M&A Advisor for Urology Practice Owners: 2026 Sell-Side Guide

By Christoph Totter, Managing Partner, CT Acquisitions. Last reviewed: July 2026.

An M&A advisor for a urology practice is a sell-side investment banker or healthcare-focused M&A boutique who runs a competitive process across the small pool of private-equity-backed urology platforms, strategic hospital systems, and multi-specialty MSOs currently rolling up the specialty. Because urology is one of the more concentrated physician-services roll-ups in the United States, with fewer than a dozen active platform buyers, advisor selection materially affects both the multiple achieved and the deal structure (equity roll, earn-out, ancillary carve-out) at close. This guide walks through 2026 buyer activity, likely multiple bands, regulatory friction points, and how urology-practice owners should evaluate advisors.

Executive summary

Urology is one of the last physician-specialty verticals to consolidate at scale, with roll-up activity accelerating after Solaris Health formed under Lee Equity Partners in 2020 and US Urology Partners scaled under NMS Capital . Ancillary revenue lines (in-office pathology, radiation oncology, in-office dispensing, imaging, ambulatory surgery centers) would carry meaningfully higher multiples than professional-fee revenue in most disclosed physician-services transactions, per Provident Healthcare Partners commentary. The Stark Law in-office.

• Urology is one of the last physician-specialty verticals to consolidate at scale, with roll-up activity accelerating after Solaris Health formed under Lee Equity Partners in 2020 and US Urology Partners scaled under NMS Capital.
• Ancillary revenue lines (in-office pathology, radiation oncology, in-office dispensing, imaging, ambulatory surgery centers) would carry meaningfully higher multiples than professional-fee revenue in most disclosed physician-services transactions, per Provident Healthcare Partners commentary.
• The Stark Law in-office ancillary services exception (42 CFR 411.355(b)) is central to any urology deal structure that keeps pathology, dispensing, or radiation inside the practice.
• The CMS 2025 Physician Fee Schedule Final Rule continues a multi-year reimbursement compression on urology E/M and procedural codes, which sellers should model in the quality of earnings.
• Certificate of Need laws in roughly 35 states regulate radiation therapy equipment purchases, per the National Conference of State Legislatures, and would gate radiation-heavy deal theses.
• The lower-middle-market urology practice with EBITDA in the $2M to $10M range would typically transact through a limited auction with 8 to 20 qualified buyers, not a broad process.
• Advisor fee structures for practices this size would generally follow a Lehman or Double-Lehman scale with a modest monthly retainer, discussed in the CT Acquisitions 2026 fee guide.

Key findings

Active PE-backed urology platforms in 2026 include Solaris Health ( Lee Equity Partners ), US Urology Partners ( NMS Capital ), United Urology Group (formed by combining Chesapeake Urology and others, with Audax Group historically active in the space), and regional platforms operating in the Southeast, Mountain West, and Mid-Atlantic.

1. Active PE-backed urology platforms in 2026 include Solaris Health (Lee Equity Partners), US Urology Partners (NMS Capital), United Urology Group (formed by combining Chesapeake Urology and others, with Audax Group historically active in the space), and regional platforms operating in the Southeast, Mountain West, and Mid-Atlantic.
2. Strategic buyers include large health systems and multi-specialty MSOs that see urology as a high-margin, aging-demographic tailwind specialty, per American Urological Association Census workforce data.
3. The professional-fee multiple and the ancillary multiple should be modeled separately in the quality of earnings, per practitioner commentary from VMG Health valuation reports.
4. Robotic surgery volume (da Vinci case load) meaningfully affects operating-room economics but does not, by itself, drive practice-level EBITDA the way in-office ancillaries do, per Intuitive Surgical investor materials.
5. In-office pathology under the Stark in-office ancillary services exception remains a source of OIG scrutiny, per the HHS Office of Inspector General Work Plan.
6. Radiation oncology joint ventures (IMRT, brachytherapy) would generate meaningful ancillary EBITDA where allowed, though state Certificate of Need laws constrain expansion, per NCSL.
7. Equity roll at the platform level is standard: sellers to Solaris, US Urology Partners, or United Urology would typically roll 20 to 40 percent of proceeds into MSO equity, subject to negotiation, per Provident Healthcare Partners observed practice.
8. Reimbursement risk from the 2025 CMS Physician Fee Schedule and successor rules would be a diligence item for every buyer.
9. The urology practice with meaningful ambulatory surgery center (ASC) ownership would command a higher blended multiple, given ASC transaction comps published by VMG Health.
10. Advisor selection matters more in urology than in most specialties because the buyer universe is small; a broad-market broker who does not know the platform buyers would leave equity value on the table.

Urology practice M&A multiples by size band (2026 framing)

Urology practice multiples are not publicly disclosed the way public-company or large private-equity deals are, because most transactions close without press releases. The bands below reflect the general framing used by healthcare M&A practitioners and would apply to a stabilized single-specialty urology practice with clean quality of earnings. Ancillary-heavy practices (in-office pathology, dispensing, radiation, ASC ownership) would trade at the upper end or above these ranges, per VMG Health and.

Urology practice multiples are not publicly disclosed the way public-company or large private-equity deals are, because most transactions close without press releases. The bands below reflect the general framing used by healthcare M&A practitioners and would apply to a stabilized single-specialty urology practice with clean quality of earnings. Ancillary-heavy practices (in-office pathology, dispensing, radiation, ASC ownership) would trade at the upper end or above these ranges, per VMG Health and Provident Healthcare Partners commentary. Blending professional-fee EBITDA and ancillary EBITDA into a single multiple would be a category error and this report keeps them separate.

Practice EBITDA band	Typical process	Professional-fee EBITDA multiple (framing)	Ancillary EBITDA multiple (framing)
Under $1M	Small-buyer sale, often to regional platform	Would fall below the platform range	Would typically be modest, limited by scale
$1M to $3M	Add-on to existing PE platform	Would generally fall in the mid-single-digit range	Would generally step up from the professional-fee range
$3M to $10M	Limited auction, 8 to 20 buyers	Would fall in the mid-to-high-single-digit range	Would materially exceed the professional-fee range where ASC / radiation / pathology exist
$10M+	Platform transaction, 15 to 30 buyers	Would fall in the high-single-digit to low-double-digit range	Would fall in the low-double-digit range in disclosed physician-services comparables

Every band above is descriptive of practitioner framing, not a guaranteed outcome. Actual multiples depend on payor mix, physician retention, ancillary compliance, geography, and buyer competitive dynamics. See the CT Acquisitions dermatology M&A multiples 2026 report for a comparable physician-services vertical with more disclosed transactions.

What moves the urology M&A multiple

The urology M&A multiple is driven by a small number of measurable factors that buyers underwrite explicitly. Ranked roughly by weight in most disclosed transactions: Ancillary revenue mix. ASC ownership, in-office pathology, radiation oncology, in-office dispensing, and lithotripsy generate higher-margin EBITDA than professional fees, per VMG Health . Payor mix. Commercial versus Medicare mix, with commercial-heavy practices carrying higher multiples, per MedPAC reimbursement gap analysis. Physician retention post-close. Buyers would.

The urology M&A multiple is driven by a small number of measurable factors that buyers underwrite explicitly. Ranked roughly by weight in most disclosed transactions:

1. Ancillary revenue mix. ASC ownership, in-office pathology, radiation oncology, in-office dispensing, and lithotripsy generate higher-margin EBITDA than professional fees, per VMG Health.
2. Payor mix. Commercial versus Medicare mix, with commercial-heavy practices carrying higher multiples, per MedPAC reimbursement gap analysis.
3. Physician retention post-close. Buyers would underwrite three to five year employment agreements with non-compete and equity roll.
4. Compliance posture on in-office ancillaries. The Stark in-office ancillary services exception must be cleanly documented.
5. Geographic density. A practice with dense coverage in a single MSA would be more valuable to a platform than a similar-EBITDA practice with scattered locations.
6. ASC volume and ownership structure. ASC-owned surgical volume would trade at ASC multiples, per Ambulatory Surgery Center Association industry data.
7. Robotic surgery capability. Da Vinci case volume, per Intuitive Surgical reporting, correlates with buyer interest for surgical-heavy platforms.
8. Radiation oncology JV structure. IMRT and brachytherapy JVs, where permitted by state Certificate of Need law (NCSL), would drive incremental ancillary EBITDA.
9. Quality of earnings. Clean, adjusted EBITDA with defensible add-backs, per CT Acquisitions quality of earnings guide.
10. EHR and revenue-cycle infrastructure. Buyers would discount practices running on end-of-life EHR or with high denial rates.
11. Physician age distribution. A practice with a young physician bench trades better than one where the senior partners plan to retire in 24 months.
12. Value-based-care contracts. Any risk-bearing arrangement with Medicare Advantage or commercial payors, per CMS Innovation Center.
13. Real estate ownership. Owned clinical real estate can be structured as a sale-leaseback for additional proceeds.
14. Data-room readiness. Practices with clean cap tables, corporate records, and provider credentialing files close faster and at higher multiples.
15. Physician compensation model. A sustainable post-transaction compensation model that keeps producers motivated.

Active buyers in urology (PE-backed platforms and strategics)

The buyer universe in urology is small and identifiable. A qualified advisor should know each of the following platforms, their sponsor, their approximate size, and their current appetite. Sellers should not go to market without a mapped buyer list.

The buyer universe in urology is small and identifiable. A qualified advisor should know each of the following platforms, their sponsor, their approximate size, and their current appetite. Sellers should not go to market without a mapped buyer list.

Private-equity-backed platforms

Solaris Health. Formed in 2020 with backing from Lee Equity Partners, Solaris Health has become one of the largest urology-focused MSO platforms in the United States. Sellers to Solaris would typically negotiate an equity roll into the platform.

US Urology Partners. Backed by NMS Capital, and previously supported by Nexus Health Capital, US Urology Partners has expanded through platform and add-on transactions across multiple states.

United Urology Group. The combined platform that evolved from Chesapeake Urology and related affiliates. Audax Group has been publicly associated with the Chesapeake Urology lineage as a sponsor in the physician-services roll-up space.

Genesis Healthcare Partners. A regional urology group based in the Western United States. Regional PE sponsorship in urology exists but should be confirmed through public filings rather than named without verification.

Other regional platforms and specialty MSOs would appear on the buyer list depending on geography and size. Specialty PE firms active in physician-services roll-ups more broadly include general healthcare investors profiled in PitchBook US PE breakdowns.

Strategic buyers

Large integrated health systems and multi-specialty MSOs would selectively acquire urology practices where the local market makes sense. Examples of large multi-specialty roll-ups whose acquisition programs occasionally include urology (subject to local strategy) would be identified in the current Definitive Healthcare and PitchBook databases. Strategic buyers typically pay through cash consideration rather than equity roll, but employment structures and reimbursement dynamics differ from PE-backed platforms.

The boutique M&A advisors who specialize in urology practices

The pool of M&A advisors who genuinely specialize in urology is small. Sellers should focus on healthcare-focused boutiques with a track record of physician-services transactions rather than generalist business brokers. Named firms with a healthcare M&A practice that would typically be considered for urology mandates include: Provident Healthcare Partners . A Boston-based healthcare M&A boutique with a physician-services practice covering multiple specialties. Provident publishes practitioner commentary on physician-services M&A that.

The pool of M&A advisors who genuinely specialize in urology is small. Sellers should focus on healthcare-focused boutiques with a track record of physician-services transactions rather than generalist business brokers. Named firms with a healthcare M&A practice that would typically be considered for urology mandates include:

Provident Healthcare Partners. A Boston-based healthcare M&A boutique with a physician-services practice covering multiple specialties. Provident publishes practitioner commentary on physician-services M&A that is used across the industry.

VMG Health. A Dallas-based healthcare valuation and transaction advisory firm covering physician practices, ASCs, and hospitals. VMG publishes benchmark valuation reports that are widely cited in healthcare M&A.

Cain Brothers. A division of KeyBanc Capital Markets and a long-standing healthcare investment bank covering physician services, hospitals, payors, and healthtech. Cain Brothers would typically be relevant for larger urology platform transactions.

Beyond these named boutiques, specialty M&A advisory firms active in the physician-services space would also be reasonable candidates. Sellers should ask for a list of urology transactions closed, not physician-services transactions in general, before signing an engagement letter.

CT Acquisitions positioning

CT Acquisitions is a lower-middle-market M&A advisory firm covering sell-side and buy-side engagements in the $1M to $50M enterprise-value range. For urology-practice owners, CT sits alongside the specialty healthcare boutiques above as another LMM-focused option with an owner-aligned fee structure and a curated buyer list. CT does not claim to be the largest healthcare bank in the country, and for a large multi-state urology platform above $30M of EBITDA, a.

CT Acquisitions is a lower-middle-market M&A advisory firm covering sell-side and buy-side engagements in the $1M to $50M enterprise-value range. For urology-practice owners, CT sits alongside the specialty healthcare boutiques above as another LMM-focused option with an owner-aligned fee structure and a curated buyer list. CT does not claim to be the largest healthcare bank in the country, and for a large multi-state urology platform above $30M of EBITDA, a specialty healthcare investment bank with deeper platform-M&A infrastructure may be a better fit. For single-practice or small-multi-site urology transactions in the LMM band, CT would typically compete on process quality, buyer coverage, and fee structure. Sellers should compare CT alongside Provident Healthcare Partners, VMG Health transaction advisory, and other healthcare boutiques on the merits.

How the urology sell-side process works, month by month

A well-run sell-side process for a urology practice would typically take six to nine months from engagement to close. Compressed timelines are possible but would generally sacrifice competitive tension and multiple. Month 1: Engagement and preparation. Sign the engagement letter, kick off the quality of earnings, build the confidential information memorandum, assemble the data room. See CT Acquisitions investment banking process . Month 2: Buyer list and marketing materials. Finalize.

A well-run sell-side process for a urology practice would typically take six to nine months from engagement to close. Compressed timelines are possible but would generally sacrifice competitive tension and multiple.

1. Month 1: Engagement and preparation. Sign the engagement letter, kick off the quality of earnings, build the confidential information memorandum, assemble the data room. See CT Acquisitions investment banking process.
2. Month 2: Buyer list and marketing materials. Finalize the buyer list, prepare teaser and CIM, prepare management presentation, model out ancillary carve-outs.
3. Month 3: Outreach and NDAs. Approach 8 to 30 buyers under NDA, distribute CIM, respond to initial questions.
4. Month 4: Indications of interest. Receive first-round IOIs, evaluate valuation and structure, select second-round buyers.
5. Month 5: Management meetings and site visits. Host in-person or virtual management presentations with the short list. Buyers begin building committee support.
6. Month 6: Letters of intent. Receive final bids and LOIs. Negotiate exclusivity, roll equity structure, and earn-out terms. See CT Acquisitions LOI guidance.
7. Months 7 to 8: Confirmatory diligence. Legal, quality of earnings, compliance, coding audits, Stark and Anti-Kickback review. See CT Acquisitions due diligence checklist.
8. Month 9: Close. Definitive agreement, HSR filing where applicable, physician employment agreements executed, funds flow.

Regulatory and structural mechanics for 2026

Stark Law and the in-office ancillary services exception

Every urology practice with in-office pathology, dispensing, imaging, or radiation must qualify its ancillary revenue under the Stark in-office ancillary services exception, per 42 CFR 411.355(b). Buyers would diligence billing patterns, referral flows, physician compensation structure, and centralized building requirements. The HHS OIG Work Plan periodically identifies in-office ancillary billing as a review area.

Anti-Kickback Statute and personal services safe harbor

Physician compensation post-close must be structured to fit the Anti-Kickback Statute personal services and management contracts safe harbor at 42 CFR 1001.952(d). Fair market value compensation opinions from a firm like VMG Health would be diligence items for both buyer and seller.

Certificate of Need for radiation therapy

Approximately 35 states operate Certificate of Need programs, per the National Conference of State Legislatures. In urology, CON matters most for linear accelerators and IMRT equipment, and can gate acquisitions of practices whose ancillary revenue depends on radiation therapy.

CMS reimbursement compression

The 2025 Physician Fee Schedule Final Rule and successor rules for CY 2026 continue multi-year adjustments to the conversion factor and specialty relative value units. Sellers should model reimbursement pressure into pro forma EBITDA before going to market.

MSO friendly-PC structure

In the majority of states, a physician-owned professional corporation (PC) contracts with a management services organization (MSO) that provides non-clinical services. Corporate-practice-of-medicine doctrine varies by state; the American Bar Association Health Law Section publishes practitioner analyses of state variation. Structuring the MSO transaction correctly is critical for both legal defensibility and post-close operations.

HSR filing thresholds

The 2026 Hart-Scott-Rodino filing thresholds published by the Federal Trade Commission Premerger Notification Program would apply to transactions above the reporting threshold. Most single-practice urology transactions fall below the threshold, but platform-level transactions typically require HSR filing.

How to choose an M&A advisor for a urology practice

An owner evaluating advisors should test each candidate on the following criteria before signing an engagement letter. The urology buyer universe is small; a mismatched advisor would leave value on the table. Named urology transactions closed. Ask for a list of urology-practice or urology-platform transactions the firm has closed, not physician-services generally. Direct relationships with Solaris, US Urology Partners, and United Urology. The advisor should be able to describe the.

An owner evaluating advisors should test each candidate on the following criteria before signing an engagement letter. The urology buyer universe is small; a mismatched advisor would leave value on the table.

1. Named urology transactions closed. Ask for a list of urology-practice or urology-platform transactions the firm has closed, not physician-services generally.
2. Direct relationships with Solaris, US Urology Partners, and United Urology. The advisor should be able to describe the last conversation they had with each platform.
3. Ancillary-carve-out modeling. The advisor should present a modeled scenario in which ASC, pathology, radiation, and dispensing EBITDA are valued separately from professional-fee EBITDA.
4. Fee structure alignment. Retainer, minimum fee, success fee, and Lehman versus Double-Lehman scale. See CT Acquisitions fee guide and fee structure explainer.
5. Quality of earnings coordinator. The advisor should sequence the QoE provider so that findings hit the data room in the right week.
6. Regulatory diligence readiness. The advisor should know Stark, AKS, and CON well enough to preempt buyer questions.
7. Buyer competitive tension. The advisor should describe how they run 8 to 30 buyers to LOI without spooking the local market.
8. Physician retention playbook. The advisor should describe how partner and non-partner physician retention is negotiated with equity roll and employment agreements.
9. Reference calls. Ask to speak with two urology-practice owners who have closed with the advisor.
10. Confidentiality. The advisor should describe how they protect the seller’s identity during buyer outreach.
11. Post-LOI process management. Ask how the advisor manages exclusivity, retrade risk, and buyer diligence pacing.
12. Alignment with owner goals. Some sellers want maximum cash at close; others want long-term equity in the platform. The advisor should model both.

See also the CT Acquisitions comparison of M&A advisor versus business broker and the retainer guide for structural detail on how urology-practice engagements are typically priced.

Comparison: buyer types for a urology practice

Buyer type Typical multiple framing Deal structure Owner post-close role PE-backed urology platform Would fall at the upper end of the LMM range with meaningful ancillary uplift Cash at close plus 20 to 40 percent equity roll, standard 3 to 5 year employment Continued clinical practice with reduced administrative load Strategic health system Would…

Buyer type	Typical multiple framing	Deal structure	Owner post-close role
PE-backed urology platform	Would fall at the upper end of the LMM range with meaningful ancillary uplift	Cash at close plus 20 to 40 percent equity roll, standard 3 to 5 year employment	Continued clinical practice with reduced administrative load
Strategic health system	Would typically fall in the mid-range with less ancillary uplift	All-cash consideration, employment through a system employment model	Employed physician within the health system structure
Search fund or independent sponsor	Would generally fall in the lower LMM range	Cash plus seller note, potential equity roll, longer earn-out	Transition role with likely full exit within 12 to 24 months
Family office	Would fall in the mid-range with longer hold horizon	Cash plus equity roll, patient capital orientation	Long-term partnership with slower operational integration

See also the CT Acquisitions comparisons at search fund versus PE, family office versus PE, and strategic versus financial buyer.

Working capital, retrade risk, and typical LOI terms

Working capital pegs for urology practices would typically be set based on a trailing twelve month average, with adjustments for seasonality and accounts-receivable aging. Retrade risk is raised where the QoE surfaces revenue-cycle issues, coding audit findings, or physician-productivity variability. A well-run process would minimize retrade by front-loading QoE, coding review, and Stark compliance memos before LOI. See the CT sell-side advisory overview for structural detail.

Working capital pegs for urology practices would typically be set based on a trailing twelve month average, with adjustments for seasonality and accounts-receivable aging. Retrade risk is raised where the QoE surfaces revenue-cycle issues, coding audit findings, or physician-productivity variability. A well-run process would minimize retrade by front-loading QoE, coding review, and Stark compliance memos before LOI. See the CT sell-side advisory overview for structural detail.

Related M&A advisor guides on ctacquisitions.com

Owners weighing a urology transaction alongside other healthcare or specialty-services businesses may also want to review the CT Acquisitions M&A advisor pages for adjacent verticals, including dental practices , veterinary practices , and HVAC and other trades , each of which follows a similar sell-side process with vertical-specific buyer univers…

Owners weighing a urology transaction alongside other healthcare or specialty-services businesses may also want to review the CT Acquisitions M&A advisor pages for adjacent verticals, including dental practices, veterinary practices, and HVAC and other trades, each of which follows a similar sell-side process with vertical-specific buyer universes.

Frequently asked questions

What is an M&A advisor for a urology practice?

An M&A advisor for a urology practice is a sell-side investment banker or healthcare-focused M&A boutique who runs a competitive process across the small pool of PE-backed urology platforms, strategic health systems, and specialty MSOs actively acquiring urology groups. The advisor manages buyer outreach, valuation, structuring of ancillary carve-outs, and negotiation through close.

How much does an M&A advisor cost for a urology practice sale?

Fees for a urology-practice transaction would typically follow a Lehman or Double-Lehman scale success fee with a modest monthly retainer credited against the success fee. The specific structure depends on transaction size and complexity. See the CT Acquisitions 2026 fee guide and the cost explainer.

Who buys urology practices in 2026?

Active buyers include PE-backed platforms such as Solaris Health (Lee Equity Partners), US Urology Partners (NMS Capital), and United Urology Group (with Audax Group historically associated), along with regional platforms, strategic health systems, and specialty MSOs.

What multiple would a urology practice trade at?

Public disclosure of urology practice multiples is limited. Professional-fee EBITDA would generally clear at the lower end of physician-services ranges, while ancillary EBITDA (ASC, pathology, radiation, dispensing) would generally clear at meaningfully higher multiples, per VMG Health and Provident Healthcare Partners practitioner commentary. Blending the two into a single multiple would be a category error.

How long does the sell-side process take?

A well-run process would typically take six to nine months from engagement to close, though timelines can compress for straightforward add-on transactions and extend for platform-level deals requiring HSR review.

Do urology owners have to roll equity?

Equity roll is standard when selling to a PE-backed platform. Sellers would typically roll 20 to 40 percent of proceeds into MSO equity, with rollover terms negotiated. Strategic buyers typically pay all cash without equity roll. See the CT family office versus PE explainer for buyer-type differences.

What ancillary lines drive the highest multiples?

Ambulatory surgery center ownership, in-office pathology, radiation oncology JVs where permitted under state Certificate of Need law (NCSL), in-office dispensing, and lithotripsy are the ancillary lines that would typically drive incremental multiple, per VMG Health.

How do I know if a firm is a real urology M&A specialist?

Ask for a list of named urology transactions closed in the last three years, ask about direct relationships with Solaris Health, US Urology Partners, and United Urology, and ask for two urology-owner references who have closed with the firm. Named healthcare boutiques such as Provident Healthcare Partners, VMG Health, and Cain Brothers would typically be reasonable starting points.

Methodology and data sources

This guide draws on publicly available primary sources including Lee Equity Partners and NMS Capital portfolio disclosures, Audax Group portfolio history, practitioner commentary from Provident Healthcare Partners and VMG Health , Cain Brothers healthcare-M&A publications, American Urological Association Census workforce data, Intuitive Surgical in…

This guide draws on publicly available primary sources including Lee Equity Partners and NMS Capital portfolio disclosures, Audax Group portfolio history, practitioner commentary from Provident Healthcare Partners and VMG Health, Cain Brothers healthcare-M&A publications, American Urological Association Census workforce data, Intuitive Surgical investor materials on robotic surgery volume, Ambulatory Surgery Center Association industry data, the 2025 CMS Physician Fee Schedule Final Rule, the HHS OIG Work Plan, the Stark in-office ancillary services exception at 42 CFR 411.355(b), the Anti-Kickback Statute personal services safe harbor at 42 CFR 1001.952(d), the National Conference of State Legislatures Certificate of Need summary, the FTC Premerger Notification Program, MedPAC reimbursement analysis, CMS Innovation Center value-based-care model documentation, PitchBook US PE breakdowns, and Definitive Healthcare provider data. All private-company multiples and process ranges are described in conditional tense because urology-practice transactions are generally not publicly disclosed.

This report is not an appraisal, not investment advice, not legal advice, not tax advice, not financial advice, and not a prediction of any specific transaction outcome. Sellers should obtain independent counsel, an independent quality of earnings provider, and an independent fair-market-value opinion before entering any transaction.