Cardiology is the fastest-growing ASC specialty, which has drawn growing interest from private equity.
Between January 2013 and September 2023, PE firms have acquired 342 cardiology clinics –– with the vast majority of transactions occurring since 2021, according to a study published July 15 in the Journal of the American College of Cardiology. The study also noted that these acquisitions were clustered among wealthy communities in Florida, Texas and Arizona.
Cardiovascular Associates of America, known as CVUSA, and US Heart & Vascular are the two largest PE-backed cardiology platforms in the U.S, according to an article published in JAMA Health Forum June 14. The platforms are backed by Webster Equity Partners and Ares Management, respectively. Both platforms were founded in 2021.
CVAUSA operates149 locations across eight states, employing over 550 physicians and providers. Their largest acquisition was in 2023, when it acquired New Jersey-based Shore Heart Group. The deal extended CVAUSA's network into the state and added seven facilities and 23 cardiologists to their portfolio,
In April 2023, USHV –– which primarily covers Texas, Arizona and Kansas –– partnered with Dallas-based HeartPlace. The cardiology group has over 20 locations in the Dallas/Fort Worth, Texas, area.
PE firms Bain Capital, Varsity Healthcare Partners, Deerfield Management, Comvest Partners, Athyrium Capital Management, UnitedHealth and Ashlar Capital have also had notable transactions in the last two years