Physician Oncology Services, L.P. Formed to Create National Provider of Radiation Therapy Services
Physician Oncology Services, L.P. (“Physician Oncology”) announced today that it will build a preeminent provider of outpatient radiation oncology care in the U.S. Backed by Oak Hill Capital Partners (“Oak Hill”), Physician Oncology said that it acquired a controlling interest in Radiotherapy Clinics of Georgia (“RCOG”) to serve as a platform for growth, a move consistent with the company’s strategy to partner with leading radiation oncology centers and physicians. With seven Atlanta locations, RCOG is a nationally known provider of outpatient radiation oncology services. RCOG is the largest single provider of radiation therapy care in Georgia and is led by a team of 13 Board Certified radiation oncologists and a staff of over 180 people.
Physician Oncology will be headed by Louis Stripling, a successful healthcare industry executive with over 17 years of experience in radiation oncology, along with a seasoned team of other healthcare executives. Physician Oncology is well-positioned to grow through acquisitions of other premier radiation oncology centers and an expansion of the RCOG platform through de novo center developments and partnerships in new markets.
“We are extremely excited about our new partnership with RCOG and look forward to building on the excellent clinical reputation, extensive patient and physician referral system, and proprietary clinical outcomes database that RCOG has established over the past 25 years,” said Mr. Stripling. “In addition, with a capital partner like Oak Hill, I am confident we will be the partner of choice for other leading radiation oncologists throughout the U.S.”
Dr. Frank Critz, the founder and Medical Director of RCOG, will continue as Medical Director and be an owner of Physician Oncology. “I have long had an interest in helping to create a national company and just never found the right partner,” said Dr. Critz. “I have been approached by many groups in the past, but Physician Oncology really understands the business and is committed to maintaining RCOG’s patient-focused culture, high standard of clinical care, and practice of evidence-based medicine. I look forward to working with Louis and Oak Hill to grow Physician Oncology. I am equally excited about devoting even greater time to patient care at RCOG now that I have a partner in Physician Oncology to manage the business side of the practice.”
Steven Gruber, Managing Director at Oak Hill Capital Partners, said, “We are very excited about this opportunity. With Physician Oncology’s world- class management and physician partners, this will be an excellent platform upon which to build.”
About Physician Oncology Services, L.P.
Backed by Oak Hill Capital Partners, Physician Oncology was formed to build the preeminent provider of outpatient radiation oncology care in the U.S. Through partnerships with leading radiation oncology centers and physicians, Physician Oncology intends to create a national company with a world-class reputation for providing exceptional clinical care for cancer patients.
About Radiotherapy Clinics of Georgia
Founded in 1979 by Dr. Frank Critz, Radiotherapy Clinics of Georgia is one of the leading providers of radiation oncology care in the U.S. RCOG is also considered a Center of Excellence for prostate cancer treatment and research. Having treated over 10,000 men with prostate cancer since its inception, RCOG is among the largest and most successful prostate cancer treatment programs in the world. Each year, men from all over the world come to RCOG’s clinics to receive treatment for prostate cancer.
Dr. Critz will continue as Medical Director at RCOG. He has authored 71 peer-reviewed research papers that have been presented and/or published in major medical meetings or medical journals on prostate cancer.
About Oak Hill Capital Partners
Oak Hill Capital Partners is a private equity firm with more than $4.6 billion of committed capital from leading entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions. Robert M. Bass is the lead investor. Over a period of nearly 20 years, the professionals at Oak Hill Capital have invested in more than 50 significant private equity transactions. Oak Hill Capital is one of several Oak Hill partnerships, each of which has a dedicated and independent management team. These Oak Hill partnerships comprise over $20 billion of investment capital across multiple asset classes, including private equity, special situations, high yield and bank debt, venture capital, real estate, a public equity exchange fund and a global fixed income and equity hedge fund.