Houlihan Lokey Advises U.S. Urology Partners

Houlihan Lokey is pleased to announce that U.S. Urology Partners, a portfolio company of NMS Capital (NMS), has received a significant growth investment from General Atlantic. The transaction closed on April 8, 2025. Houlihan Lokey served as the sellside financial advisor to U.S. Urology Partners and NMS.

U.S. Urology Partners offers a comprehensive suite of practice management capabilities to its affiliated community-based urology practices, which maintain the local brand and identity that they have established, often over decades. The company currently supports five affiliated groups comprising more than 190 providers across practices located in Florida, Indiana, Massachusetts, New York, and Ohio. U.S. Urology Partners supports its affiliated groups with deep expertise in business operations, data insights, and technology infrastructure to drive improved patient outcomes and satisfaction and to alleviate the substantial administrative burdens that lead to burnout for many U.S. providers. The company also invests in end-to-end clinical capabilities for both cutting-edge genitourinary oncology—primarily cancer of the prostate, kidney, and bladder, which together account for nearly 500,000 new cases annually in the U.S. — and non-oncology treatment pathways.

Founded in 2010, NMS is a private equity firm managing assets in excess of $1.4 billion. Since its inception, NMS has partnered with management teams in more than 150 investments and follow-on acquisitions across defined investment themes within the business services and healthcare services industries. The firm’s principal strategy is to create long-term value by providing strategic and operational resources to growth-oriented companies led by founders or experienced management teams. NMS has successfully built industry-leading lower-middle-market companies in defensible and scalable end markets by accelerating organic and acquisition-driven growth.

General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 830 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning growth equity, credit, climate, and sustainable infrastructure strategies. General Atlantic manages approximately $103 billion in assets under management, inclusive of all strategies, as of December 31, 2024, with more than 900 professionals in 20 countries across five regions.

This transaction further strengthens Houlihan Lokey’s leadership position in the physician services and multi-site healthcare sectors, having closed five physician services and 12 multi-site transactions in the past 12 months. This transaction also highlights Houlihan Lokey’s continued leadership in urological care services, having now advised on two of the most significant transactions in the past six months.

Houlihan Lokey’s Healthcare Group is among the largest and most active dedicated healthcare investment banking groups in the world. In 2024, the group closed 35 transactions and was ranked by LSEG (formerly Refinitiv) as the No. 1 M&A advisor globally for all healthcare transactions under $1 billion.*

*Excludes accounting firms and brokers.