Private equity firm TPG has announced plans to sell its equity interest in OneOncology to Cencora, marking a significant transaction in the healthcare services sector. OneOncology, a Nashville, Tennessee-based platform founded in 2018, partners with independent community oncology practices to provide administrative and operational support. This acquisition by Cencora, a major pharmaceutical distribution and healthcare solutions company, signals a strategic expansion into the community oncology market.

For TPG, founded in 1992 and headquartered in San Francisco, this deal represents a successful exit from a middle-market investment, aligning with its core strategy of investing in healthcare and other specialized sectors. The transaction highlights the ongoing consolidation within the oncology space, as large players seek to integrate community-based practices to enhance care coordination and achieve economies of scale. This move underscores the high value private equity places on healthcare services and the continued merger and acquisition activity reshaping the industry landscape.