Healthcare Services Acquisitions in 2023

Aquiline Capital Partners made a majority investment in PharmaForce Group LLC, a pharmacy solutions provider to hospitals and health clinics. The partnership is intended to support PharmaForce’s continued product expansion, including 340B administration software and pharmacy benefits management, and to accelerate strategic M&A. The transaction closed in the fourth quarter of 2023 and financial terms were not disclosed.

Integrated Foot and Ankle Specialists (IFAS) acquired Quarryville Family Foot Care in Lancaster County, Pennsylvania, with the transaction closing on December 29, 2023. The deal marked IFAS’s fifth acquisition of 2023 and expanded its footprint as it ended the year operating 16 locations across Pennsylvania and New Jersey. IFAS was formed in 2022 as a joint venture between private equity firms Avonwood Capital Partners and Mereo Capital Partners.

ARC Health, a portfolio company of Thurston Group, acquired Exult Healthcare, a mental health practice providing behavioral healthcare services in Texas. The combination is intended to expand access to care and support Exult’s growth while allowing the practice to maintain a patient-centric clinical focus. Clew Partners originated the transaction and served as buy-side advisor to ARC Health.

Oakley Capital-backed 7NXT, owner and operator of the Gymondo fitness platform, has agreed to acquire digital wellbeing app 7Mind. The combination is intended to create a broader consumer platform spanning physical fitness, nutrition, mindfulness and meditation, with more than 650,000 paying subscribers and expanded B2B relationships (including with health insurers).

Jackson House has acquired a majority interest in Cameron Care, Inc., a 39-bed residential mental health treatment provider operating three facilities in Portland, Oregon. Following the transaction, Cameron Care will operate as Cameron Care, LLC, with owner Corey Cameron continuing as Executive Director.

Veda Living announced the acquisition of a management contract for Emerald City Senior Living, a 119-unit private-pay senior living community in Seattle, Washington. The deal expands Veda Living’s portfolio and was completed in partnership with Greenlake Senior Living.

mPulse announced the acquisitions of HealthTrio and Decision Point Healthcare Solutions to expand its capabilities in healthcare digital engagement, member experience, and analytics. Backed by its majority investor PSG alongside other existing shareholders and management, mPulse aims to create a full-service engagement, analytics, and activation platform for healthcare organizations.

HouseWorks Holdings, LLC entered into definitive agreements to partner with Elite Home Health Care, a provider of home care services across New York State, subject to regulatory approval. The partnership marks HouseWorks’ entrance into New York and expands its geographic footprint, with Elite’s leadership supporting HouseWorks’ New York region going forward.

Avantik joined forces with CPBS Holdings and Marston Technical Services (MTS) to significantly expand its national service coverage for anatomic pathology, histology, and dermatology laboratories across the United States. The combination more than doubles Avantik’s geographic footprint and expands its technician and service hub network; CPBS and MTS will continue operating under their current brands as they transition to Avantik.

Schweiger Dermatology Group (SDG) acquired NavaDerm Partners' New Jersey practices, Millburn Laser Center and Scherl Dermatology. Brown Gibbons Lang & Company (BGL) served as exclusive financial advisor to NavaDerm, a portfolio company of BelHealth Investment Partners, and transaction terms were not disclosed.

The Alliance for Multispecialty Research (AMR) has acquired Affinity Health, a clinical research services provider founded in 2015. The deal expands AMR’s clinical research site network, adding additional principal investigators and strengthening AMR’s presence in key markets including Chicago, Illinois and Nashville, Tennessee. Fairmount Partners served as exclusive financial advisor to Affinity Health.

Flourish Research acquired Merritt Island Medical Research (MIMR), a clinical research site in Merritt Island, Florida specializing in neuroscience indications including Alzheimer's disease. The acquisition expands Flourish Research’s multi-site clinical trials footprint, with MIMR’s leadership continuing in their roles while integrating into the broader Flourish platform.

Advanced Diagnostics Healthcare System (ADHS) announced it has acquired TREND Healthcare, a network of clinics in the Dallas–Fort Worth metroplex. The transaction expands ADHS’s footprint and is intended to enhance access to ADHS’s high-tech diagnostics and patient-centered care model across combined clinic locations.

Nixon Medical acquired the healthcare (medical) business of A Linen Connection, an Orlando, Florida-based laundry services provider serving customers across Central Florida. The transaction closed on December 15, 2023, and financial terms were not disclosed. Nixon Medical expects acquisitions to support growth and will serve the acquired medical customers through its new healthcare laundering facility in Apopka, Florida.

TREND Health Partners, a provider of healthcare credit balance management and payment accuracy solutions, acquired Advent Health Partners, Inc., creator of the AI-driven clinical review platform CAVO. The deal strengthens TREND’s AI-driven payment accuracy and revenue integrity platform for healthcare payers and providers and is supported by a follow-on investment from Lone View Capital.

ARES Group, a portfolio company of Highlander Partners, acquired the cardiology activity (cardiovascular surgery and interventional cardiology departments) of Monza Hospital in Bucharest from Policlinico di Monza. The transaction leads to the formation of the MONZA-ARES Group, positioning it as a leading private cardiology provider in Romania. Separately, Brain Hospital will take over other surgical departments at Monza Hospital, including neurosurgery and ENT.

Certara, Inc. acquired Applied BioMath to expand its biosimulation portfolio and strengthen capabilities in quantitative systems pharmacology (QSP) for model-informed drug discovery and development. The combined organization will form what it describes as the life sciences industry’s largest QSP center of excellence, aiming to industrialize QSP approaches to support optimal dosing and accelerate drug development.

Veranex, a global services platform for the medtech industry, announced it has acquired T3 Labs, a preclinical laboratory based in Atlanta, Georgia. The deal expands Veranex’s preclinical footprint in North America and broadens its therapeutic and medical device evaluation capabilities for clients.

Platt Park Capital acquired Hiatus Spa + Retreat, a multi-unit wellness and medical spa business. Source Capital (via Source Capital Credit Opportunities IV, LP) and Gemini Investors partnered to support the transaction through debt financing and an equity co-investment. Hiatus is headquartered in Dallas, Texas and operates eight locations across major Texas cities.

Millennium Health and Fitness announced it has been acquired by CrestPeak, signaling a new phase of growth in population health management and human performance markets. Following the transaction, Millennium introduced new executive leadership including Heather Collins as President and Kathleen Zumbar as Chief Operating Officer. CrestPeak is described as a Boathouse Capital sponsored company supporting growth in the U.S. Government Contracting small business market.

West Physics Consulting, LLC completed the acquisition of Radiation Protection Services, Ltd. (RPS), a regional provider of medical and health physics services. The deal expands West Physics’ capabilities and service coverage in Illinois and surrounding states, adding RPS’ expertise in radioactive material and imaging equipment testing to the West Physics platform.

H.I.G. Growth Partners sold its portfolio company Just Home Healthcare Services (JHC) in two separate transactions. In April 2023, JHC’s Personal Home Care and Adult Day Health segments were sold to Honor Health Network (backed by Webster Equity Partners), and in October 2023, JHC’s Group Home and Independent Living Program segments were sold to RHA Health Services (backed by Blue Wolf Capital).

Advanced Fertility Care (AFC), a member of the Pinnacle Fertility network, announced the integration of Reproductive Health Center in Tucson, Arizona into its family of fertility clinics. Reproductive Health Center will operate under the Advanced Fertility Care brand while continuing to serve patients at its existing Tucson location under the leadership of Dr. Scot Hutchison.

HOPCo (Healthcare Outcomes Performance Company) announced its acquisition of MyACTome, a validated smartphone-based digital health platform for fall risk and frailty assessment. The deal expands HOPCo’s digital health ecosystem and will integrate MyACTome into HOPCo’s existing MSK-focused platforms and analytics to support value-based care and improve patient outcomes.

R1 RCM Inc. entered into a definitive agreement to acquire Acclara, a revenue cycle management services provider and subsidiary of Providence, for $675 million in cash plus warrants for 12.2 million shares of R1 stock. In connection with the deal, Acclara and Providence will sign a 10-year agreement under which R1 will serve as Providence’s long-term revenue cycle management partner, with closing expected in early 2024 subject to customary conditions and approvals.

Imaware, a digital health platform focused on home testing, acquired binx health’s at-home consumer testing business for an undisclosed amount. The deal expands Imaware’s home-health testing menu and enterprise client base, strengthening its position in consumer and STI screening. Binx Health will retain and continue to operate its point-of-care (POC) molecular diagnostics business, which was excluded from the transaction.

Tygon Peak Capital created a new internal medicine healthcare platform through its investment in two Dallas-area primary care practices: Doctors of Internal Medicine (DIM) and Internal Medicine Associates of Plano (IMAP). The investment was led by Tygon Peak in partnership with Greyrock Capital Group and management, with Sunflower Bank providing senior debt financing; terms were not disclosed.

National HME acquired Hospice Source, a provider of medical equipment to hospice patients and facilities. The acquisition expands National HME’s national footprint and capacity to deliver technology-enabled hospice durable medical equipment services across the United States.

ARC Health, a Thurston Group portfolio company, acquired Advanced Psychiatric Group (APG Health), an outpatient behavioral healthcare and mental health practice serving Central Florida. The deal expands ARC Health’s network of mental healthcare practices while allowing APG Health to continue delivering psychiatric care, counseling, and related services to its patient base.

The Bay Club Company (Bay Club) announced it has acquired PRO Club Inc., owner/operator of two major health and wellness facilities in the Seattle and Bellevue markets. The acquisition expands Bay Club’s footprint in the Pacific Northwest as part of its broader West Coast growth strategy, with PRO Club founders Dick Knight and Dr. Mark Dedomenico remaining involved as strategic advisors for at least three years.

Xponential Fitness, Inc. agreed to acquire Lindora, a medically guided metabolic health and wellness brand founded in 1971 in Southern California. As part of the deal, Lindora’s 31 existing clinics are expected to become Xponential franchise locations, and Xponential will acquire Lindora’s intellectual property to support national and global franchising. The transaction is expected to close in early 2024.

Solaris Health Holdings announced that Urologic Consultants of Grand Rapids, Michigan has joined Solaris as an affiliate, expanding Solaris’ national urology management platform. Financial terms were not disclosed. Lee Equity Partners is noted as a financial partner in Solaris.

HCMS Napa, LLC acquired Lobo Solutions, Inc. (LSI), a provider of professional medical billing and coding services. The transaction closed on December 4, 2023, and Lobo Solutions was advised by Generational Equity.

Carisk Partners, a specialty risk transfer and care coordination company focused on the workers’ compensation market, completed a recapitalization led by Lee Equity Partners and Elements Health Investors. The transaction provides capital to support Carisk’s continued expansion and investment in products and services across the workers’ compensation claims value chain. Carisk was previously a portfolio company of MBF Healthcare Partners.

The Pennant Group, Inc. acquired Southwestern Palliative Care and Hospice, a provider of skilled hospice services in Yuma, Arizona. The deal expands Pennant’s hospice footprint in Arizona and supports its broader strategy of acquiring home health, hospice, and senior living businesses across the United States.

Eye Health America (EHA), an integrated eyecare platform backed by LLR Partners, announced a partnership/acquisition of Medical, Laser, & Surgical Care of Vision and Eye Diseases (MLSCVED), an ophthalmology practice in Venice, Florida led by Dr. Mark Johnson. The transaction, announced December 1, 2023, is EHA’s 23rd strategic partnership since 2018 and strengthens its presence in the Venice/Sarasota region of Southwest Florida.

Seven Hills Capital announced an additional investment (reinvestment) in its partner company, Reliable Medical, to support the company’s continued growth into new and existing markets. Reliable Medical, headquartered in Franklin, Tennessee, provides complex rehab and mobility solutions, including complex rehab technology, clinical respiratory products, and durable medical equipment and supplies.

SignatureCare Emergency Center, based in Houston, Texas, sold a network of eleven freestanding emergency departments (FSEDs) in the greater Houston area to HCA Healthcare, Inc. Dinan Capital Advisors acted as exclusive financial advisor to SignatureCare and its affiliates on the transaction. SignatureCare will continue operating its FSED networks outside of Houston following the sale.

Fremman Capital acquired a majority stake in HT Médica, a leading Spanish provider of radiology and diagnostic imaging services, partnering with the Luna family for the company’s next stage of growth. The Luna family remains involved as the current majority shareholder transitioning into a partnership structure, and the investment is intended to support expansion and continued clinical and technological advancement across Spain.

Experian (via its Experian Health business) acquired Wave HDC, a healthcare technology company providing AI-enhanced healthcare data curation for insurance discovery/verification and patient demographics capture at registration. The deal expands Experian Health’s patient access and coverage identification capabilities, enabling real-time, single-inquiry insurance discovery to reduce rework and accelerate payer reimbursements.

Heart & Vascular Center of Arizona P.C. (HVCA) was acquired by Cardiovascular Associates of America (CVAUSA). B. Riley Securities served as the sell-side M&A advisor to HVCA in connection with the transaction; CVAUSA is a portfolio group of Webster Equity Partners.

Parallel ENT & Allergy, backed by Trinity Hunt Partners, acquired/added Michigan ENT & Allergy Specialists as a supported practice. The partnership expands Parallel’s footprint and provides Michigan ENT with non-clinical practice management support services while Michigan ENT continues delivering otolaryngology, allergy, and audiology care across its Michigan locations.

Soaak Technologies, an AI-enabled health-tech company, has acquired Thermography Tulsa, a provider of thermal imaging (thermography) services. The deal expands Soaak’s holistic wellness offerings by integrating thermography alongside its existing solutions, including services offered through its RenuYou Clinics brand, with plans to expand thermography access across the United States.

424 Capital completed a significant investment in VaLogic, a Frederick, Maryland-based provider of GMP/GLP compliance software and services for pharmaceutical, biotechnology, and life science organizations. The partnership is intended to support VaLogic’s growth and expansion, including scaling its compliance services and its proprietary SaaS monitoring software, LogiPoint.

Ampersand Capital Partners completed a majority recapitalization of Julius Clinical Research, an academic clinical contract research organization (CRO) providing clinical trial services and real-world evidence studies. The partnership is intended to expand Julius Clinical’s scientific/therapeutic expertise and broaden its geographic footprint across Europe and North America to accelerate growth.

Harmony Healthcare IT (HHIT) announced a significant investment from private equity firm Novacap to accelerate innovation and growth in healthcare data management. The partnership will enhance HHIT’s technological capabilities, including expanding its cloud-hosted HealthData Platform and incorporating artificial intelligence for improved data handling and analytics.

Rezolut, LLC entered into a partnership agreement to acquire Southtowns Radiology, a multi-modality, all-digital radiology network headquartered in Hamburg, New York. The transaction expands Rezolut’s outpatient imaging footprint, bringing its total to 43 centers nationally (19 in the Northeast), and strengthens its presence in the Northeastern United States.

Lead Capital Partners, LLC (LCP) announced a platform investment in Viva Day Spa, LLC in partnership with the company’s founders and management team. Petra Capital Partners and Harbert Credit Solutions invested alongside LCP. Viva will continue to be led by its existing management team.

Gauge Capital announced a strategic investment in East Coast Institute for Research (ECIR) to provide growth capital and recapitalize the company. ECIR, a clinical research site management organization headquartered in Jacksonville, Florida, plans to use the investment to accelerate expansion and invest further in infrastructure.

ARC Health, a Thurston Group portfolio company, acquired Manhattan Psychology Group, PC (MPG), a multi-location behavioral health practice serving the Greater New York City metro area. The acquisition expands ARC Health’s mental healthcare offerings, including integrated mental health services and applied behavioral analysis provided by MPG.

Principle Health Systems announced the acquisition of BioStat Laboratory, a Dallas-based laboratory, to expand its laboratory services footprint in the Dallas–Fort Worth metroplex. The deal adds BioStat’s team and capabilities, enabling Principle Health Systems to establish a full-service laboratory presence in DFW and enhance offerings such as bedside STAT testing.

Healthcare-focused private equity firm ARCHIMED acquired US-based Symbio and Germany-based Proinnovera in an all-equity transaction and simultaneously merged them to form Symbio Proinnovera. The combined business is a dermatology-focused contract research organization (CRO) providing formulation, testing, consulting, and clinical research services from early development through regulatory approval and commercialization.

Fulcrum Equity Partners acquired Defining Wellness Centers, a substance use disorder (drug and alcohol) treatment provider headquartered in Jackson, Mississippi. Fulcrum’s investment is intended to support expansion of Defining Wellness’ addiction treatment services in Mississippi and into additional geographies, with industry veteran Drew Rothermel appointed as CEO to lead the next phase of growth.

NMS Capital has partnered with the management of VONA Case Management, LLC in a recapitalization investment; financial terms were not disclosed. VONA, headquartered in Daphne, Alabama, provides medical case management services for workers’ compensation stakeholders including self-insured employers, insurance carriers, and third-party administrators across the U.S.

Clearview Capital Fund IV and its affiliates, via portfolio company MBI Industrial Medicine, announced a partnership with Reliant Immediate Care Medical Group, an occupational healthcare provider operating five clinics in the Greater Los Angeles area. Reliant founder Dr. Max Lebow will remain Medical Director and owner, as MBI continues to expand its occupational injury care platform.

UpLift, a technology-driven behavioral health company providing in-network therapy and psychiatry, acquired Minded, an online psychiatry provider focused on specialized care for women. The deal expands UpLift’s capability to deliver team-based therapy and psychiatry nationwide across all 50 U.S. states, with expansion beginning in California, Illinois, New York, Pennsylvania, and Texas.

CECOP USA partnered with and acquired Pearlman Buying Group, with the acquisition having taken place last August. CECOP USA’s CEO Ignacio Macias told Pearlman’s ~600 independent eyecare professional members that the combined organization will expand purchasing power and provide enhanced services, deals, and support to members.

Dynamic Physical Therapy, LLC (DPT), a two-location outpatient physical therapy clinic in Colorado Springs, Colorado, was sold to an affiliate of Seven Lakes Group, LLC. The transaction closed in August 2023 and was advised by Generational Equity. Seven Lakes Group focuses on acquiring and operating health care companies across Texas and surrounding states.

Lifeway Mobility, a portfolio company of Rockwood Equity Partners, closed two add-on acquisitions: Gamburd and Stairbusters. The acquisitions are intended to expand Lifeway’s scale and geographic reach in home accessibility and safety equipment across California and parts of the Northeastern United States.

Bradford Health Services acquired Vertava Health of Mississippi (Vertava Health’s residential campus in Southaven, Mississippi), expanding Bradford’s addiction treatment and mental health services footprint in North Mississippi and the surrounding Southeast region. Advisors included McDermott Will & Emery as legal counsel to Bradford, and Piper Sandler & Co. (financial advisor) and Kirkland & Ellis LLP (legal counsel) to Vertava Health.

Medical Specialists of the Palm Beaches (MSPB), a primary care-focused multi-specialty physician group in South Florida, announced it has acquired Tequesta Family Medical Center, LLC, a concierge medicine practice in Tequesta, Florida. The deal expands MSPB’s footprint in northern Palm Beach County and strengthens its growing concierge medicine offering.

The Grunt Style Foundation and Irreverent Warriors are uniting, with Irreverent Warriors becoming a subdivision under the Grunt Style Foundation. The combination is intended to expand outreach for veteran mental health, wellness, and suicide prevention efforts across the United States while Irreverent Warriors retains its name and branding.

Integracare Inc., a private home healthcare provider in the Greater Toronto Area, has acquired Living Assistance Services. Living Assistance Services has provided personal support and home healthcare services in Toronto since 2000 and will be integrated into the Integracare Group of Companies.

Thoma Bravo completed its acquisition of NextGen Healthcare, a provider of cloud-based healthcare technology solutions for ambulatory providers, in an all-cash transaction valued at approximately $1.8 billion. NextGen Healthcare shareholders received $23.95 per share in cash and the company’s common stock ceased trading and was delisted from Nasdaq upon closing.

Choice Health at Home LLC agreed to acquire Lumicare Hospice, expanding its hospice footprint in Texas and Arizona and adding operations in Colorado. Financial terms were not disclosed. Following the transaction, Lumicare founder Kevin Peay will lead operations for the Colorado location.

Urology America (UA), a urology-focused management services organization, announced a new partnership with the Conrad Pearson Clinic, a leading urology practice in the Greater Memphis market. Under the partnership, Conrad Pearson joins the Urology America network, gaining operational and business support resources to help the practice continue expanding and focusing on patient care.

EoS Fitness acquired UFC Fit Silverado, an MMA-inspired fitness facility in the Silverado area of Las Vegas, Nevada. The deal supports EoS Fitness’ continued expansion in the Las Vegas Valley, with plans to invest in and renovate the newly acquired club while transitioning UFC Fit Silverado members to EoS memberships.

Nordic Capital signed an agreement to acquire a majority stake in IntegriChain, a pharmaceutical commercialization and market access technology and services provider. The majority stake is being acquired from Accel-KKR, which initially invested in IntegriChain in 2016. Financial terms were not disclosed and the transaction is expected to close before year end, subject to customary conditions and regulatory approvals.

Arch Amenities Group acquired Personal Best Health and Performance Inc. to expand its wellness, spa, and amenity management operations into Canada. Personal Best, headquartered in Palgrave, Ontario, provides corporate wellness consulting and management services for employee fitness and lifestyle programs.

Pediatric Home Service (PHS), an InTandem Capital Partners portfolio company, acquired Apple Homecare Medical Supply (Apple HMS) in Texas and All About Pediatrics in Florida to expand its pediatric home care “Pediatric Center of Excellence.” Apple HMS is a pediatric respiratory and enteral HME/DME supplier serving Texas, while All About Pediatrics provides respiratory, enteral nutrition, and related supplies for medically complex children in Florida.

Empower Aesthetics, a national medical aesthetics platform headquartered in Austin, Texas, announced the acquisition of BCRN Aesthetics, a leading medical aesthetics practice in Houston, Texas. Empower is backed by Shore Capital Partners, and the partnership is intended to expand Empower’s presence in the Southwest and support BCRN’s growth through strategic and operational initiatives.

Everest Clinical Research, a contract research organization (CRO) backed by Arlington Capital Partners, acquired European CRO August Research for undisclosed terms. The deal adds a European footprint for Everest across 14 countries and expands capabilities in Clinical Trial Services and pharmacovigilance, with August’s founders continuing as leaders post-transaction.

Palm Medical Centers, a portfolio company of MBF Healthcare Partners II, L.P., acquired Amana Medical Center P.A., a primary care practice in Oviedo, Florida. The acquisition adds Palm’s 36th clinic overall and expands its presence in the greater Orlando market.

Medical Specialists of the Palm Beaches (MSPB), a multi-specialty physician group practice in South Florida, announced it has acquired Colton and Kaminetsky, LLC, a concierge medicine practice in Boca Raton, Florida. The deal expands MSPB’s concierge medicine offering and extends its presence in the Boca Raton and Palm Beach markets, representing MSPB’s fourth acquisition in 2023.

ARC Health, a Thurston Group portfolio company, has acquired GROW Counseling, a multi-location mental health practice in the Atlanta metro area. The transaction also includes integration of the GROW Counseling Network, expanding ARC Health’s service footprint across the United States and Canada.

Viome Life Sciences acquired Naring Health, a digital health and wellness company focused on providing individualized clinical and molecular data to support informed health decisions. As part of the transaction, Viome is also acquiring Naring Health-affiliated companies DiscernDX and Foodome to broaden its precision health and personalized nutrition capabilities.

Knack Global, a Florida-based provider of end-to-end revenue cycle management (RCM) solutions, acquired The Faculty Practice Service, Inc. (FPS), a medical billing and practice management services provider. FPS is headquartered in Armonk, New York, and serves physicians, hospitals, and other healthcare facilities across multiple specialties. Knack cited the acquisition as a way to expand its geographic footprint and RCM capabilities alongside its investment partner, LKCM Headwater.

NorthEdge completed a multi-million-pound investment into Antibody Analytics, a Scotland-headquartered contract research organisation providing pre-clinical immunology research services. The funding will support Antibody Analytics’ growth plan, including facility expansion, additional capacity, and job creation to enhance its research capabilities for biopharmaceutical clients globally.

First Stop Health (FSH), a virtual care company, acquired SentryHealth Inc., an employee health and well-being platform. The deal adds SentryHealth’s AI-driven care management and advocacy capabilities to strengthen FSH’s virtual care offerings for employers and their employees, with FSH CEO Teira Gunlock leading the combined company and SentryHealth CEO Kevin Porter joining as a strategic advisor.

Resolian, a global bioanalytical contract research organization (CRO), has acquired Denali Medpharma, a China-based bioanalytical CRO. The deal expands Resolian’s bioanalysis laboratory footprint to include China alongside existing operations in the United States, United Kingdom, and Australia, enhancing its capabilities in areas such as oligo, mRNA, and liposomal bioanalysis.

Nautic Partners-backed ExactCare completed its all-cash acquisition of Tabula Rasa HealthCare, Inc. (TRHC) for $10.50 per share, valuing TRHC at approximately $570 million enterprise value including net debt. The transaction combines TRHC with ExactCare to form a scaled, independent pharmacy care management company focused on complex, high-risk patients, and TRHC became privately held following closing. The combined organization later launched under the AnewHealth brand.

Gentiva completed its previously announced acquisition of ProMedica's home health, palliative, and hospice business after receiving required state and federal regulatory approvals. The combined organization will expand access to hospice, palliative, and home care services, with many ProMedica locations to be rebranded under Gentiva’s Heartland and Empatia brands.

Good Feet Holdings, LLC acquired Stretch*d, a New York City-based provider of one-on-one dynamic assisted stretching and recovery services. Following the deal, Stretch*d will operate within Good Feet Holdings’ portfolio alongside brands such as The Good Feet Store and ING Source (OS1st), with Vanessa Chu joining as President of Stretch*d and Jeff Brannigan as Director of Training.

The Pennant Group, Inc. acquired Guardian Hospice and Guardian Hospice of Oklahoma for an undisclosed amount. Guardian provides skilled hospice services across multiple counties in northern Texas and southern Oklahoma, expanding Pennant’s existing hospice footprint in both states.

Havencrest Capital Management, through its non-medical home care platform Avid Health at Home, acquired Independence 4 Seniors (Independence-4-Seniors), a Chicago-area home care provider serving DuPage County and Western Cook County. The deal is described as Avid’s third acquisition/tuck-in under the platform and expands Avid’s footprint in the Chicagoland market as it grows across the Midwest.

Forensic Access Group, a portfolio company of Limerston Capital, has acquired FTS (Forensic Testing Service), a provider of toxicology testing services for Family Law and Childcare Proceedings. The deal expands Forensic Access Group’s toxicology capabilities and capacity and supports its ongoing buy-and-build strategy. FTS is headquartered in West Yorkshire, United Kingdom.

Sheridan Capital Partners announced the formation of Ascend Plastic Surgery Partners, a plastic surgery physician practice management company (MSO) created through the combination of five plastic surgery practices and two standalone MedSpas. Sheridan invested alongside Ascend’s surgeons and management, who retained a meaningful ownership stake. Ascend is headquartered in Atlanta, Georgia and provides plastic surgery and med spa services across Alabama, New Mexico, South Carolina, and Utah; financial terms were not disclosed.

Kingsway Financial Services Inc. acquired Digital Diagnostics Imaging, Inc. (DDI), a provider of fully managed outsourced cardiac monitoring telemetry services, for $11.0 million in an all-cash transaction funded with $5.4 million of cash on hand and $5.6 million of debt financing. The deal was structured as a purchase of all issued and outstanding shares, with financing provided by Signature Bank (Illinois). Following the acquisition, Kingsway operator-in-residence Peter Dausman becomes CEO of DDI, while co-founder and former CEO Thomas Corney remains as an advisor during a transition period.

Beckley Waves announced the strategic acquisition of Nue Life, a provider of ketamine-assisted therapy focused on expanding safe and scalable access, including in underserved areas. As part of the transaction, Beckley Waves launched a new portfolio company, NueCo Holdings PBC, which acquired the assets of Nue Life Health Inc., with Daniel Love serving as interim CEO.

Ascend Capital Partners acquired a majority stake in Seoul Medical Group (SMG), a physician-run Independent Physician Association (IPA) serving Korean-American and other Asian American patient populations across multiple U.S. markets. SMG also owns Advanced Medical Management (AMM), a management services organization providing administrative services to SMG’s physician network; transaction terms were not disclosed. Ascend plans to support SMG and AMM with capital and operational resources, including technology/IT expansion and use of data analytics to improve care quality and operations.

Velocity Clinical Research acquired Impact Research Institute (Waco, Texas) and the clinical trials unit of Liver Institute Northwest (Seattle, Washington). The acquisitions expand Velocity’s liver disease clinical research capabilities, including MASH/MASLD-focused studies, and add key opinion leaders as principal investigators within Velocity’s global site network.

Latticework Capital Management (LCM) made a strategic, control-oriented private equity investment in Institutes of Health, LLC (IOH), a multidisciplinary workers’ compensation treatment provider. IOH is headquartered in San Diego, California and operates three facilities in southern and central California, providing advanced treatment programs for complex and chronic conditions.

Physical Therapy Central (PTC) has acquired FirstCare Rehabilitation, a physical therapy practice based in Clinton, Oklahoma. The deal expands PTC’s clinic footprint in Oklahoma while FirstCare’s patients and clinical teams continue operations with added access to resources from PTC’s parent organization, Confluent Health.

LDC-backed RDi, a UK automated, data-led healthcare fulfilment specialist, acquired MedDX and Shuttlepac, both providers of diagnostic/biological sample collection and transport packaging. The deals broaden RDi’s healthcare kitting and component capabilities, improve supply-chain visibility and control, and support continued growth including planned expansion into the US market.

TREND Health Partners acquired PrecisionGx, an AI and machine learning-enabled healthcare payment integrity and claims audit solutions provider. The deal expands TREND’s payment accuracy and credit balance management capabilities by adding PrecisionGx’s Astria analytics engine and additional functionality such as membership integrity and automated audit intelligence.

Spire Healthcare Group plc acquired Vita Health Group Limited, a UK provider of mental and physical health services, for net cash consideration of approximately £74 million. Vita delivers NHS outpatient talking therapies as well as musculoskeletal, dermatology, and corporate/occupational health services, and will expand Spire’s capabilities in low-acuity mental health and occupational health. The business was sold by funds advised/managed by ARCHIMED alongside certain current and former employee shareholders, with Vita’s leadership team retained.

Uniguest, a Nashville-based digital engagement technology provider and a portfolio company of Atlantic Street Capital, announced the acquisition of pCare. New York-based pCare provides interactive patient engagement systems for hospitals and healthcare providers, and the deal expands Uniguest’s healthcare capabilities and portfolio.

ACU-Serve Corp., a provider of technology-enabled revenue cycle management services for post-acute and home-based healthcare providers, received a majority growth investment from private equity firm Lovell Minnick Partners (LMP). ACU-Serve will remain independent and continue to be led by its existing management team, and LMP is investing through its affiliated funds Lovell Minnick Equity Partners V LP and Lovell Minnick Equity Partners V-A LP. Financial terms were not disclosed.

Veristat, a full-service clinical research organization (CRO) and consultancy, has acquired Instat Clinical Research, a biometrics-focused CRO. The deal expands Veristat’s biometrics capabilities across data management, biostatistics, and statistical programming, adding teams located in the United States and India to support global clinical development and regulatory submissions.

DermCare Management announced three practice acquisitions/partnerships: Albemarle Dermatology & Associates (Charlottesville, Virginia), Posh Plastic Surgery (Jacksonville, Florida), and First OC Dermatology Research (Orange County, California). The deals expand DermCare’s footprint to 68 practice locations and strengthen its dermatology and cosmetic surgery capabilities, including its dermatology research division. DermCare Management is a portfolio company of Hildred Capital Management.