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Investment Banker·PPM Roll-Ups

Jason Porter

Managing Director, Healthcare Services at Baird Global Investment Banking

Charlotte, North Carolina

JP
LinkedIn
Why they matter

Baird's go-to banker for physician and alternate-site services deals — urgent care, ASCs, OB-GYN/fertility — with a live pipeline view of who's buying and selling in the physician practice rollup space.

Background

Jason Porter is a Managing Director in Baird Global Investment Banking's Healthcare group, where he has covered physician practice and alternate-site healthcare services since joining in July 2019. He previously spent his banking career at Deloitte Corporate Finance's healthcare M&A practice (having joined via Deloitte's acquisition of McColl Partners) after starting in public accounting. He holds accounting degrees from UNC Wilmington and an MBA from the University of Miami.

Notable deals

  • 2023
    Baird served as lead financial advisor to FastMed Urgent Care on the sale of its Texas operations (41 clinics) to HCA Healthcare
  • 2023
    Baird served as lead financial advisor to FastMed Urgent Care on the sale of its 26-center Arizona operations to HonorHealth
  • 2022
    Baird served as exclusive financial advisor to Texas MedClinic on its sale to Community Care Partners, a Shore Capital Partners portfolio company
  • 2022
    Baird served as exclusive financial advisor to Blue Cloud Pediatric Surgery Centers (Norwest Venture Partners portfolio company) on its sale to The Rise Fund

Call-prep brief

Background

  • MD, Healthcare Services, Baird Global Investment Banking (Charlotte office); joined 2019 from Deloitte Corporate Finance's healthcare M&A practice (via the McColl Partners acquisition)
  • Accounting background (UNC Wilmington, MBA University of Miami) before moving into healthcare banking

Current focus

  • Physician and alternate-site healthcare services: urgent care, ambulatory surgery centers, OB-GYN/fertility, dental
  • Recent sell-side mandates spanning urgent care (FastMed's Texas and Arizona operations, sold separately to HCA and HonorHealth in 2023) and ASC/pediatric surgery (Blue Cloud, Texas MedClinic)

What he cares about

  • Value-based care transition for physician groups and how that reshapes buyer appetite
  • Differentiating attractive sub-sectors (e.g., he's spoken publicly about OB-GYN/fertility as a growth pocket within provider services) vs. commoditized ones
  • Positioning sellers for strategic vs. sponsor buyers (his recent deals show both HCA/HonorHealth strategics and PE-backed platforms like Shore Capital and TPG's Rise Fund)

Recent moves

  • Two FastMed carve-out sales closed within the same year (2023), suggesting an active urgent care consolidation thesis he's tracking closely
  • Public commentary (McGuireWoods podcast, Jan 2023) on OB-GYN/fertility investing signals he's actively sourcing in that vertical

Sensitivities

  • He represents sell-side clients almost exclusively in visible deals — approach as a source on market dynamics/comps rather than assuming buy-side relationships he can freely share
  • Avoid asking him to disclose confidential process details on live or recently closed mandates

Questions to ask

  1. Which physician practice sub-sectors (urgent care, ASC, OB-GYN, dental, etc.) are seeing the most sponsor-vs-strategic competition right now, and where has that shifted in the past 12 months?
  2. On the FastMed carve-outs, what did buyer diligence prioritize (payor mix, de novo growth, provider retention) that a rollup thesis should account for?
  3. What deal terms or structures (earnouts, rollover equity) are sellers pushing back on in the current physician practice M&A environment?

Outreach draft

Subject
Quick call on physician practice M&A trends?
Hi Jason, I've been following Baird's recent physician services work — the FastMed carve-outs to HCA and HonorHealth, plus Texas MedClinic and Blue Cloud — and wanted to reach out. I'm supporting a private equity team evaluating a physician practice rollup strategy and would value your read on current buyer competition and valuation trends across urgent care, ASC, and adjacent sub-sectors. Would you have 20-30 minutes in the next couple of weeks for a call? Happy to work around your schedule. Best, [Placeholder Name]

Linked companies

Sources