Tendencies of Corporate Buyers

Over the past five years, corporate buying has evolved substantially. At one time, there were only a few private equity groups that very selectively purchased practices. As these groups succeeded, other investors decided to form their own corporate groups. As a result, in 2021, dozens of groups bought practices for unheard-of multiples.  

The trend seems to be reversing in 2022. Larger groups are purchasing the smaller consolidators. Quite a few have had the investors cap their spending and even canceled deals already under a Letter of Intent. 

The Seller’s Market of 2020-21 is changing to a very selective buyer’s market with decreasing multiples in 2022.


John Bryk, DVM

TPSG – Mid-West

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