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Podiatry M&A and Valuation: Majority Stake in Beyond Podiatry Sold at $87 Million Valuation (~2.6x revenue)

Albaron Partners, a middle market private equity firm, announced that it has sold Beyond Podiatry to CUC Inc., a publicly-traded Japanese company. Beyond Podiatry is a podiatry practice management company that serves 50 podiatrists operating from 33 locations in the Midwest U.S. The company has completed nine tuck-in acquisitions since it was established in 2018. Albaron made its initial investment in January of 2019.

Podiatry Valuation Metrics

According to the investor presentation,  the purchase price was $69.1 million for a 79.35% interest, implying an enterprise value of $87 million. The presentation also discloses that Beyond Podiatry generated revenue of $34 million over the last twelve months ended July 2023, up from $22.6 million in FY 2022 and $16.2 million in 2021. However, the company generated a loss from operations 2020 through 2022 (on an unadjusted basis). The 2.6x revenue multiple implies that CUC believes Beyond Podiatry could generate significantly better margins if it were optimized for cash flow rather than growth.

Podiatry M&A Environment

Publicly announced M&A activity in the podiatry specialty increased significantly between 2019 and 2022 before declining in 2023 to just slightly above 2021 levels.

Podiatry M&A Deals
Announced Podiatry M&A Deals by Year

Announced deal volume has been dominated by U.S. Foot and Ankle Specialists, with Beyond Podiatry and Podiatry Growth Partners tied for second place (data since 2019).

Podiatry M&A Deals
Announced Podiatry M&A Deals by Acquirer

About Scope Research

The Scope Research Healthcare M&A Valuation Database currently has financial details for 217 physician practice deals going back to 2010, 136 of which include reported EBITDA multiples. The physician practice data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.

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