Houlihan Lokey Advises United Digestive

Houlihan Lokey is pleased to announce that United Digestive, a portfolio company of Frazier Healthcare Partners (Frazier), has been acquired by Kohlberg & Company (Kohlberg). This transaction closed on March 30, 2023.

Headquartered in Atlanta, Georgia, United Digestive is a market-leading provider of services to treat GI disorders, nutrition, and digestive health. The company has a fully integrated care model consisting of ambulatory surgery centers, a suite of complementary ancillary services, and professional services allowing United Digestive to treat a broad range of GI conditions.

Founded in 1991, Frazier Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. With more than $7 billion in total capital raised, Frazier has invested in more than 200 companies. Frazier has a philosophy of partnering with strong management teams while leveraging its internal operating resources and network to build exceptional companies. Frazier has offices in Seattle, Washington, and Menlo Park, California, and invests broadly across the U.S., Canada, and Europe.

Kohlberg is a private equity firm based in Mount Kisco, New York. Over its 35-year history, the firm has organized 11 private equity vehicles, through which it has raised more than $13 billion of committed equity capital and generated more than $10 billion in realized returns with no realized losses since 2007. Kohlberg employs a rigorous white paper research program, which results in a higher percentage of proprietary deals and expedient value creation for its portfolio companies.

This transaction further strengthens and highlights Houlihan Lokey’s continued leadership position in gastroenterology and physician practice management. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world. In 2022, the group closed 37 transactions and was ranked by Refinitiv as the No. 1 advisor for U.S. and global healthcare M&A transactions under $1 billion.*

Houlihan Lokey served as the exclusive financial advisor to United Digestive and Frazier and assisted in initiating, structuring, and negotiating the transaction on their behalf.