H.I.G. Capital News
H.I.G. Growth Partners
500 Boylston Street
Boston, MA 02116
H.I.G. Growth Partners Completes Strategic Transaction with The Center for Digestive Health and Pinnacle GI Partners
BOSTON – December 1, 2020 – H.I.G. Growth Partners ("H.I.G.''), the dedicated growth capital investment affiliate of H.I.G. Capital, is pleased to announce that one of its affiliates has completed a strategic investment in Pinnacle GI Partners (“Pinnacle GI” or the “Company”), the affiliated management services organization for The Center for Digestive Health (“CDH”). CDH is a premier provider of digestive health services in the state of Michigan.
Partha Nandi MD, FACP from CDH will serve as President and Practice CEO for Pinnacle GI. Dr. Nandi stated, “Our goal in partnering with H.I.G. is to create excellence in gastrointestinal care throughout Michigan. We have a shared vision to leverage the best practices of The Center for Digestive Health throughout the region to deliver innovative clinical solutions to patients, participating payers and major employers.” Dr Nandi added, “Pinnacle GI is passionate about preserving independent gastroenterology practices for physicians in Michigan and the region.”
Mark Tricolli, Managing Director with H.I.G., said, “We identified the gastroenterology practice management sector as an area for investment given the strong industry tailwinds driven by an aging population and a higher awareness of GI-related illnesses. We are very excited to partner with the doctors, employees, shareholders and management team of CDH, which has significant infrastructure in place to support continued growth in Michigan, an underserved and significantly fragmented market.”
Scott Fraser, the former President of Practice Management at Physicians Endoscopy and a former founding executive of EndoChoice, Inc., will join the Company’s Board of Directors. Mr. Fraser brings over 20 years of experience in the gastroenterology space, including developing and executing against growth plans and rapidly scaling multiple GI companies.
KPMG served as the exclusive financial adviser to The Center for Digestive Health, with Foley & Lardner LLP serving as legal advisor. McDermott, Will & Emery served as legal advisor to H.I.G. Debt financing to support the recapitalization was provided by Deerpath Capital Management, L.P.
About The Center for Digestive Health
The Center for Digestive Health is a leading gastroenterology practice based in Michigan with 10 locations and 19 providers, ranking it amongst the most sizable gastroenterology physician groups in the United States. The Company provides comprehensive gastroenterology physician services and a fully integrated suite of ancillary services including anesthesia, pathology, infusion and clinical research. For more information, please visit www.troygastro.com.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with $42 billion of equity capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates