The Corner Series Episode 123: New Exit Opportunities in Provider Services M&A, With Michael Kroin
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Feb 4, 2026 Michael Kroin, CEO and managing partner at Physician Growth Partners, brings deep deal experience in provider services. He explores new buyer types entering specialties like eye care and oncology. He explains why geography, state rules, and drug spend steer strategic interest. He outlines how downstream M&A is reopening and why durable provider alignment matters.
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New Strategic Exits Expand Buyer Pools
- Strategic buyers (distributors and payers) are increasingly interested in provider services, creating new exit routes for PE-backed platforms.
- This trend broadens buyer pools beyond traditional upstream private equity recaps and changes valuation dynamics.
Specialty Determines Buyer Type
- Buyer mix depends heavily on specialty; some specialties attract strategics while others stay PE-driven.
- Examples: urology leans strategic, dermatology still sees PE-driven recaps, eye care shows both.
Downstream M&A Is Reopening Selectively
- M&A downstream is reopening as select buyers re-enter and strategics pursue platforms, but buyers are very selective.
- Sellers must position assets to match buyer preferences to win processes.