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American Physician Partners

bankrupt

Healthcare — WCAS / Ares Management

Deal Terms

Entry Year2020
Entry EV$0.8B
Entry Multiple11x
Leverage6x
Debt Amount$0.48B

Outcome

Exit Year2023

Risk Metrics

LTV (est.)60%
Debt / EV0.60x

Notes

Emergency physician staffing firm. Filed for bankruptcy in 2023 citing up to $1B in liabilities. No Surprises Act devastated out-of-network billing model. Part of the wave of PE-backed physician staffing failures alongside Envision and TeamHealth.

Sponsor

Ares Management$622.5B AUM