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👶🏻Business of Babies: Inside the Surrogacy Agency Roll-Up
Healthcare Roll-Up Series Part 3
This is Part 3 of our ongoing series on healthcare roll-up strategies. Next week, we’ll mix it up with something a little different.
As always, if there’s a sector or company you’d like me to dig into, drop me a note at [email protected].
PE Playbook: Northstar Fertility
State of Play
In this post, we covered how fertility clinics have become a hotbed for private equity, with several PE-backed clinic platforms now dominating the U.S. market. But that’s not the end of PE’s quest to monetize babies (sorry, this is a bit crude to say and want to note that this research reports fertility outcomes have improved since PE’s consolidation).
Another more niche playbook on fertility has been rolling up surrogacy agencies. Launched in 2022 by the private equity firm Cortech Group, Northstar Fertility now brings together multiple surrogacy agencies and donor services under one roof.
In this piece, we’ll unpack the surrogacy agency roll-up and the story behind Northstar (which also involves a successful search fund outcome for a Michigan-MBA, ex-MBB consulting duo).
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