Navigation Capital Partners Completes Sale of Ownership Interests in Physicians Endoscopy, LLC

ATLANTA -- Navigation Capital Partners announces that it has sold its ownership interests in Physicians Endoscopy, LLC, to a financial buyer as part of a management-led recapitalization. Financial terms were not disclosed.

Physicians Endoscopy, based in Doylestown, Pa., partners with gastrointestinal physicians in locales nationwide to develop endoscopic ambulatory surgery centers on a de novo basis. The company’s business model involves providing a full breadth of management services for its partner centers and maintaining a minority ownership stake in each project. Physicians Endoscopy currently operates 14 centers throughout the United States.

“We’re very pleased with the outcome of our investment in Physicians Endoscopy,” said John Richardson, a managing partner at Navigation. “Despite difficult financial market conditions, the company’s attractive growth story generated strong interest among financial and strategic buyers, ultimately resulting in a transaction that provides a substantial return for our fund.”

During Navigation’s ownership, Physicians Endoscopy more than doubled the number of centers that it managed, entirely through de novo openings. The company additionally has several new projects currently in development.

“We were initially attracted to Physicians Endoscopy by its unique approach to the market and the exciting growth prospects that we believed this presented,” said Eerik Giles, a partner at Navigation who, along with Richardson, served as a director of the company. “The management team did a fantastic job of capitalizing on these opportunities and dramatically elevated the company’s standing in its market segment.”

Navigation seeks to make control buyout and growth capital investments in companies with revenues between $20 million and $200 million. The fund’s principals have previously invested in a broad range of industries, including business and financial services, value-added distribution, packaging, transportation, logistics and a variety of niche manufacturing segments.

Physicians Endoscopy and Navigation were advised by Edgeview Partners during the sale process.

Source: Navigation Capital Partners and Physicians Endoscopy, LLC

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