INSIGHT

Q3-2018 Anesthesia Services Update

Consolidation within the anesthesia services sector remained heightened in the third quarter of 2018, as large national players continued to expand through acquisition, targeting opportunities to that increase geographic density and create leverage with payors. The third quarter began with Surgery Partners acquisition of Pain Management Associates. CRH Medical Corporation also made two key acquisitions; Washington-based Lake Washington Anesthesia Associates, and Ohio-based Lake Erie Sedation Associates. Envision Healthcare completed their first acquisition since announcing their private equity partnership with Kohlberg Kravis & Roberts (KKR) through their partnership with Nashville Anesthesia Associates. Phymed Healthcare Group announced its third acquisition in Pennsylvania through its partnership with AAA Anesthesia Associates. With activity in the third quarter remaining heightened, Provident expects to see steady continued market activity within the anesthesia services sector throughout the remainder of 2018 as national platforms continue to deploy capital to grow via acquisition.

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Sources: SEC Filings; Company Press Releases, and Reports; IBISWorld; Capital IQ; PHP Estimates and Research. This document has been compiled with publicly available information. Provident Healthcare Partners, LLC makes no guarantee of its accuracy or completeness. No data or statement should be construed to be a recommendation for the purchase, sale, or retention of any security.