25 Jul, 2019, 10:01 ET
DALLAS, July 25, 2019 /PRNewswire/ -- GI Alliance (GIA), the nation's largest independent gastroenterology services organization, today announced a partnership with Illinois Gastroenterology Group (IGG). With IGG and Texas Digestive Disease Consultants (TDDC) as partner practices, GIA now represents over 215 physicians in over 140 locations across three states. Terms of the transaction were not disclosed.
Serving the Chicago, IL metro area, IGG is the largest independent gastroenterology practice in Illinois and one of the ten largest in the U.S. by physician count. IGG was founded in 2010 through the affiliation of several leading GI groups and has invested significantly in clinical and administrative infrastructure as it has grown. In addition to core gastrointestinal (GI) services, IGG provides ancillary services including pathology, anesthesiology, infusion, and clinical research.
"This partnership is an important step in our evolution," said Dr. Mitch Bernsen, President of IGG. GI Alliance's unique model allows IGG to retain the identity we have painstakingly built over the years, while joining a larger team of physicians to pursue common goals and operational efficiencies, with a steadfast commitment to high-quality care for our patients."
"In pursuing a partnership for growth, we had many different options," said Dr. Larry Kosinski, a founding partner of IGG. "We chose GI Alliance over several attractive financial alternatives because of GIA's strategic value and strong alignment with our culture and philosophy. As a physician-led, physician-owned organization dedicated to the advancement of our specialty, GIA in our view provides the best home and future for IGG's physicians."
Dr. Kevin Liebovich, Executive Board Member of IGG remarked, "As part of the GI Alliance, IGG will retain a high degree of practical autonomy, but we will also engage in structured forums with our peers from other leading U.S. practices to develop and share clinical and operational best practices. GI Alliance will be a thought leader and an advocate of progress in the gastroenterology community nationwide."
"IGG is one of the most well-respected GI organizations in the country," said Dr. Jim Weber, CEO of GI Alliance. "We are honored to have a practice of IGG's size and repute join GIA in our mission to build the premier national GI platform for patients seeking dependable, high-quality care."
As of the closing of the transaction, GIA has partnered with IGG's clinical practice entity. Separately, GIA intends to make future investments in the ambulatory surgery centers (ASCs) in which IGG's physicians practice and own distinct interests. GIA intends to support IGG's growth in the Midwest while retaining and supplementing the administrative functions that have served IGG historically.
Waud Capital Partners (WCP), in partnership with the existing physician partners of GIA, invested equity capital in the transaction. GSO, the credit arm of The Blackstone Group, provided financing. Deloitte Corporate Finance acted as exclusive investment banking advisor to IGG.
About GI Alliance
GI Alliance is a physician-led, GI services organization supporting the needs of more than 215 independent gastroenterologists operating in Texas, Louisiana, and Illinois. GI practices that are part of the GI Alliance are focused on providing the highest-quality care to their patients. In addition to providing operational support for GI practices, GI Alliance is working to unite gastroenterologists nationwide to align interests and continuously improve quality of care for patients.
About Illinois Gastroenterology Group (IGG)
IGG is a regional medical practice comprised of board-certified private practice gastroenterologists and allied professionals, dedicated to improving the health of their patients by providing the highest quality gastrointestinal care utilizing evidence-based medicine in a safe, cost-effective, compassionate manner, following clinical standards as determined by available scientific knowledge, best practice and innovative treatment. The Illinois Gastroenterology Group (IGG) was formed in 2010 through the merger of three leading GI groups. Three additional GI practices have since joined IGG, making IGG the largest single GI practice in Illinois.
About Waud Capital Partners
Based in Chicago, Waud Capital Partners is a leading growth-oriented private equity firm with total capital commitments of approximately $3.0 billion since its founding in 1993. WCP partners with exceptional management teams to build market-leading companies in two sectors: healthcare services and business and technology services. Since its founding, the Firm has successfully completed over 265 investments, including platform companies and follow-on opportunities. The Firm began investing its fourth institutional fund, with more than $1 billion in capital commitments, in early 2017.
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Contact: Brittany Dodd / GI Alliance
SOURCE GI Alliance
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