BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Audax Private Equity (“Audax”), a capital partner for middle market companies, announced today an agreement to sell United Urology Group (“United Urology” or "UUG") to OneOncology, a national network of leading independent oncology practices. Terms of the deal, expected to be completed by the end of 2024, were not disclosed.
United Urology Group supports approximately 250 physicians and advanced practice providers across Arizona, Colorado, Delaware, Maryland, and Tennessee. UUG offers a comprehensive range of urologic care and ancillary services, including uropathology, radiation therapy, and pharmacy across its footprint comprised of physician-owned practices and ambulatory surgery centers (“ASCs”).
“Our investment thesis -- across each of our healthcare investments -- is to back companies focused on improving access to care and patient outcomes, while reducing costs for payors and the healthcare system at large,” noted Adam Abramson, a partner at Audax Private Equity. “UUG fits this archetype categorically, and we expect its physician-led culture and patient-first approach to complement OneOncology’s community of oncologists, who share the same commitment to clinical excellence.”
Audax first partnered with UUG in 2016, and has invested in the company’s continued organic and inorganic growth over the last eight years. UUG delivers a strong value proposition to physicians, patients, and payors through its integrated care model and robust ancillary offering, which enables better coordination across disease states and sites of care, while empowering physicians to maintain their independence.
UUG is focused on driving the transition of care from higher cost hospital settings to its connected ASC footprint, which improves the patient experience and quality of care, while reducing the total cost of care. Over the course of Audax’ partnership with UUG, the business has strategically expanded its footprint; invested in the company’s technology and supporting infrastructure; and expanded the breadth of its ancillary services.
“Audax was aligned with our mission and vision to transform urology through continuous innovation and a model that enables access to high-quality value-based care and preserves the autonomy of our partner practices,” noted UUG Chief Executive Officer Ian Wong. “We’re excited to join forces with OneOncology, whose values and culture mirror our own. We anticipate this combination will benefit both our physicians and their patients, while driving meaningful improvement to patient care.”
“We want to thank Ian, the entire leadership team, and the committed physician base of UUG, whose partnership and commitment were integral to our shared success,” added Audax Managing Director Matthew Dewey. “We’re proud of the impact UUG has had in advancing urologic care and look forward to seeing the combined company amplify its impact across an expanding patient base.”
Houlihan Lokey served as financial advisor to UUG and Audax. Ropes & Gray and McGuire Woods provided legal counsel to Audax, while Debevoise & Plimpton LLP and Sheppard Mullin served in the same capacity to the buyers.
The transaction is subject to customary closing conditions and regulatory approvals.
ABOUT AUDAX PRIVATE EQUITY:
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity is a capital partner for middle and lower middle market companies that seeks to facilitate transformational growth through its private equity and strategic capital strategies. With approximately $19 billion of assets under management, over 270 employees, and 100-plus investment professionals, the firm has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.
ABOUT UNITED UROLOGY GROUP:
United Urology Group (UUG) is one of the nation's largest networks of urology affiliate practices whose affiliates include: Arizona Urology Specialists with offices in the greater Phoenix/Scottsdale and Tucson areas; Chesapeake Urology, with offices located throughout Maryland; Tennessee Urology, based in the greater Knoxville area and Eastern Tennessee; and Colorado Urology, located in the greater Denver and Front Range areas. UUG and affiliate practice staff number more than 1,400 employees, including ~250 physicians and advanced practice providers, in four states. UUG's vision is to lead the transformation of urology through its commitment to accessible, high quality, and value-based care; patient and employee satisfaction; continuous innovation; and community involvement.
ABOUT OneOncology
OneOncology was founded by community oncologists, for community oncologists, with the mission of improving the lives of everyone living with cancer. The company's goal is to enable community oncology practices to remain independent and to improve patient access to care in their communities, all at a lower cost than in the hospital setting. Backed by TPG and Cencora, OneOncology supports its platform of community oncology practices through group purchasing, operational optimization, practice growth, and clinical innovation. The company's 1,300 cancer care providers care for approximately 787,000 patients at more than 420 sites of care nationwide. Visit https://www.oneoncology.com for more information.