Closed the Sale of a Multistate Podiatric Practice to a Private Equity Buyer

The selling physician-owners of a multistate podiatric practice sought to complete a $25 million sale to a private equity buyer. The practice operated more than two dozen locations across three western states and had entered the transaction process with other counsel at the letter-of-intent stage.

During buyer due diligence, regulatory concerns emerged regarding physician compensation arrangements associated with services provided through an affiliated laboratory. The issues implicated healthcare regulatory frameworks governing referral relationships and reimbursement, requiring careful evaluation and resolution before closing could proceed.

Buttaci Leardi & Werner was engaged to address the regulatory issues and assist in moving the transaction forward. Working with the buyer, the firm structured solutions that addressed regulatory exposure, including negotiated post-closing obligations and escrow arrangements designed to manage potential risk.

By condensing a process that typically spans several months into a matter of weeks, the firm helped the physician-owners successfully close the transaction in January 2025, allowing the sale to proceed on an accelerated timeline.