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Latham & Watkins Advises Apollo in Strategic Partnership and Financing of GI Alliance’s Physician-Led Buyout

August 22, 2022
A multidisciplinary deal team led by members of the Private Equity and M&A Practices represents the high-growth, global alternative asset manager.

GI Alliance, the nation’s largest gastroenterology practice, has announced its physician owners, which today own approximately 70% of the Company, have agreed to repurchase the minority equity stake held by Waud Capital Partners. The transaction values GI Alliance at US$2.2 billion and is being led by funds managed by affiliates of Apollo (NYSE: APO), within its Hybrid Value strategy. The physician-led buyout underscores the confidence the physician owners have in GI Alliance’s continued growth and its commitment to the highest quality of patient care. The non-control investment from Apollo-managed funds facilitates the physician-led buyout, providing GI Alliance with a strategic partner and ongoing capital and capital markets support as the Company continues to execute on its growth strategy.

Latham & Watkins LLP represents Apollo in the transaction with a corporate deal team led by Boston partner John Miller and Boston/Chicago partners Neal Reenan and Ian Bushner, with associates Jennifer Boyd, Matthew Sieben, Jake Wasserman, and Caitlin O’Brien. Advice was also provided on debt finance matters by New York partners Stephanie Teicher, Stelios Saffos, and Kendra Kocovsky, with associates Sara Shahmiri, Eric Luo and Ben Bussmann; on tax matters by Bay Area partner Katharine Moir, with associate Jake Meninga; on healthcare regulatory matters by Bay Area counsel Betty Pang, with associate Chad Leiper; on data privacy matters by Bay Area partner Heather Deixler, with associate Heather Lui; on executive compensation matters by New York partner Jennifer Pepin, with associate Madeline Hong; on regulatory matters by New York partner Katherine Rocco, with associate Charlie Sprague; on intellectual property matters by Boston partner Sarah Gagan, with associates Deborah Hinck and Zachary Shufro; on real estate matters by Chicago partner Robert Buday, with associate Karen Ritter; on environmental matters by Washington, D.C. partner James Barrett, with associate Anna Dykema; and on anti-corruption matters by Washington D.C. partner Joseph Bargnesi, with associate Lauren Sun.