Healthcare Services Acquisitions in Rhode Island
Rhode Island Healthcare M&A Themes
Healthcare services dealmaking in Rhode Island spans in-home care, value-based models, hospital conversion activity, and post–manufacturing or logistics-enabled services. Across recent transactions from 2019 through 2026, acquirers often emphasize expanding regional reach—particularly within New England—and strengthening delivery capabilities for seniors, patients, and provider networks.
Deal activity also shows a mix of sponsor-backed roll-ups and nonprofit or operational acquirers. Examples include HouseWorks Holdings, LLC extending in-home care services, Elara Caring adding a Warwick-based skilled home health provider, and Wellvana expanding its Medicare Shared Savings Program (MSSP) footprint through the acquisition of CVS Health’s MSSP business.
Other entries highlight healthcare infrastructure and services adjacent to care delivery, from Millstone Medical Outsourcing adding regulatory testing capabilities to its post-manufacturing services to Lab Logistics Management (with Atlantic Street Capital) broadening kitting and fulfillment offerings for healthcare and life sciences customers.
What Stands Out
- In-home care and home-based services feature prominently, including HouseWorks Holdings, LLC, Elara Caring, and Upward Health.
- Value-based care appears through Wellvana’s acquisition of CVS Health’s MSSP (CVS Accountable Care) business.
- Hospital transformation and patient access is reflected in Centurion Foundation’s acquisition of Roger Williams Medical Center and Our Lady of Fatima Hospital, shifting them to nonprofit status.
- Adjacency to care operations shows up in deals like Millstone Medical Outsourcing’s addition of regulatory testing capabilities and Lab Logistics Management’s expansion of printing, kitting, assembly, and fulfillment.
- Dealmaking includes repeat sponsor names and recurring buyers such as Centurion Foundation, Atlantic Street Capital, Upstream Capital, and Vesey Street Capital Partners, LLC.
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- Buyer
- HouseWorks Holdings, LLC
- Target
- A Caring Experience Nursing Services, Inc.
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
HouseWorks Holdings, LLC (a portfolio company of InTandem Capital Partners) acquired A Caring Experience Nursing Services, Inc. (ACE), an in-home care provider based in Cranston, Rhode Island. The acquisition is intended to expand HouseWorks’ footprint in New England and strengthen its ability to deliver high-quality in-home care to seniors across the region.
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March 6, 2026
- Buyer
- Centurion Foundation
- Target
- Roger Williams Medical Center, Our Lady of Fatima Hospital
- Seller
- Prospect Medical Holdings
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
Centurion Foundation, a Georgia-based nonprofit, completed the acquisition of two Rhode Island safety-net hospitals: Roger Williams Medical Center (Providence) and Our Lady of Fatima Hospital (North Providence). The transaction converts the hospitals from Prospect Medical Holdings’ prior for-profit status to nonprofit organizations and is intended to preserve essential health care services, protect jobs, and maintain patient access.
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March 4, 2025
- Buyer
- Wellvana
- Target
- CVS Health's MSSP business (CVS Accountable Care)
- Seller
- CVS Health, CVS Accountable Care
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Divestiture
Wellvana has acquired the Medicare Shared Savings Program (MSSP) business of CVS Accountable Care (part of CVS Health) in an all-stock transaction that gives CVS Health a strategic minority ownership in Wellvana. The deal expands Wellvana's ACO footprint and capabilities — broadening its provider network and technology while integrating CVS MSSP talent to support approximately 1 million Medicare patients across 40 states.
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August 22, 2023
- Target
- QualityMetric
- Seller
- Vesey Street Capital Partners
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Divestiture
Vesey Street Capital Partners completed the full sale of its portfolio company QualityMetric on August 18, 2023; the buyer was not disclosed in the announcement. Under VSCP's ownership QualityMetric expanded its patient-reported outcomes, real-world evidence and analytics capabilities (including the acquisition of HealthActCHQ) and grew its commercial and scientific teams. Piper Sandler acted as financial advisor to VSCP and Kirkland & Ellis served as legal counsel.
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July 10, 2023
- Buyer
- Elara Caring
- Target
- Assisted Daily Living, Inc.
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
Elara Caring has acquired Assisted Daily Living, a 50-person skilled home health provider based in Warwick, Rhode Island. The acquisition gives Elara entry into Rhode Island and expands its Northeastern footprint, enabling deployment of its value-based home health, hospice and behavioral health platform into adjacent Connecticut and Massachusetts markets.
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December 6, 2022
- Buyer
- NMS Capital
- Target
- Surplus Solutions LLC
- Seller
- Company management, Joe D'Alton
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Recapitalization
NMS Capital has partnered with Surplus Solutions’ management in a recapitalization of Surplus Solutions LLC; terms were not disclosed. The investment will support geographic and inventory expansion, strategic M&A, and investments in infrastructure and operations to drive the company's next phase of growth; Twin Brook Capital provided debt financing.
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November 14, 2022
- Buyer
- Millstone Medical Outsourcing, Arlington Capital Partners
- Target
- Ethide Laboratories
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Addon
Millstone Medical Outsourcing, an Arlington Capital Partners portfolio company, acquired Ethide Laboratories on November 14, 2022. The acquisition adds Ethide's regulatory testing capabilities (EO residual, microbiology, sterility, package integrity) to Millstone's post-manufacturing service offering, broadening testing services and customer footprint.
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- Buyer
- Lab Logistics Management, Atlantic Street Capital
- Target
- The Allied Group
- Seller
- Compass Group Equity Partners
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Addon
Lab Logistics Management, a portfolio company of Atlantic Street Capital, has acquired The Allied Group from Compass Group Equity Partners. The Allied Group, a Cranston, Rhode Island–based provider of printing, kitting, assembly and fulfillment services for healthcare and life sciences (250+ employees), will expand Lab Logistics' product, kitting and international fulfillment capabilities; terms were not disclosed.
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- Buyer
- Bay State Physical Therapy
- Target
- Rhode Island Rehab Physical Therapy
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Addon
Bay State Physical Therapy has partnered with Rhode Island Rehab Physical Therapy, bringing the Rhode Island practice into Bay State’s regional network and rebranding the clinics under the Bay State name. The partnership expands Bay State’s outpatient physical therapy footprint across Greater Providence and eastern Rhode Island, enabling shared resources, continued local clinical leadership, and expanded patient access to Bay State’s care and education programs.
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- Buyer
- Rallyday Partners
- Target
- Performance Physical Therapy
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Growth capital
Denver-based private investment firm Rallyday Partners made a strategic growth investment in Performance Physical Therapy, a Providence, Rhode Island-based multi-clinic physical therapy platform. The capital will be used to support Performance's expansion across New England, invest in systems and infrastructure, and recruit and develop clinical and operational talent.
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- Buyer
- VillageMD, Village Medical
- Target
- Ocean State Healthcare
- Seller
- New Harbor Capital
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
VillageMD, through its Village Medical subsidiary, has acquired Ocean State Healthcare from private equity firm New Harbor Capital. Ocean State Healthcare — a Rhode Island primary care network with 68 clinical providers across 12 locations serving ~200,000 patients annually — will become part of Village Medical as VillageMD expands its value-based primary care footprint in the state.
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- Buyer
- Heritage Group, Noro-Moseley Partners, Blue Venture Fund, Windham Ventures
- Target
- Upward Health
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Growth capital
Upward Health, a Providence-based in-home medical group focused on high-risk, high-need populations, raised a growth equity financing led by Heritage Group with participation from existing investors Noro-Moseley Partners, the Blue Venture Fund and Windham Ventures. The capital will support Upward Health’s continued growth and national expansion of its risk-bearing, in-home care model integrating physical, behavioral and social services.
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November 12, 2020
- Buyer
- Vesey Street Capital Partners, LLC
- Target
- QualityMetric
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Recapitalization
Vesey Street Capital Partners completed a recapitalization of QualityMetric, a provider of patient-reported outcome (PRO) surveys, enabling technology and health outcomes analytics. VSCP funds provided equity while First Eagle Alternative Credit and Morgan Stanley Credit Partners provided debt financing to support QualityMetric’s next phase of growth; terms were not disclosed.
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November 5, 2020
- Buyer
- Spiro Health Services, Upstream Capital, NewSpring Capital Mezzanine
- Target
- Absolute Respiratory Care
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Addon
Spiro Health Services, a PE‑backed home medical equipment and respiratory care platform, has acquired Absolute Respiratory Care (ARC), a Johnston, Rhode Island-based provider of sleep therapy solutions and respiratory equipment. The add-on expands Spiro’s geographic footprint across eight New England states and the District of Columbia and brings ARC’s wireless monitoring and telehealth capabilities into Spiro’s platform.
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October 2, 2020
- Buyer
- Behavioral Health Group (BHG)
- Target
- Center for Treatment & Recovery (CTR), LLC
- Seller
- Center for Treatment & Recovery (CTR), LLC, Wendy Looker (co-founder of CTR)
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
Behavioral Health Group (BHG) has acquired the Center for Treatment & Recovery (CTR), LLC in Pawtucket, Rhode Island; the clinic will operate as BHG Pawtucket Treatment Center. The outpatient opioid treatment program employs 23 clinicians and staff and expands BHG's network (now 71 locations across 15 states) to Rhode Island to increase access to Medication Assisted Treatment and behavioral health services.
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November 20, 2019
- Buyer
- APDerm
- Target
- Dermatology Professionals, Inc.
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
APDerm, a physician-led dermatology group based in Acton, Massachusetts, has acquired Dermatology Professionals, Inc., adding DPI's headquarters in East Greenwich, Rhode Island and a second location in North Attleboro, Massachusetts. The deal expands APDerm's footprint across New Hampshire, Massachusetts and Rhode Island and increases its network to 24 locations and 69 providers.
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Frequently Asked Questions
What types of healthcare services deals are shown for Rhode Island?
The transactions cover in-home and skilled home health, value-based care (including MSSP/ACOs), hospital services with nonprofit conversions, and healthcare-enabled operational services like regulatory testing and healthcare/life sciences fulfillment.
Which deals involve in-home care in Rhode Island?
Examples include HouseWorks Holdings, LLC acquiring A Caring Experience Nursing Services, Inc. and Elara Caring acquiring Assisted Daily Living, Inc.. Upward Health is also represented as an in-home medical group raising growth equity.
Do any acquisitions relate to value-based Medicare programs?
Yes. Wellvana acquired CVS Health’s MSSP business (CVS Accountable Care) in an all-stock transaction involving minority ownership for CVS Health.
Are hospital acquisitions included in the Rhode Island healthcare services page?
Yes. Centurion Foundation acquired Roger Williams Medical Center and Our Lady of Fatima Hospital in Rhode Island, converting them from the prior for-profit status to nonprofit organizations.