Blue Sea Capital Fuels One Physics Growth with Continuation Fund

Blue Sea Capital has successfully launched its inaugural single-asset continuation vehicle, injecting fresh capital into One Physics, a prominent outsourced provider of essential medical physics services. This strategic move, which saw significant oversubscription, not only offers liquidity to existing stakeholders but also empowers One Physics with substantial resources for its ambitious expansion plans, encompassing both strategic acquisitions and organic development. Both Blue Sea Capital and the One Physics management team have reaffirmed their commitment through substantial reinvestment.

The continuation fund attracted a robust syndicate of sophisticated institutional investors, underscoring the market's confidence in One Physics' trajectory. Key participants included Apogem Capital, a significant player in private markets managing approximately $44.6 billion, and Churchill Asset Management, a middle-market financing specialist with $66 billion in committed capital, affiliated with Nuveen. Further bolstering the syndicate were Dextra Partners, a multi-strategy firm overseeing around $5 billion, and Future Standard, a specialist in the mid-market with approximately $94 billion under management. Additional support came from Abbott Capital and Twin Bridge Capital Partners.

One Physics plays a critical role in the healthcare ecosystem by providing specialized physicists who meticulously test, calibrate, and certify radiation-emitting medical equipment. This vital service ensures that diagnostic imaging machines, such as CT scanners and mammography units, and therapeutic devices, like radiation oncology systems, operate accurately and adhere to stringent federal and state regulatory requirements. The company's services are indispensable for maintaining patient safety and operational compliance across thousands of healthcare facilities nationwide.

The company's operational scope is extensive, serving over 7,000 healthcare client sites across more than 45 states. One Physics offers a comprehensive suite of services, including diagnostic and therapy medical physics, radiation safety consulting, and a dosimetry program to monitor staff radiation exposure. They also provide crucial locum tenens physicist support and assist with the shielding design and commissioning of new equipment installations. Furthermore, One Physics actively cultivates the next generation of experts through its seven residency programs.

Since Blue Sea Capital's initial investment in April 2019, when the platform was established in partnership with Krueger-Gilbert Health Physics and initially known as Apex Physics Partners, the company has undergone significant transformation. It has strategically integrated 22 acquisitions, building a formidable national presence. This growth has been fueled by key additions such as Ohio Medical Physics Consulting, National Physics Consultants, Radiological Physics, and ZapIT! QA in its early stages, followed by expansion into the Midwest and South with entities like D. Harris Consulting, Advanced Medical Physics, INphysics, Fusion Physics, and Radiation Physics & Engineering.

The market for medical physics services in the United States is substantial, estimated to be between $5.9 billion and $6.3 billion in 2026, with North America accounting for approximately 41% of this total. One Physics is well-positioned within this growing sector, driven by increasing demand for specialized healthcare services and evolving regulatory landscapes. The successful closing of this continuation vehicle signals strong investor conviction in Blue Sea Capital's strategy and One Physics' proven ability to execute and scale within this essential healthcare niche.