News Flash: Gastro One forms private equity-backed GI platform in $22 million deal
Despite the COVID-19 situation, PE fund Webster Equity Partners invests in Gastro One. Here are the takeaways:
1) Waltham, MA based Webster Equity Partners agrees to make an equity investment of $22 million in Gastro One, reserving up to $80M for the new platform.
2) The new platform is called One GI.
3) The purchase price was not adjusted in the wake of the crisis.
4) Headquartered in Memphis, Tennessee, Gastro One is the largest GI practice in Tennessee with 30 physicians, in 10 locations.
5) Dr. Michael Dragutsky and David Harano will lead One GI as chairman and president.
Webster forms gastroenterology platform via equity-only deal for Gastro One (PE Hub)
PE COVID-19 Resources:
1) Bain & Company: Covid-19: Implications for Healthcare Private Equity Investors
2) PwC: COVID-19 and the private equity industry
By Praveen Suthrum, President & Co-Founder, NextServices.