GI Alliance Completes Major Recapitalization with Apollo's Investment, Valuing Gastroenterology Leader at $2.2 Billion

The nation’s largest gastroenterology practice management company has reached a pivotal milestone. Following a strategic recapitalization facilitated by Apollo, GI Alliance has transitioned to physician-led ownership while welcoming institutional capital to fuel its next phase of expansion.

The Deal: Shift to Physician Control

GI Alliance concluded a significant transaction that valued the organization at $2.2 billion. This restructuring marks a transition where the company’s physician owners, under the leadership of CEO James Weber M.D., have secured controlling equity stakes. Waud Capital Partners, which had been the principal investor since GIA’s 2018 founding, successfully exited through this recapitalization, having built the company alongside its physician leadership.

The transaction showcases the growing appetite among major investment firms like Apollo for physician-centric healthcare models. By maintaining physician ownership and control while bringing in fresh institutional backing, GI Alliance balances growth ambition with clinical autonomy—a structure increasingly preferred by healthcare practitioners seeking to scale their enterprises.

Remarkable Growth Trajectory

Since its inception in 2018, GI Alliance has undergone dramatic expansion. The organization grew from operations in just 2 states to serving patients across 14 states—a footprint spanning Texas, Arkansas, Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Utah, and Washington.

The company’s physician roster expanded nearly five-fold over this four-year period, reflecting both organic growth initiatives and strategically targeted acquisitions. Today, GIA provides practice management services to approximately 700 independent gastroenterologists, solidifying its position as the nation’s leading independent gastroenterology practice management organization.

Strategic Vision Intact

“Our unwavering commitment to clinical quality remains the cornerstone of everything we do,” emphasized Dr. Weber in commenting on the transaction. “This recapitalization ensures that GI Alliance continues operating as a physician-owned and physician-led enterprise while gaining access to Apollo’s resources and expertise.”

The company’s strategic framework prioritizes maintaining superior patient outcomes alongside significant investment in corporate infrastructure, systems development, and practice support services. These investments have made GIA the preferred partner for high-quality gastroenterology practices nationwide seeking comprehensive national support services.

Partnership with Apollo Opens New Doors

With Apollo now as the capital partner, GI Alliance gains access to institutional expertise and financial resources to pursue accelerated growth strategies. The collaboration positions the organization to continue its trajectory of market consolidation within the gastroenterology practice management sector while preserving the physician-led governance model that has defined its success.

David Neighbours, Partner at Waud Capital, reflected on the outcome: “Building GI Alliance with Dr. Weber’s team over four years has been exceptional. The transformation—from 2 states to 14, and physician count multiplication—demonstrates what physician leadership combined with operational excellence can achieve in healthcare services. We’re confident in GIA’s continued success under Apollo’s partnership.”

This transaction underscores broader trends in healthcare: institutional investors recognizing the value of physician-owned models, the consolidation of fragmented specialty practices into larger networks, and the premium placed on organizations that maintain clinical quality while scaling operations efficiently.