M&A Deal Summary

Kohlberg & Company Acquires United Digestive

On March 30, 2023, private equity firm Kohlberg & Company acquired healthcare services company United Digestive from Frazier Healthcare Partners and Atlanta Gastroenterology Associates

Acquisition Highlights
  • This is Kohlberg & Company’s 9th transaction in the Healthcare Services sector.
  • This is Kohlberg & Company’s 75th transaction in the United States.
  • This is Kohlberg & Company’s 3rd transaction in Georgia.

M&A Deal Summary

Date 2023-03-30
Target United Digestive
Sector Healthcare Services
Buyer(s) Kohlberg & Company
Sellers(s) Frazier Healthcare Partners
Atlanta Gastroenterology Associates
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)
Goodwin Procter (Legal)

Target

United Digestive

Atlanta, Georgia, United States
United Digestive provides a strong operational infrastructure for GI practices including regulatory assistance, managed care resources, and a full-service back-office that can be leveraged across a significantly larger geographic footprint. The company anticipates continued robust expansion through both near-term de-novo growth as well as complementary acquisitions and will bring operational best practices to additional GI practices while allowing providers to retain their clinical independence and a continued emphasis on high-quality patient care. United Digestive was formed in 2018 and is based in Atlanta, Georgia.

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Buyer(S) 1

Buyer

Kohlberg & Company

Mount Kisco, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kohlberg & Company is a private equity firm which acquires middle-market companies with consistent cash flow, and underperforming companies with operational deficiencies. Kohlberg looks to commit $100 to $500 million of equity capital in opportunities valued from $200 million to $2 billion. Kohlberg generally looks for opportunities in the manufacturing and service sectors, however the Firm will also selectively consider businesses in food and healthcare. Kohlberg tends not to consider technology or communications companies. Kohlberg & Company was formed in 1987 and has offices in Mt. Kisco, New York.


DEAL STATS #
Overall 77 of 79
Sector (Healthcare Services) 9 of 9
Type (Secondary Buyout) 30 of 32
State (Georgia) 3 of 3
Country (United States) 75 of 77
Year (2023) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-02 Alacrity Solutions

Fishers, Indiana, United States

Alacrity Solutions is a provider of outsourced claims management solutions to insurance carriers. Alacrity was formed in 1976 and is based in Fishers, Indiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-09 Riveron

Dallas, Texas, United States

Riveron is a provider of event-driven financial consulting and due diligence for corporate clients and private equity firms. Riveron operates across three practice areas Financial Advisory, Transaction Advisory, and Business Advisory. Riveron Consulting was founded in 2006 and is based in Dallas, Texas.

Buy -

Seller(S) 2

SELLER

Frazier Healthcare Partners

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1991
PE ASSETS 3.4B USD
Size Large
Type Sector Focused
DESCRIPTION

Frazier Healthcare Partners is a private equity and venture capital firm specializing in Growth buyout investment specifically targets businesses that deal Healthcare, Life Sciences, Pharmaceutical services, medical products, and related sectors. Frazier Healthcare Partners was formed in 1991 and is based in Seattle, Washington with an additional office in Palo Alto, California; Boston, Massachusetts; and Menlo Park, California.


DEAL STATS #
Overall 26 of 27
Sector (Healthcare Services) 11 of 11
Type (Secondary Buyout) 9 of 10
State (Georgia) 1 of 1
Country (United States) 26 of 27
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-07 Apollo Intelligence

Watertown, Massachusetts, United States

Apollo Intelligence is a provider of real-time data and insights to the healthcare and life science industries. The Apollo platform launched with its acquisition of InCrowd, a pioneer of real-time, automated insights for the life science industry, as the founding company. Apollo Intelligence was founded in 2019 and is based in Watertown, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-25 Vatica Health

Alpharetta, Georgia, United States

Vatica Health is a healthcare technology company that has developed a unique blend of proprietary technology and clinical teams that enable providers and payers to thrive in value-based care. Vatica’s platform represents the next generation of risk adjustment, quality of care, and quality of coding. Vatica is a fast-growing company solving today’s most complex healthcare problems with a talented team of disruptors, inventors and change agents who are not satisfied with the status quo and strive to make a difference. Vatica Health was founded in 2011 and is based in Alpharetta, Georgia.

Buy -
SELLER

Atlanta Gastroenterology Associates

Atlanta, Georgia, United States

Category Company
Founded 1976
Sector Healthcare Services
DESCRIPTION

Atlanta Gastroenterology Associates (AGA) is one of the largest gastroenterology practices in the country dedicated to the detection and treatment of digestive and liver diseases, as well as colon cancer. With offices located throughout Metro Atlanta and North Georgia – including seven pediatric offices – its board-certified physicians are committed to offering accessible, comprehensive digestive healthcare for the whole family.


DEAL STATS #
Overall 1 of 1
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Georgia) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-17 United Digestive

Atlanta, Georgia, United States

United Digestive provides a strong operational infrastructure for GI practices including regulatory assistance, managed care resources, and a full-service back-office that can be leveraged across a significantly larger geographic footprint. The company anticipates continued robust expansion through both near-term de-novo growth as well as complementary acquisitions and will bring operational best practices to additional GI practices while allowing providers to retain their clinical independence and a continued emphasis on high-quality patient care. United Digestive was formed in 2018 and is based in Atlanta, Georgia.

Buy -