Stepping Into Success: Weil Foot & Ankle has Merged with Balance Health

Livingstone’s Healthcare team is pleased to announce that Weil Foot & Ankle Institute, LLC (“WFAI”), a portfolio investment of Stonehenge Partners and Aureus Capital, has merged with Balance Health to form the largest majority physician-owned podiatric medical organization in the United States. Livingstone served as exclusive financial advisor to WFAI. Transaction terms were undisclosed.

Weil Foot and Ankle Institute – founded over half a century ago by Dr. Lowell Weil Sr. in greater Chicago – is a premier podiatric care provider, employing 60+ podiatrists and physical therapists across Illinois, Wisconsin, Michigan, and Virginia. Balance Health was founded in 2021 by Dr. Alex Reyzelman through the combination of several leading foot and ankle practices and has since grown to over 100 podiatrists, orthopedists and physical therapists across California, Arizona and Washington.

“Podiatry has been my family’s passion for over 60 years. This relationship solidifies the future of our profession with an organization that values podiatrists and allows them to practice with the support necessary to provide the highest level of care any physician would desire,” said WFAI CEO Dr. Lowell Weil, Jr., who will become Executive Chairman of Balance Health.

Leveraging and reinforcing WFAI’s well-known dedication to the highest-quality clinical care, innovation, education, and research, Balance Health has become one of the nation’s leading foot and ankle care providers.

“Weil Foot & Ankle and Balance Health fit hand in glove given the shared commitment to physician leadership and excellence in patient care along with the highly complementary growth strategies being pursued in distinct markets around the U.S.,” commented Ryan Buckley, Partner at Livingstone. “Livingstone is honored to have played a role in such a transformative transaction for the podiatry industry.”

With fully integrated administrative services, multiple surgical fellowships, and research opportunities, Balance Health provides foot and ankle physicians at all stages of their careers the opportunity to gain experience professionally in all aspects of the profession.

Eric Weldzius, Director at Livingstone, noted “WFAI furthers Livingstone’s already extensive transaction experience in the musculoskeletal specialty. With over 30 completed mid-market transactions, Livingstone’s Healthcare practice has an unmatched resume in the MSK sub-specialties of contract rehabilitation, orthopedics, physiatry, physical therapy, and podiatry.”

Livingstone has closed ten sell-side M&A transactions in the U.S. during the first five months of 2023, including four Healthcare transactions (of which two deals remain unannounced), demonstrating the firm’s ability to navigate the challenging economic environment and financing markets.