Atlas
Back to PPM Roll-Ups
Investment Banker·PPM Roll-Ups

Andy Snyder

Managing Director, Healthcare Services at FOCUS Investment Banking

Nashville, Tennessee

AS
LinkedIn
Why they matter

A founder-turned-MD who has run repeat physician-practice sell-side processes in ophthalmology, dental, and ENT — exactly the roll-up corridors most PE platforms are chasing.

Background

Andy Snyder is a Managing Director in Healthcare Services at FOCUS Investment Banking, which he joined in 2021 when Physicians First — the Nashville-based healthcare M&A boutique he co-founded with Eric Yetter — merged its practice into FOCUS. He previously served as Director of Operations at Covenant Physician Partners and holds a BA from the University of Virginia and an MBA from Vanderbilt's Owen Graduate School of Management. He specializes in physician practice and ambulatory surgery center transactions, with deep focus on ophthalmology, gastroenterology, dermatology, ENT, and dermatology roll-ups for private equity sponsors.

Notable deals

  • 2021
    Co-founded Physicians First, which completed 9 healthcare deals in 2 years before merging its practice into FOCUS Investment Banking
  • 2022
    Advised Vista Eye Specialists on its sale to Atlantic Vision Partners (Sheridan Capital Partners portfolio company)
  • 2024
    Led Sitwell Dental's sale to SALT Dental Partners alongside Eric Yetter
  • 2024
    Advised Mid-Michigan ENT on its partnership with Align ENT + Allergy

Call-prep brief

Andy Snyder — MD, Healthcare Services, FOCUS Investment Banking

Background

  • Co-founded Physicians First (Nashville), a healthcare-only M&A boutique, before it merged into FOCUS in 2021
  • Prior operating experience as Director of Operations at Covenant Physician Partners, giving him a practitioner's view of PE-backed physician platforms, not just a banker's
  • MBA, Vanderbilt Owen; BA, University of Virginia

Current focus

  • Sell-side and partnership advisory for single- and multi-site physician practices and ASCs
  • Specialty depth in ophthalmology, gastroenterology, dermatology, and ENT — the specialties seeing the heaviest PE roll-up activity
  • Works in tandem with co-founder Eric Yetter on most deal teams (both MDs typically co-lead)

What he cares about

  • Matching independent physician groups with the right platform/cultural fit, not just top price
  • Repeat, specialty-specific deal flow — he's built a franchise around knowing the ophthalmology/ENT/dental buyer universe cold
  • Client-side operating credibility (his Covenant background) as a differentiator vs. generalist bankers

Recent moves

  • Active deal cadence through 2024 (Sitwell Dental → SALT Dental Partners; Mid-Michigan ENT → Align ENT + Allergy), suggesting a live pipeline of similar processes into 2026

Potential sensitivities

  • Confidentiality on any live mandates — assume he cannot discuss specific sellers currently in-market
  • As a sell-side advisor, he may be cautious about appearing to steer proprietary deal flow toward one buyer without a formal process

Questions to ask

  1. Which specialties (ophthalmology, ENT, GI, dermatology) are seeing the most seller inbound right now, and how has multiple compression/expansion shifted platform appetite in 2025–2026?
  2. What separates a platform buyers physicians actually want to sell to, versus one that wins on price alone?
  3. Is he seeing any specific consolidation platforms or sponsors actively building out ENT or dental roll-ups he'd flag as differentiated?

Outreach draft

Subject
Physician practice roll-up trends — quick call?
Hi Andy, I came across your work leading physician practice and ASC transactions at FOCUS — the Vista Eye Specialists, Sitwell Dental, and Mid-Michigan ENT deals in particular caught our eye given the specialty depth involved. We're a private equity team evaluating opportunities in physician practice roll-ups (ophthalmology, ENT, GI, dermatology) and would value your read on where seller supply and buyer appetite stand right now, and which platforms you see as differentiated. Would you have 20 minutes in the next couple of weeks for a call? Happy to work around your schedule. Best, [Placeholder Name]

Linked companies

Sources