Atlas
Back to PPM Roll-Ups
Peer Fund / Dealmaker·PPM Roll-Ups

Andrew Colbert

Senior Managing Director at Ziegler

New York, NY

AC
LinkedIn
Why they matter

A founding Ziegler healthcare banker with 65+ deals and $5.7B+ in volume, he's run recent orthopedic, primary-care, and ASC physician-group rollups — direct line into active platform deal flow.

Background

Andrew Colbert is a Senior Managing Director and founding member of Ziegler's Healthcare Investment Banking practice, which he joined in 2006. He specializes in advising healthcare services and healthcare IT companies — particularly physician groups and MSOs — on M&A, capital raises, and partnership development, and also participates in Ziegler's principal investing efforts as a member of its Strategic Leadership Committee. Prior to Ziegler, he was an investment banker in the healthcare group at Friedman, Billings, Ramsey & Co., and he graduated magna cum laude from Colgate University.

Notable deals

  • 2026
    Lead banker advising Preferred Vascular Group (dialysis-access ASC operator) on its sale to Surgery Partners (NASDAQ: SGRY)
  • 2024
    Lead banker advising Premier Health Associates on its joint venture with Atlantic Health System
  • 2021
    Lead banker advising Bluegrass Orthopaedics on forming a national orthopedic MSO platform with Trivest Partners

Call-prep brief

Background

  • Senior Managing Director and founding member (2006) of Ziegler's Healthcare Investment Banking practice; sits on the firm's Strategic Leadership Committee and participates in principal investing.
  • Prior experience at Friedman, Billings, Ramsey & Co.; Colgate University, magna cum laude.
  • Career total: 65+ transactions, $5.7B+ in value across sell-side/buy-side M&A, recaps, JVs, and capital raises.

Current focus

  • Physician group / MSO consolidation across orthopedics, radiology, emergency medicine, anesthesia, hospitalist, and GI, plus healthcare IT and revenue cycle management.
  • Active on both advisory (sell-side practice representation) and platform-formation (new MSO creation with PE sponsors) sides of physician rollups.

What he cares about

  • Physician equity/alignment in platform structures — recurring theme in his public deal commentary.
  • Differentiated, defensible clinical niches (e.g., dialysis-access ASCs) over generic multi-specialty rollups.
  • Long-term partner fit for practices, not just headline valuation.

Recent moves

  • March 2026: advised Preferred Vascular Group on its sale to Surgery Partners — Surgery Partners' entry into dialysis-access ASCs.
  • 2024: advised Premier Health Associates (NJ primary care) on a JV with Atlantic Health System.
  • Actively publishing/speaking on physician practice valuation (e.g., Medical Economics interview) and GI practice trends.

Sensitivities

  • As a sell-side/JV advisor, he's bound by client confidentiality on live mandates — expect limited detail on unannounced deals.
  • Ziegler also principal-invests, so probe whether he's speaking as advisor, co-investor, or both to avoid conflicted asks.

Questions to ask

  1. Which physician specialties are seeing the strongest MSO platform economics right now, and where is multiple compression showing up?
  2. What differentiates a sponsor that wins physician-group deals beyond price — governance, retained equity, clinical autonomy?
  3. Given the Surgery Partners/PVG deal, how is strategic buyer appetite for niche ASC assets shifting versus PE platform buyers?

Outreach draft

Subject
Physician rollup deal flow — quick call?
Andy, I've been following Ziegler's physician-group work, including the Preferred Vascular Group sale to Surgery Partners and the Premier Health/Atlantic Health JV — impressive run of platform and strategic outcomes in a tight window. We're a private equity team actively evaluating physician practice rollup opportunities (orthopedics, GI, and adjacent specialties) and would value your read on where sponsor competition and physician-equity structures are heading over the next 12-18 months. Would you have 20 minutes for a call in the next couple of weeks? Happy to work around your schedule. Best, [Placeholder Name]

Sources