FOR IMMEDIATE RELEASE:
AUDAX PRIVATE EQUITY ANNOUNCES A DEFINITIVE AGREEMENT FOR THE RECAPITALIZATION OF GASTRO HEALTH.
BOSTON, MA – February 2016 – Audax Private Equity (“Audax”) announced that it has entered into a definitive agreement with physicians and management to recapitalize Gastro Health PL (“Gastro Health”). Headquartered in Miami, Florida, Gastro Health is a gastroenterology physician practice management company with 21 centers across South Florida. Gastro Health was founded in 2006 with the merger of GI Care Center, Gastroenterology Associates, and Gastroenterology Group. The company has acquired 16 new centers and on-boarded over 30 new physician partners since its founding.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said “Gastro Health is a leading provider of gastroenterology services with an unparalleled reputation for providing exceptional care to its patients. We look forward to partnering with Dr. Jim Leavitt, Alex Fernandez, and the rest of the Gastro Health team to continue growing the business organically and through strategic add-on acquisitions.”
Dr. Jim Leavitt, President/Co-Founder of Gastro Health, said “We are excited to have Audax as our new partner. Audax’ support will enhance our ability to provide best in class care to our growing number of patients.”
Alejandro Fernandez, MBA, CMPE, CEO of Gastro Health, said “Audax has a proven track record of helping companies complement organic expansion initiatives with add-on acquisitions. We are confident this partnership will position Gastro Health for continued growth and superior care.”
Deloitte Corporate Finance advised Gastro Health. Ropes and Gray LLP served as counsel to Audax. DLA Piper LLP served as counsel to Gastro Health.
ABOUT AUDAX PRIVATE EQUITY
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax Group has over $9 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses.