The Private Equity Landscape in Urology Is Expanding

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M&A and investment activity in the urology sector has gained momentum over the past five years. Since Audax Group’s initial investment in Chesapeake Urology in August 2016, highly experienced multi-site healthcare services private equity (PE) investors have continued to build new management services organizations focused on consolidating independent urology practices nationwide.

Urology is a highly fragmented, relatively small physician specialty with increasing demand for services. Despite fewer active urology physicians in the U.S. than other targets of PE investment (orthopedics, ophthalmology, GI, dermatology, etc.), the number of physicians coming out of fellowship programs continues to decline. This dynamic drives the scarcity value of urology providers in practices that have a proven history with the ability to recruit and retain providers.