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updated: 9/4/2013 10:54 AM

Silver Oak completes sale of Physicians Endoscopy

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Evanston-based Silver Oak Services Partners has completed the sale of its equity interest in its portfolio company Physicians Endoscopy to Charlotte-based private equity firm Pamlico Capital.

Headquartered in Jamison, Penn., Physicians Endoscopy is the largest single-specialty developer, owner and manager of endoscopy centers in the United States. Founded in 1998, the Company operates 29 centers across the United States. PE partners with physicians and hospitals and provides a comprehensive suite of billing, management and development services to its partner centers.

Silver Oak made its original investment in PE in April 2008. During Silver Oak's ownership, the PE surgery center network more than doubled in size from 14 centers to 29 centers, with EBITDA nearly tripling. Silver Oak worked closely with management to drive same center growth, improve operating efficiencies, add management depth to handle growth and build scale through de novo development and acquisitions.

"We are extremely proud of our partnership with Barry Tanner and the PE management team and the Company's track record of growth," said Dan Gill, managing partner at Silver Oak. "With a strong management team, physician-friendly partnership model and unparalleled expertise in developing and managing endoscopy centers, the company is well positioned for continued growth."

Piper Jaffray & Co. and Kirkland & Ellis LLP acted as financial adviser and legal counsel to the sellers, respectively.

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