Investor Relations

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PhyMed’s primary investor is Excellere Partners, a private equity investment firm based in Denver, Colorado.

Excellere’s investment in PhyMed is a result of a four-year search for an anesthesia platform based on the firm’s disciplined top-down investment strategy driven by several factors

  • The nondiscretionary nature of anesthesia services that carries a high degree of medical necessity because sedation is required for most surgical procedures
  • A clear and deep value proposition to patients, surgeons, medical facilities and payors
  • The highly fragmented nature of the industry

The U.S. anesthesia services industry is estimated at over $23 billion and growing at 4% per year, in line with growth in total surgical procedures and case reimbursement rate trends. The number of U.S. surgical procedures is projected to grow 29% from 2010 to 2020 providing PhyMed with significant growth opportunity.


PhyMed’s primary investor is Ontario Teachers’ Pension Plan, a private equity investment firm based in Toronto, Canada.

Ontario Teachers’ Pension Plan is Canada’s largest single-profession pension plan with $141 billion in net assets. It administers defined-benefit pensions and invests plan assets on behalf of 307,000 working and retired teachers. Established as an independent organization in 1990, it has built an international reputation for innovation and leadership in investment management and member services. Teachers’ employs more than 1,000 employees at its head office in Toronto, Canada, with investment offices in London, Hong Kong and New York.