Blue Sea Capital has closed its first continuation vehicle, extending its investment in outsourced medical physics services provider One Physics while providing liquidity to certain existing investors. The oversubscribed single-asset transaction was led by Apogem Capital, Churchill Asset Management, Dextra Partners and Future Standard. Abbott Capital and Twin Bridge Capital Partners also participated.
Blue Sea and members of One Physics’ management team made significant reinvestments in the transaction, reflecting their continued ownership commitment and confidence in the company’s growth prospects. Financial terms were not disclosed.
The continuation vehicle will allow Blue Sea to remain invested in One Physics beyond the typical holding period of its existing fund while bringing in new capital partners. It also provides additional funding to support acquisitions and organic growth initiatives.
Blue Sea initially invested in One Physics in 2019. Since then, the company has completed 22 acquisitions, partnering with local and regional medical physics practices across the United States.
One Physics is headquartered in Towson, Maryland, and provides outsourced medical physics services to hospitals, health systems, imaging centers, cancer care groups and other healthcare facilities.
The company employs more than 210 medical physicists and serves over 7,000 healthcare client sites across more than 45 states.
Its specialists conduct testing, inspections, certifications and compliance services involving diagnostic imaging, nuclear medicine and radiation oncology equipment. These services are designed to help healthcare providers maintain equipment safety, treatment effectiveness and compliance with applicable regulatory requirements.
One Physics’ services include diagnostic medical physics, therapy medical physics, radiation safety, dosimetry, badge program management, temporary medical physics staffing, shielding design and equipment commissioning.
The company also operates seven residency programs across diagnostic and therapy medical physics. Those programs support the development of qualified professionals in a field where healthcare providers depend on specialized technical expertise to safely operate radiation-emitting equipment.
Blue Sea said the continuation vehicle will support One Physics as it deepens its presence in existing markets, enters additional regions and continues consolidating a fragmented industry.
The additional capital could also help One Physics invest in recruiting, technology, data analytics and other infrastructure required to serve a growing national client base.
One Physics provides its affiliated practices with centralized support across client services, accounting and finance, sales and marketing, human resources, technical recruiting, information technology, data analytics, vendor management, legal services and insurance.
That shared-services model is intended to allow local medical physics teams to maintain their client relationships and clinical focus while gaining access to the resources of a larger national organization.
For existing Blue Sea investors participating in the sale, the continuation vehicle provides an opportunity to realize liquidity. Investors that wanted to retain exposure to One Physics could continue participating through the newly formed vehicle.
The transaction represents Blue Sea’s first use of a continuation fund structure and allows the private equity firm to maintain its partnership with a company it considers one of its strongest portfolio platforms.
Blue Sea focuses on growth-oriented middle-market healthcare companies valued at up to $500 million. The West Palm Beach, Florida-based private equity firm manages more than $1.5 billion in assets.
Apogem Capital, one of the transaction’s lead investors, managed approximately $44.6 billion in assets as of June 30, 2026. Churchill Asset Management has $66 billion in committed capital, while Dextra Partners manages approximately $5 billion.
Future Standard managed approximately $94 billion in assets as of March 31, 2026, across private equity, private credit and private real estate strategies.
Lazard Frères served as the sole secondary adviser to Blue Sea and One Physics. Kirkland & Ellis acted as legal adviser, while Piper Sandler served as an industry adviser.
KEY QUOTES:
“Our first continuation vehicle allows us to extend our partnership with a crown jewel platform and provides meaningful capital for One Physics’ next phase of growth acceleration.”
“We are excited to continue scaling this exceptional business and remain grateful for the ongoing support of our investors.”
J.R. Davis, Managing Partner at Blue Sea Capital
“We are thrilled to continue our partnership with Blue Sea and are well positioned to continue our acquisition strategy and capitalize on the attractive market opportunity before us.”
“As we deepen our local market presence across a national footprint, we remain hyper-focused on what’s always driven us: delivering high-quality, reliable service for healthcare clients and being an employer of choice for medical physicists nationwide.”
Jason Schneck, CEO of One Physics
