically business services, healthcare services, and consumer services. The Firm targets companies with revenues between $15 and $150 million and EBITDA of $4 to $25 million. The Firm's typical investment size is $10 to $50 million with the ability to invest more through co-investment from the firm's limited partners. The company will not consider investments in start-ups, businesses with project-based revenue models, retail, or restaurants. Silver Oak Services Partners was formed in 1995 and is based in Evanston, Illinois.


DEAL STATS #
Overall 24 of 24
Sector (Healthcare Services) 5 of 5
Type (Add-on Acquisition) 10 of 10
State (Tennessee) 3 of 3
Country (United States) 24 of 24
Year (2024) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-07 Beary

Lockport, Illinois, United States

Beary provides recurring landscaping and snow removal services to commercial end markets, including utilities, multi-family living communities, office buildings, and municipalities. Beary was formed in 1985 and is based in Lockport, Illinois.

Buy -