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- GI Alliance
GI Alliance Acquisition, Valuation, Funding & Investors
GI Alliance was acquired by Cardinal Health for $3.9B in November 2024.
Cumulative funding GI Alliance raised
$25M
across 1 funding round
About GI Alliance
GI Alliance is a Dallas-headquartered physician-led network of gastroenterology practices across the United States. It unites over 600 providers in more than 350 locations, focusing on advanced endoscopic procedures, clinical research, and patient-centered care in digestive health.
Founded
2018
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Services
Valuation
$3.9B (acquired Nov 2024)
Sectors
GI Alliance Acquisition
GI Alliance was acquired by Cardinal Health for $3.9B on 11 November 2024.
Before the acquisition GI Alliance had raised $25M across 1 funding round.
GI Alliance (GIA) is a physician-led national management services organization (MSO) supporting independent gastroenterology practices, with over 900 physicians across 345 locations in 20 states. It provides a complete continuum of GI care including anesthesiology, pathology, infusion, radiology, and clinical research, treating patients in 135 ambulatory surgical centers, 165 hospital networks, and 95 infusion centers. On November 12, 2024, GIA announced a definitive agreement for Cardinal Health (NYSE: CAH), a major drug distributor and medical supply firm, to acquire a 71% majority stake for $2.8 billion in cash from GIA physician owners and Apollo-managed funds, valuing the company at $3.9 billion. Cardinal Health gains an option to buy the remaining stake three years post-closing, with the deal subject to customary conditions including regulatory approvals, expected to close in early 2025. Cardinal Health's strategy focuses on building a national multi-specialty platform within its Pharmaceutical and Specialty Solutions segment by leveraging GIA's scaled GI MSO alongside prior acquisitions like Specialty Networks (urology, GI, rheumatology) and Integrated Oncology Network (oncology, urology). The partnership aims to expand GIA into new markets and therapeutic areas, enhancing back-office services such as revenue cycle management and physician recruiting, while improving practice efficiency and patient services in the $40 billion GI market. This marks Cardinal Health's entry into gastroenterology amid competitive dynamics, including McKesson's stake in a community oncology provider, as part of broader diversification beyond pharmaceuticals.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 11 Nov 2024 | Strategic M&A | $3.9B |
GI Alliance Funding History
GI Alliance has raised a total of $25M across 1 funding round.
GI Alliance funding rounds
| Date | Stage | Raised | Deal Summary |
|---|---|---|---|
| Mar 2021 | Undisclosed stage | $25M | GI Alliance is the largest gastroenterology practice in the U.S., providing services to nearly 700 independent gastroenterologists across 14 states including Texas, Arkansas, Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Utah, and Washington. Formed in 2018 in partnership with Waud Capital Partners, it focuses on physician-led management and growth in digestive health services. Subsequent developments include a physician-led buyout announced on August 19, 2022, valuing the company at $2.2 billion, where physicians repurchased the minority stake from Waud Capital Partners with financing from Apollo Global Management's Hybrid Value strategy in the form of a $785M non-control investment. This transaction increased physician ownership to approximately 70% and positioned Apollo as a strategic capital partner for ongoing growth. Later, in 2024, Cardinal Health agreed to acquire a 71% stake from physician owners and Apollo affiliates for $2.8 billion in cash, implying a $3.9 billion valuation, with full ownership possible three years post-closing in early 2025. This builds a multi-specialty managed-services platform. |
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Start Free TrialAcquisitions by GI Alliance
GI Alliance has acquired 2 companies to date.
Last acquisition by GI Alliance was on April 30th 2025. GI Alliance acquired Urology America for undisclosed valuation.
Latest Acquisitions by GI Alliance
| Description | Urology America is a physician-led national platform that supports urology practices through management services emphasizing ownership retention, operational growth, and strategic planning. Headquartered in Tampa, Florida, the organization partners with practices across multiple states to deliver comprehensive administrative, financial, and clinical support. It focuses on enhancing patient care delivery in areas such as oncology, robotics, and general urology while enabling expansion through flexible business models and data-driven decision-making. | Potomac Urology is an Alexandria, Virginia-based medical practice offering specialized treatments for urological conditions. Physicians perform minimally invasive procedures for kidney stones using laser lithotripsy, prostate cancer via robotic surgery, erectile dysfunction with penile implants, and urogynecology for pelvic floor disorders. Affiliated with Inova Health System, the group operates three clinics serving Northern Virginia since 2000. |
| HQ Country | ||
| HQ City | Austin, TX | - |
| Deal Date | 30 Apr 2025 | 30 Apr 2025 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all GI Alliance acquisitions and their M&A valuation multiples. Start Free Trial | ||
GI Alliance Competitors
GI Alliance competitors include listed companies like Narayana Health, Global Health, Medicover and Option Care Health, and private ones like Luz Saude and Metro Pacific Hospital Holdings.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $819M | $167M | $4B | 4.4x | ||
| Publicly listed | $450M | $98M | $4B | 7.9x | ||
| Publicly listed | $2.7B | $429M | $3.8B | 1.8x | ||
| Publicly listed | $5.6B | $408M | $3.7B | 0.8x | ||
| Private | - | $333M | $3.2B | - | ||
| Private | - | - | $1.6B | - |
GI Alliance Public Comps
GI Alliance is no longer listed, but its public comps include Narayana Health, Global Health, Medicover, Option Care Health, Mouwasat, Krishna Institute, Concentra Group, Bumrungrad Hospital, LifeStance Health and IKS Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $819M | $167M | 5.3x | 4.4x | 25.8x | 22.1x | |||
| $450M | $98M | 8.9x | 7.9x | 40.9x | 36.0x | |||
| $2.7B | $429M | 2.0x | 1.8x | 12.6x | 11.4x | |||
| $5.6B | $408M | 0.8x | 0.8x | 11.6x | 9.9x | |||
| $859M | $300M | 4.4x | 4.1x | 12.6x | 12.6x | |||
| $404M | $84M | 9.5x | 8.2x | 45.9x | 39.2x | |||
| $2.2B | $409M | 3.0x | 2.9x | 16.0x | 13.8x | |||
| $757M | $273M | 6.0x | 5.7x | 16.5x | 14.2x | |||
This data is available for Pro users. Sign up to see all GI Alliance competitors and their valuation data. Start Free Trial | ||||||||
Common questions about GI Alliance
| When was GI Alliance founded? | GI Alliance was founded in 2018. |
| Where is GI Alliance headquartered? | GI Alliance is headquartered in Dallas, TX, United States. |
| Is GI Alliance publicly listed? | No, GI Alliance was acquired by Cardinal Health in November 2024. |
| Who acquired GI Alliance? | GI Alliance was acquired by Cardinal Health in November 2024. |
| How much was GI Alliance acquired for? | GI Alliance was acquired for $3.9B in November 2024. |
| How much funding has GI Alliance raised? | GI Alliance has raised $25M across 1 funding round. |
| What was GI Alliance's last funding round? | GI Alliance's last funding round was a $25M undisclosed-stage round in March 2021. |
| Which companies are comparable to GI Alliance? | Companies comparable to GI Alliance include Narayana Health, Global Health, Medicover, Option Care Health, Luz Saude and Metro Pacific Hospital Holdings. |
| How many companies has GI Alliance acquired? | GI Alliance has acquired 2 companies, including Urology America and Potomac Urology. |
See companies similar to GI Alliance
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