--- title: Physician Practice Sale Leaseback description: Learn how a private equity firm successfully completed a sale leaseback transaction while acquiring a cardiology practice in the Chicago metro area, maximizing the economics of the add-on. Read more about the rise of sale and leasebacks in Europe. image: https://ascensionadvisory.com/hubfs/Healthcare%20Sale%20Leaseback.webp --- [![Ascension](https://ascensionadvisory.com/hubfs/raw_assets/public/ascension/images/logo-wordmark-white-green.png)](https://ascensionadvisory.com/?hsLang=en) Menu - Sale Leasebacks Show Sale Leasebacks submenu - [Sale Leaseback Overview](https://ascensionadvisory.com/sale-leaseback-overview?hsLang=en) - [SLB For Business Owners](https://ascensionadvisory.com/services-business-owners?hsLang=en) - [SLB For Financial Sponsors](https://ascensionadvisory.com/services-private-equity-firms?hsLang=en) - [SLB For Referral Partners](https://ascensionadvisory.com/services-referral-partners?hsLang=en) - [Build to Suit Financing](https://ascensionadvisory.com/build-to-suit-financing?hsLang=en) - [Lease Advisory](https://ascensionadvisory.com/lease-avisory?hsLang=en) - [Notable Transactions](https://ascensionadvisory.com/sale-leaseback-transactions?hsLang=en) - Mergers & Acquisitions Show Mergers & Acquisitions submenu - [Sell Your Business](https://ascensionadvisory.com/sell-your-business?hsLang=en) - [The Seller's Checklist](https://ascensionadvisory.com/the-sellers-checklist?hsLang=en) - [2026 M&A Report](https://ascensionadvisory.com/business-owner-ma-report?hsLang=en) - [The Exit Playbook Course](https://ascensionadvisory.com/the-exit-playbook-course?hsLang=en) - Insights Show Insights submenu - [Ascension Blog](https://ascensionadvisory.com/ascension-advisory-blog) - [Press & Publications](https://ascensionadvisory.com/press-and-publications?hsLang=en) - [2026 Ascension Magazine](https://ascensionadvisory.com/hubfs/Ascension%20Magazine%202026%20(standalone)%20(4).html?hsLang=en) - [SLB and M&A Courses](https://ascensionadvisory.com/ascension-learning?hsLang=en) - [2026 M&A Report](https://ascensionadvisory.com/business-owner-ma-report?hsLang=en) - [Private Equity SLB Report](https://ascensionadvisory.com/private-equity-sale-leaseback-report?hsLang=en) - [Team](https://ascensionadvisory.com/team?hsLang=en) [Contact](https://ascensionadvisory.com/contact-us?hsLang=en) [Private Equity](https://ascensionadvisory.com/ascension-advisory-blog/tag/private-equity), [Case Study](https://ascensionadvisory.com/ascension-advisory-blog/tag/case-study), [Healthcare](https://ascensionadvisory.com/ascension-advisory-blog/tag/healthcare) # Physician Practice Sale Leaseback [By \- Chelsea Mandel,](https://ascensionadvisory.com/ascension-advisory-blog/author/chelsea-mandel) Oct 26, 2023 ![Healthcare Sale Leaseback](https://ascensionadvisory.com/hubfs/Healthcare%20Sale%20Leaseback.webp) Background:  The Ascension Team represents a private equity backed cardiology platform that is rapidly expanding in the midwest. The company was evaluating an add-on acquisition that included a piece of owned real estate in the Chicago metro area. The business was buying a cardiology practice and the physician owned the real estate and wanted to include it as part of the transaction. Client Objective:  The client reached out to the Ascension team to discuss financing strategies and to see if it was possible to complete a sale leaseback simultaneous with the company’s acquisition of the cardiology practice. The simultaneous sale leaseback would allow the private equity firm to reduce their equity check and take down the acquisition multiple associated with the add-on. Solution:  Ascension ran an expedited investor outreach process, focused on healthcare and medical focused investors who understand the nuances associated with this asset class. The team lined up all parties and workstreams so that the sale leaseback was able to close simultaneous with the sponsor’s add-on transaction. Ultimately, the deal closed quickly and at attractive terms to both parties, allowing the sponsor to maximize the economics of the add-on.   ### Let’s Talk   ###### Category - [Journal Article](https://ascensionadvisory.com/ascension-advisory-blog/tag/journal-article) - [Case Study](https://ascensionadvisory.com/ascension-advisory-blog/tag/case-study) - [M&A](https://ascensionadvisory.com/ascension-advisory-blog/tag/ma) - [Private Equity](https://ascensionadvisory.com/ascension-advisory-blog/tag/private-equity) - [Industrial](https://ascensionadvisory.com/ascension-advisory-blog/tag/industrial) - [Manufacturing](https://ascensionadvisory.com/ascension-advisory-blog/tag/manufacturing) - [Automotive](https://ascensionadvisory.com/ascension-advisory-blog/tag/automotive) - [Press Release](https://ascensionadvisory.com/ascension-advisory-blog/tag/press-release) - [Europe](https://ascensionadvisory.com/ascension-advisory-blog/tag/europe) - [Food Distribution](https://ascensionadvisory.com/ascension-advisory-blog/tag/food-distribution) - [Notable Transactions](https://ascensionadvisory.com/ascension-advisory-blog/tag/notable-transactions) - [Retail](https://ascensionadvisory.com/ascension-advisory-blog/tag/retail) - [Car Wash](https://ascensionadvisory.com/ascension-advisory-blog/tag/car-wash) - [Healthcare](https://ascensionadvisory.com/ascension-advisory-blog/tag/healthcare) - [Outdoor Storage](https://ascensionadvisory.com/ascension-advisory-blog/tag/outdoor-storage) - [Cold Storage](https://ascensionadvisory.com/ascension-advisory-blog/tag/cold-storage) - [Quick Service Restaurant](https://ascensionadvisory.com/ascension-advisory-blog/tag/quick-service-restaurant) - [Tax Benefits](https://ascensionadvisory.com/ascension-advisory-blog/tag/tax-benefits) - [Build to Suit](https://ascensionadvisory.com/ascension-advisory-blog/tag/build-to-suit) - [Capital Markets](https://ascensionadvisory.com/ascension-advisory-blog/tag/capital-markets) - [Pharmaceutical](https://ascensionadvisory.com/ascension-advisory-blog/tag/pharmaceutical) - [pharm](https://ascensionadvisory.com/ascension-advisory-blog/tag/pharm) ###### Popular Post - [The Difference Between Tuck-ins, Add-ons, and Platforms in M&A](https://ascensionadvisory.com/ascension-advisory-blog/the-difference-between-tuck-ins-add-ons-and-platforms-in-ma?hsLang=en) - [Why Airlines Use Sale Leasebacks to Unlock Capital and Stay Airborne](https://ascensionadvisory.com/ascension-advisory-blog/why-airlines-use-sale-leasebacks-to-unlock-capital-and-stay-airborne?hsLang=en) - [The Difference Between Platforms and PortCo's in Private Equity](https://ascensionadvisory.com/ascension-advisory-blog/the-difference-between-platforms-and-portcos-in-private-equity?hsLang=en) - [How to Structure a Leveraged Buyout for Maximum Value](https://ascensionadvisory.com/ascension-advisory-blog/how-to-structure-a-leveraged-buyout-for-maximum-value?hsLang=en) - [Case Study: Valeo Foods €88 Million European Sale Leaseback](https://ascensionadvisory.com/ascension-advisory-blog/case-study-valeo-foods-88-million-european-sale-leaseback?hsLang=en) ###### Subscribe ### Leave a Comment ### Similar Blogs ![Dexter](https://ascensionadvisory.com/hs-fs/hubfs/Dexter%20Page.webp?width=352&name=Dexter%20Page.webp) #### [Industrial Precision Machined Parts Sale Leaseback](https://ascensionadvisory.com/ascension-advisory-blog/industrial-precision-machined-parts-sale-leaseback?hsLang=en) By [Chelsea Mandel](https://ascensionadvisory.com/ascension-advisory-blog/author/chelsea-mandel) 26 October 2023 Background:Ascension Advisory is proud to represent Alco Manufacturing Corporation on a recent sale... 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[READ MORE](https://ascensionadvisory.com/ascension-advisory-blog/physician-practice-sale-leaseback) [![Ascension](https://ascensionadvisory.com/hubfs/raw_assets/public/ascension/images/logo-wordmark-white-green.png)](https://ascensionadvisory.com/?hsLang=en) Sale leaseback and M&A advisory for private companies, financial sponsors and family offices. ## Services - [Sale Leaseback Advisory](https://ascensionadvisory.com/sale-leaseback-overview?hsLang=en) - [M&A Solutions](https://ascensionadvisory.com/sell-your-business?hsLang=en) - [Transactions](https://ascensionadvisory.com/sale-leaseback-transactions?hsLang=en) ## Firm - [Team](https://ascensionadvisory.com/team?hsLang=en) - [Insights](https://ascensionadvisory.com/ascension-advisory-blog) - [Contact](https://ascensionadvisory.com/contact-us?hsLang=en) - [LinkedIn](https://www.linkedin.com/company/ascensionadvisory/posts/?viewAsMember=true) ## Offices - New York - London - Toronto - Madrid - Miami - Mexico City - [LinkedIn](https://www.linkedin.com/company/ascension-advisory) © 2026 Ascension Advisory™ - [Privacy Policy](https://ascensionadvisory.com/privacy-policy?hsLang=en) - [Terms & Conditions](https://ascensionadvisory.com/terms-conditions?hsLang=en) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Chelsea Mandel", "url" : "https://ascensionadvisory.com/ascension-advisory-blog/author/chelsea-mandel" }, "dateModified" : "2025-04-23T08:25:07.628Z", "datePublished" : "2023-10-26T01:01:02.000Z", "headline" : "Physician Practice Sale Leaseback", "image" : [ "https://ascensionadvisory.com/hubfs/Healthcare%20Sale%20Leaseback.webp" ], "mainEntityOfPage" : { "@id" : "https://ascensionadvisory.com/ascension-advisory-blog/physician-practice-sale-leaseback", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://ascensionadvisory.com/hubfs/Logos/ascencion_black+green.jpg" }, "name" : "Ascension Advisory RE LLC" } } ```