Linden LLC

Linden Invests in Specialty Networks

December 15, 2020 | For Immediate Release

Chicago, IL (December 15, 2020) – Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm, announced today a majority investment in Specialty Networks, LLC (“Specialty Networks” or the “Company”) alongside current shareholders, including Nautic Partners and management. Founded in 2013 and headquartered in Rocky River, Ohio, Specialty Networks is comprised of UroGPO, a urology-specific Group Purchasing Organization and provider of educational programs for providers, PPS Analytics, a clinical and business intelligence company serving providers and industry partners, Specialty Networks Consulting, and UroMSO.

David Coury, CEO of Specialty Networks, stated “We are proud of the business we have built at Specialty Networks, which enables our member practices and industry partners to provide critical services to urology patients. We chose to partner with the Linden team for the next phase of the Company’s growth due to their exclusive focus on healthcare investing and shared vision for Specialty Networks. This partnership will provide our very talented, dedicated team with even more resources to grow in our mission to help community-based urology practices remain strong and viable moving forward.”

“I commend David Coury and the entire management team at Specialty Networks on building an extraordinary business with an excellent track record of providing innovative solutions and superior service for their member practices and industry partners. We are excited to partner with the management team to continue to pursue the Company’s value creation plan,” said Michael J. Sicilian, Operating Advisor at Linden, and incoming Chairman of Specialty Networks. Mr. Sicilian brings highly relevant experience in the group purchasing space as the former President and CEO of Managed Healthcare Associates (“MHA”).

Michael Watts, a Partner at Linden and incoming board member at Specialty Networks, added “Our investment in Specialty Networks is a direct result of Linden’s experience across a range of relevant subsectors within healthcare and our dedicated sector efforts in pharmacy, physician services, pharmaceutical services, and HCIT, developed in conjunction with our deep pool of operating partners and advisors. We look forward to supporting the entire Specialty Networks team as they seek to expand their services and capabilities in this next chapter of the Company’s growth.”

Kirkland & Ellis LLP served as legal advisor to Linden. Baird served as the exclusive financial advisor and Goodwin Procter as legal advisor to Specialty Networks. Barings provided debt financing for the transaction. Bass, Berry, & Sims PLC served as regulatory counsel to Linden.

About Specialty Networks, LLC
Specialty Networks brings together the functional expertise of UroGPO, PPS Analytics, Specialty Networks Consulting, and UroMSO to deliver innovative and meaningful solutions for the independent Urology community. The goals of Specialty Networks are to make significant positive impact on in-practice operational efficiencies, track how patients are treated clinically, and bridge the gap between industry and the urology community. Specialty Networks is continually exploring innovative ways to unite community urology practices toward one strong voice operationally, financially, clinically, and technologically.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested more than $2 billion in healthcare companies and has raised nearly $3 billion of commitments, augmented by capital provided by the firm’s limited partners for larger transactions. For more information, please visit