M&A activity in the Physician Medical Group sector fell in the first quarter of 2023 to 135 publicly announced deals. This drop represents a 14% decrease from Q4:22 and an approximate 4% decline from Q1:22, according to Irving Levin Associates data.
In addition to lower deal volume, disclosed spending decreased from previous quarters. Announced spending totaled more than $106.3 million across three deals in Q1:23, a noteworthy drop from $505.1 million in the final quarter of 2022. It was also a decline from Q1:22 that saw more than $1.5 billion in announced prices. The largest PMG deal of the quarter was ASG Eye Hospitals’ acquisition of Vasan Eye Care for approximately $64.3 million.
Dental practices, a popular specialty for investors in the market, saw 44 transactions (approximately 33% of PMG deals), a 28% decrease from the previous quarter’s 61 dental deals. Internal medicine providers were targets in 14 deals, accounting for approximately 10% of deal volume in the Physician Medical Group sector. Read more.
