Key Takeaways
- • Blue Sea Capital closed its first single-asset continuation vehicle for One Physics, a medical physics outsourcing platform serving over 7,000 healthcare client sites across 45+ states with more than 210 contracted physicists.
- • The continuation fund attracted a syndicate of institutional secondary and credit investors including Apogem Capital ($44.6B AUM), Churchill Asset Management ($66B committed capital), Future Standard ($94B AUM), Dextra Partners ($5B AUM), Abbott Capital, and Twin Bridge Capital Partners, with the fund meaningfully oversubscribed at close.
- • One Physics operates in a highly fragmented $5.9B–$6.3B global medical physics market (with North America representing ~$2.5B), projected to grow at mid-single-digit CAGR to $9.7B–$10B by the mid-2030s, driven by regulatory requirements for recurring equipment testing rather than discretionary spending.
- • Since Blue Sea's initial investment in 2019, One Physics has completed 22 acquisitions to build national scale, with the continuation vehicle providing liquidity to existing investors while funding further M&A and organic expansion; both Blue Sea and One Physics management are reinvesting significantly alongside new capital.
- • The market is characterized by persistent shortage of credentialed medical physicists, rising installed base of imaging and radiation oncology equipment, and administrative compliance burden pushing hospitals toward outsourced solutions rather than in-house staffing.
Summary
Blue Sea Capital has secured institutional backing for a continuation vehicle targeting One Physics, an outsourced medical physics provider that delivers regulatory compliance and safety testing services for hospital radiation equipment. The syndicate included major institutional investors: Apogem Capital (New York Life affiliate, $44.6 billion AUM), Churchill Asset Management (Nuveen-affiliated, $66 billion committed capital), Future Standard ($94 billion AUM), and Dextra Partners ($5 billion AUM), alongside Abbott Capital and Twin Bridge Capital Partners. The fund closed meaningfully oversubscribed, indicating strong demand from secondary and credit investors for exposure to the platform.
One Physics supplies over 210 medical physicists contracted to hospitals, health systems, imaging centers, and cancer care facilities nationwide, serving more than 7,000 client sites across 45+ states. The company's service portfolio spans diagnostic medical physics (imaging equipment testing), therapy medical physics (radiation oncology support), radiation safety advisory services, dosimetry and staff badge programs, locums staffing, and equipment commissioning. This recurring, time-based service model is mandated by federal and state regulations, converting the market into non-deferrable, repeat business. One Physics was formed in April 2019 from Blue Sea's partnership with Maryland-based Krueger-Gilbert Health Physics under the name Apex Physics Partners, rebranding to One Physics in 2024. The platform has executed 22 acquisitions since inception, expanding from local Maryland operations into a national footprint across the Midwest, South, and West, including acquisitions of Ohio Medical Physics Consulting, National Physics Consultants, Texas-based D. Harris Consulting, and Indiana-based Advanced Medical Physics.
The underlying market dynamics support continued growth. The global medical physics market is sized at $5.9 billion to $6.3 billion in 2026, with North America accounting for approximately $2.5 billion domestically (41 percent of total). Analysts project mid-single-digit compound annual growth to reach $9.7 billion to $10 billion by the mid-2030s. Growth drivers include a persistent shortage of credentialed medical physicists, a rising installed base of imaging and radiation oncology equipment, and the administrative complexity of compliance—all pushing healthcare facilities toward outsourcing rather than in-house staffing. Diagnostic imaging represents approximately 61 percent of market demand by modality. The market remains highly fragmented across independent local practices, creating a substantial consolidation runway for platforms able to combine national scale with local market presence.
The continuation vehicle provides liquidity to existing investors while funding One Physics' next growth phase. Blue Sea and One Physics management are reinvesting significantly alongside the new capital, signaling continued conviction in the platform's strategy. CEO Jason Schneck emphasized focus on service quality, local market deepening, and physician recruitment. Blue Sea Capital, based in West Palm Beach, targets companies with $5 million to $30 million EBITDA and enterprise values under $300 million, investing in aerospace and defense, healthcare, and industrial growth. The firm closed Blue Sea Capital Fund III LP above target in September 2023 with $618 million of capital. Lazard served as secondary advisor, Piper Sandler as industry advisor, and Kirkland & Ellis provided legal counsel.
One Physics supplies over 210 medical physicists contracted to hospitals, health systems, imaging centers, and cancer care facilities nationwide, serving more than 7,000 client sites across 45+ states. The company's service portfolio spans diagnostic medical physics (imaging equipment testing), therapy medical physics (radiation oncology support), radiation safety advisory services, dosimetry and staff badge programs, locums staffing, and equipment commissioning. This recurring, time-based service model is mandated by federal and state regulations, converting the market into non-deferrable, repeat business. One Physics was formed in April 2019 from Blue Sea's partnership with Maryland-based Krueger-Gilbert Health Physics under the name Apex Physics Partners, rebranding to One Physics in 2024. The platform has executed 22 acquisitions since inception, expanding from local Maryland operations into a national footprint across the Midwest, South, and West, including acquisitions of Ohio Medical Physics Consulting, National Physics Consultants, Texas-based D. Harris Consulting, and Indiana-based Advanced Medical Physics.
The underlying market dynamics support continued growth. The global medical physics market is sized at $5.9 billion to $6.3 billion in 2026, with North America accounting for approximately $2.5 billion domestically (41 percent of total). Analysts project mid-single-digit compound annual growth to reach $9.7 billion to $10 billion by the mid-2030s. Growth drivers include a persistent shortage of credentialed medical physicists, a rising installed base of imaging and radiation oncology equipment, and the administrative complexity of compliance—all pushing healthcare facilities toward outsourcing rather than in-house staffing. Diagnostic imaging represents approximately 61 percent of market demand by modality. The market remains highly fragmented across independent local practices, creating a substantial consolidation runway for platforms able to combine national scale with local market presence.
The continuation vehicle provides liquidity to existing investors while funding One Physics' next growth phase. Blue Sea and One Physics management are reinvesting significantly alongside the new capital, signaling continued conviction in the platform's strategy. CEO Jason Schneck emphasized focus on service quality, local market deepening, and physician recruitment. Blue Sea Capital, based in West Palm Beach, targets companies with $5 million to $30 million EBITDA and enterprise values under $300 million, investing in aerospace and defense, healthcare, and industrial growth. The firm closed Blue Sea Capital Fund III LP above target in September 2023 with $618 million of capital. Lazard served as secondary advisor, Piper Sandler as industry advisor, and Kirkland & Ellis provided legal counsel.
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