Evanston, IL – February 19, 2025 — Silver Oak Services Partners, LLC (“Silver Oak”), a lower-middle market private equity firm focused exclusively on business, healthcare and consumer services companies, announced that it has completed the sale of its portfolio company Integrated Oncology Network (“ION” or the “Company”) to Cardinal Health for $1.115 billion.
Founded in 2008 and headquartered in Nashville, TN, ION is a national provider of community-based oncology with more than 50 practice locations across 10 states. The Company provides a comprehensive range of services across its sites, including medical oncology, radiation oncology, surgery, urology, diagnostic testing and other services. By creating a continuum of care between clinicians, patients and their support networks, ION delivers an unparalleled approach to a patient’s care journey.
Silver Oak made its original investment in ION in October 2018. During Silver Oak’s ownership, ION completed numerous strategic investments to strengthen and grow the business, including acquiring and integrating 11 add-on acquisitions, expanding the service offering, bolstering the senior management team and building a scalable MSO platform.
“We are extremely proud of our partnership with the ION management team and physician partners,” said Wade Glisson, Partner at Silver Oak. “Through a series of strategic acquisitions and investments in the team and infrastructure, management has built a differentiated model in community-based oncology. ION is well positioned for continued success, and we wish the team well in their new partnership with Cardinal Health.”
Barry Tanner, Silver Oak Executive Partner and former ION CEO, noted, “Working together with Silver Oak, we have grown ION into a national leader in community-based oncology. Our talented and passionate team is continuously focused on enhancing the support we provide our physician partners, thereby helping to ensure they can continue to deliver the highest quality and accessible care to their patients. The ION team is excited to continue that mission as part of Cardinal Health and its Navista platform.”
About Silver Oak Services Partners
Founded in 2005 and based in Evanston, IL, Silver Oak Services Partners (www.silveroaksp.com) is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, consumer and healthcare service companies. Silver Oak utilizes a proactive, research-led investment process to identify attractive services sectors and seek out the best potential management teams and investment opportunities. Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue. The firm is currently investing out of its fourth fund, a $500 million investment vehicle.
The M&A market for healthcare companies continues to build on STRATEGIC opportunities and a fragmented market. Consolidations along with unprecedented demand are driving scale across the continuum of care. The strategic corporate buyers and private equity investors remain committed to acquiring strong businesses that are well prepared for a transaction. Across the continuum of care, these buyers and investors are looking for well established, profitable businesses and offering prime valuations and options for management.
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