• Marketing off of around USD 175m EBITDA
• Morgan Stanley and Moelis are co-advising

US Fertility is in the second round of a sale process, according to three sources familiar with the situation.

The Amulet Capital Partners-backed company is being marketed off around USD 175m EBITDA, two sources said. Morgan Stanley is advising on the sale, the sources said, with two noting that Moelis is also overseeing the process.

Initial bids were collected in the second half of July, two sources said.

The process is competitive and attracting financial sponsor interest, according to the three sources.

US Fertility, which is a platform of physician-led fertility practices based across the US, is a high-quality asset that will appeal to bidders wishing to enter the fertility market, one of the sources said. The company will likely fetch a mid-teens multiple of EBITDA, two sources said.

Amulet formed US Fertility in 2020 along with Shady Grove Fertility, an independent fertility practice.

In 2023, US Fertility acquired Ovation Fertility, a network of IVF laboratories, and Reproductive Medicine Associates of New York, a provider of infertility treatment services.

Rockville, Maryland-based US Fertility supports more than 200 physicians at 118 locations including 36 laboratories, according to its website.

Moelis declined to comment. US Fertility, Amulet and Morgan Stanley did not respond to requests seeking comment.