BOSTON and LOS ANGELES, Aug. 3, 2020 /PRNewswire/ -- Illinois Gastroenterology Institute (IGI), the second largest independent gastroenterology practice in Illinois, has partnered with GI Alliance (GIA). GIA, an entity formed through Waud Capital's partnership with Texas Digestive Disease Consultants, is the largest independent gastroenterology practice in the U.S. Alongside its affiliated physicians, GIA also invested in Central Illinois Endoscopy Center (CIEC), which will remain majority-owned by physicians and GIA. Provident Healthcare Partners (Provident) served as exclusive financial advisor to Illinois Gastroenterology Institute. The terms of the transaction were not disclosed.
"Working with Provident made the transition and process extremely transparent. They took the time to understand the goals of the entire group and guided us to a match with the right partner," said Dr. Shiraz Khaiser, Physician Board member and Partner of IGI. "This merger would not have been possible without the guidance and counsel of the Provident team. We are thrilled to have closed our transaction with GIA and look forward to the new opportunities this partnership will bring."
"IGI is the leading provider of digestive health services in Central Illinois, having established a joint venture in 2009 with UnityPoint Health in CIEC," noted Ethan Goodson, Director at Provident. "In partnership with GIA, the organization is well-positioned to continue to enhance its patient-centric service and develop increasingly efficient strategies to deliver premier care to the region."
"Despite difficulties posed by the ongoing COVID-19 pandemic, we are pleased with the efforts by all parties to execute a transformative transaction for the IGI shareholders. We look forward to seeing the contribution IGI will bring to GIA's strong Illinois footprint," commented Bill Bolding, Senior Analyst at Provident.
About Illinois Gastroenterology Institute
Established more than 20 years ago, IGI is the largest downstate Illinois practice dedicated to gastroenterology conditions. Offering both medical and surgical services, IGI's physicians, nurse practitioners and staff provide comprehensive diagnosis and treatment. With 9 gastroenterologists and 5 advanced-level providers, IGI's team brings together extensive experience and cutting-edge knowledge to offer the best possible care. Visit https://www.visitgi.com/.
About GI Alliance
GIA is a physician-led and majority physician-owned GI services organization supporting the needs of more than 350 independent gastroenterologists operating in Texas, Louisiana, Illinois, Arizona, Indiana, and Arkansas. 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 practices, GIA is working to unite gastroenterologists nationwide to align interests and improve the quality of care for patients. Visit https://gialliance.com/.
About Provident Healthcare Partners
Provident is the leading investment banking firm specializing in merger and acquisition advisory, strategic planning, and capital formation for healthcare companies. The firm has a comprehensive knowledge of market sectors and specialties, including the gastroenterology specialty. Provident also has unsurpassed experience and insight into the M&A process, which includes working with a number of buyers such as private equity firms and strategic consolidators. Visit www.providenthp.com.
Provident Healthcare Partners
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SOURCE Provident Healthcare Partners LLC