In light of the growing investor interest in healthcare and the risks associated with private equity ownership of healthcare companies, the Private Equity Stakeholder Project will be tracking private equity-backed healthcare acquisitions. Below is a list of private equity healthcare buyouts and add-on acquisitions completed or announced during March 2022. We will continue to track acquisitions on a monthly basis.
Private equity firms acquired several more home healthcare and hospice companies in March, continuing a trend of substantial private equity investment in the sectors.
For example, Traditions Health, owned by private equity firm Dorilton Capital, acquired Pursue Health and Serenity Health Management, which together are comprised of six home health and hospice in agencies in California, Nevada, and Kansas. Traditions now operates in 18 states. 
Traditions has been actively acquiring smaller regional home health and hospice agencies in recent years; in 2021 it acquired Homestead Hospice, which has 26 locations across Georgia, South Carolina, Alabama, Ohio, and Arizona, and four other companies in in Louisiana and Oklahoma. The company completed close to a dozen acquisitions in 2019 and 2020.
Dorilton, which primarily invests in industrial and business services, acquired Traditions in 2011. It is the only healthcare company the firm owns.
See our March 2022 report: Private Equity at Home: Wall Street’s Incursion into the Home Healthcare and Hospice Industries
Private equity firm Vistria Group bought Professional Health Care Network (PHCN) from private equity firm Serent Capital. PHCN is a management services company that manages home health benefit for major insurance plans with the focus on Medicare Advantage and managed Medicaid patients.
Vistria is a prolific health care investor, including in home health companies Help at Home and Mission Healthcare. Vistria also owns Behavioral Health Solutions, a behavioral health company that acquired home-based geriatric therapy provider Colorado In-Home Counseling in March.
Vistria Group’s healthcare companies have attracted scrutiny for profit-seeking tactics that hurt patients; its air ambulance company Angel Medflight came under fire for surprise medical billing practices that saddled one patient with a $489,000 bill for medical transport, and another with a $474,725 bill. Disability services provider Sevita Health (fka Mentor Network), which Vistria co-owns with Centerbridge Partners, has garnered criticism for paying massive debt-funded dividends to the private equity owners despite profound quality and safety concerns.
The home health and hospice deals in March are part of a growing trend of private equity investment in the industries. From 2018 and 2019, private equity was involved in almost 50% of deals in the home healthcare industry, and private equity hospice transactions rose nearly 25% between 2011 to 2020.
For-profit home healthcare and hospice companies have been linked to lower standards of care compared to their non-profit counterparts. Private equity firms, which often target outsized returns over short time horizons, may exacerbate that divide.
March 2022 Buyouts
|Probo Medical||Medical devices||Avista Capital Partners|
|SpendMend||Health tech, revenue cycle management||Morgan Stanley Capital Partners|
|Etain Health||Medical marijuana||RIV Capital|
|Intelligent Medical Objects||Health tech||Thomas H. Lee Partners|
|Professional Health Care Network||Home health, practice management||Vistria Group|
|Beacon Specialized Living Services||Behavioral Health, I/DD||Vistria Group|
March 2022 Add-On Acquisitions
|Company||Type||PE Firm||Add-on Platform|
|Cumberland Anesthesia Associates||Practice management, anesthesia||American Securities, Ares Capital Corporation BDC, Leonard Green & Partners||North American Partners in Anesthesia|
|GreenLight Medical||Health tech||Ares Capital, Ares Management, Charlesbank Capital Partners, Clearlake Capital Group, Dallas Venture Partners, SkyKnight Capital|
|Acusis||Revenue cycle management||Ares Credit Group, Blackstone, Blackstone Credit, Brigade Capital Management, Fidelity Investments, Frontline Strategy Funds, RBC Capital Markets||Aquity Solutions|
|Psychiatric Centers at San Diego||Behavioral health, practice management||Ascension Ventures, Centerbridge Partners, Leonard Green & Partners||Mindpath Health|
|Crankfrog (Washington)||Health tech||Audax Group, TCG BDC, TCG BDC II||The Chartis Group|
|Marketshare Movers||Medical benefits services||Avista Capital Partners, Constitution Capital Partners, Northwood Healthcare Partners||United BioSource|
|Casimir||CRO||Behrman Capital||The Emmes Company|
|Pathfinders Recovery Center||Behavioral health||BPEA Private Equity, Webster Equity Partners||BayMark Health Services|
|Policy Analysis||Healthcare consulting||Bridgepoint Advisers||Fishawack|
|Pursue Health||Home health, hospice||Dorilton Capital||Traditions Health|
|Serenity Home Health||Home health, hospice||Dorilton Capital||Traditions Health|
|Audacious Inquiry||Health tech||Dragoneer Investment Group, Hellman & Friedman, JMI Equity, Pohlad Companies, Tao Capital Partners||PointClickCare|
|Reventics||Revenue cycle management||Everstone Capital, Goldman Sachs Asset Management||Omega Healthcare Management Services|
|Urgent Care Group||Urgent care||Farol Asset Management, ICV Partners||Total Access Urgent Care|
|NextGate||Health tech||HG Capital||Lyniate|
|Emerson Ecologics||Medical supplies||HGGC, Snapdragon Capital||Fullscript|
|Industrial Family Medical Care||Occupational health||Kain Capital||Akeso Medical Holdings|
|Vivitide||Biotech||Kohlberg Kravis Roberts||Biosynth Carbosynth|
|Qure Healthcare||Health tech||Levine Leichtman Capital Partners||TRC Healthcare|
|Colorado In-Home Counseling||Behavioral health, home health||Levitate Ridge Capital||Behavioral Health Solutions|
|Connecticut Dermatology Group||Dermatology||LLR Partners, LNK Partners, Zenyth Partners||Schweiger Dermatology Group|
|Life Tech||Home health||Maranon Capital, New Harbor Capital||Advent Home Medical|
|Third Street Optical||Eye care||Monarch Alternative Capital||Shopko Eyecare Center|
|InnoVision Eyecare||Eye care||Monarch Alternative Capital||Shopko Eyecare Center|
|Gateway Dental Group||Dental||New MainStream Capital||Cordental Group|
|Vision Surgery AI||Health tech||Paradigm Governance Partners||Principal Technologies|
|Vascular Access Consultants||Vascular care||RiverGlade Capital||Dynamic Infusion Therapy|
|Universal Consulting Services||Health tech||Sagewind Capital||Federal Advisory Partners|
|CytoSMART||Biotech||Summa Equity||Axion Biosystems|
|Hope Hospice (Missouri)||Hospice||Sweetwater Private Equity, Webster Equity Partners||Bristol Hospice|
|Alliant Healthcare Staffing||Staffing||The Firmament Group||Prn Health Services|
|Pulvinar Neuro||Medical devices||Tillery Capital||Electromedical Products International|
|Associated Vitreoretinal and Uveitis Consultants||Eye care||Webster Equity Partners||Retina Consultants of America|
|Retina Center Northwest||Eye care||Webster Equity Partners||Retina Consultants of America|
https://hospicenews.com/2021/12/01/traditions-health-acquires-multi-state-provider-homestead-hospice/ ; https://hospicenews.com/2021/01/06/traditions-health-acquires-four-companies-two-of-them-hospices/
 Pitchbook, accessed April 2022.