Webster Equity Partners turned over control of gastroenterology platform One GI to lenders in recent months, according to four sources familiar with the situation.

Affiliates of Goldman Sachs are now the primary owners of the Brentwood, Tennessee-based provider of physician management services for gastroenterology, three of the sources said.

Operational challenges, overpaying for acquisitions, and unrest among the physician-owners are some of the factors that played into the lender takeover, all the sources noted.

Funds managed by Goldman held over USD 100m of One GI loans as of 30 June and classified them as non-accrual, according to SEC filings. Hancock Park, OFS Capital and CIM Real Assets funds also reported holding small positions in the loans.

One GI launched a sale process in 2024 alongside Leerink Partners and attracted looks from multiple parties, as reported. The sale process reached advanced stages; however, a deal did not materialize due to valuation disconnect, said one of the sources.

One GI generated USD 25m-USD 30m EBITDA, as reported.

Webster invested in One GI in 2020 through a partnership with Gastro One. Since the platform’s formation, it has grown through acquisitions, and it secured several term loans agented by Goldman.

In 2023, One GI acquired Gastroenterology Associates to deepen its northern Virginia and Greater DC footprint, according to the deal announcement. Also in 2023, One GI announced it partnered with Jackson, Tennessee-based TransSouth.

One GI supports 33 locations across the Eastern US, according to its website. One GI offers business and infrastructure support services to its network of independent gastroenterology practices focused on providing digestive healthcare services, according to a press release.

Goldman declined to comment. One GI, Webster and Leerink did not respond to requests seeking comment.