In what's shaping up to be a banner year of private equity investment in gastroenterology, PE Hub reported Feb. 5 that Audax Private Equity will sell Miami-based Gastro Health in 2021.
Audax and Gastro Health partnered in March 2016, the first deal in the GI space. A source PE Hub spoke with said a sale process is expected to begin this quarter.
Audax hired investment bank Moelis to provide sell-side advice. Gastro Health has an EBITDA around $65 million. Audax believes it will get 15-times-plus EBITDA for the platform. The practice has a presence in Florida, Alabama, Ohio, Virginia and Washington.
"Gastro Health is likely to appeal to potential suitors given its success expanding outside of its Southern Florida roots," the article said.
The move comes as Audax began the sales process for its women's health-focused platform Axia Women's Health.