Trivest Announces Bluegrass Orthopaedics, a New Trivest Fund VI Platform Investment

MIAMI—Trivest Partners (“Trivest” or the “Firm”) announces it has partnered with Bluegrass Orthopaedics (“BGO” or the “Company”), together forming a new national management services organization (“MSO”). This transaction represents the 7th platform investment of Trivest Fund VI.

BGO is an orthopedic physician practice located in Lexington, KY. The practice is comprised of 14 Board Certified and Fellowship Trained specialized physicians who offer sports medicine, total joint care, industrial medicine, and foot, ankle, hand care, and physical therapy from 8 locations. Trivest also invested alongside the BGO physicians in Bluegrass Specialty Surgery Center (“BSSC”), a leading orthopedic ambulatory surgery center in Kentucky. Last year, BGO treated over 16,000 patients and performed more than 2,700 outpatient surgeries.

“We were impressed with Trivest’s sensitivity and accommodation to our need to maintain control over clinical decision making. The partnership is a synergy where they bring the business expertise and we bring the medical expertise. Our goals are shared and that allows us to concentrate on being the best in the market and accelerate our growth trajectory,” said Dr. Greg D’Angelo, MD, BGO’s President. “Trivest’s support will help to invest in BSSC’s state-of-the-art facility, attract top-tier talent, and focus physicians’ time on caring for patients. Trivest stood out as our partner-of-choice due to their founder-friendly approach and extensive experience executing M&A opportunities.”

Forest Wester, Partner at Trivest, commented, “We were attracted to BGO’s dedication to clinical excellence, comprehensive delivery of care through complementary ancillary services, and collaborative environment. The physicians and employees are a solution-oriented group, treating patients and athletes of all ages. We are excited to accelerate the Company’s growth by implementing Trivest’s Path to 3x value creation strategies and to serve other orthopedic provider groups through our newly established MSO.”

BGO is actively seeking to partner with additional leading orthopedic provider groups. If you’re aware of orthopedic physician practices that are looking for a financial/strategic partner to enable future growth, please contact us.

Coker Capital advised Trivest on the buy-side of this transaction and McGuireWoods served as Trivest’s legal counsel.

Add-On Criteria for BGO

  • Growth-minded orthopedic physician practices
  • Performing outpatient surgeries at an affiliated ambulatory surgery center
  • Offering complementary ancillary services such as physical therapy, X-ray/imaging, durable medical equipment and athletic training
  • Established and stable referral base
  • Located in the United States
  • EBITDA of $3 million +

Contact us with opportunities for BGO

Forest Wester

Cameron Mahdavi

About Trivest

Headquartered in Coral Gables, Florida with offices in Los Angeles, Philadelphia, Chicago, and Toronto, Trivest is the oldest private investment firm in the Southeastern United States. The firm is focused exclusively on the support and growth of founder-led and family-owned businesses in the United States and Canada in both control and non-control transactions. Since its founding in 1981, Trivest has completed more than 300 investments, totaling over $7 billion in value. Trivest is one of only 18 firms recognized by Inc. Magazine as one of the top-50 founder-friendly private equity firms in both 2019 and 2020.

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