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Private Equity Health Care Acquisitions – December 2023

January 11, 2024

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 is tracking private equity-backed healthcare acquisitions. Below is a list of private equity healthcare buyouts, growth investments, and add-on acquisitions completed or announced during December 2023. We will continue to track acquisitions on a monthly basis.

See November 2023 acquisitions here.

See all our 2022 acquisitions updates here.

Private equity firms completed or announced 4 buyouts, 28 add-on acquisitions, and 17 growth/expansion investments in the healthcare space in December 2023. This was the second slowest month of 2023 for deal activity, with only 51 total deals (September had the fewest deals recorded, at 45). Although deal activity was down overall, certain subsectors were hotter than others.

Medtech companies, including medical device and equipment manufacturers and distributors, saw the highest proportion of deals at nearly 20 percent, or 10 total deals. Outpatient care and biopharma were tied for the second highest proportion, with 9 deals each.

Lifepoint Health enters a new joint venture with Ascension St. Thomas
On December 1, 2023, Lifepoint Health, a hospital chain owned by Apollo Global Management, announced the formation of a joint venture (JV) with Ascension Saint Thomas to jointly own Highpoint Health System, a regional health system in Tennessee that was previously solely under Lifepoint’s ownership.[1] According to PitchBook, this transaction was financed by private equity firms ATP Private Equity Partners, Apollo Global Management and Pantheon International.[2] Under the JV, LifePoint retains majority ownership of the four hospitals and 15 affiliated clinics.[3]

Lifepoint currently owns more than 120 hospitals around the country[4] and employs over 50,000 workers.[5] Under Apollo’s ownership, some Lifepoint hospitals have faced patient quality issues, safety issues, and service and job cuts.[6]

Because Ascension St. Thomas is a nonprofit Catholic provider, the facilities under the new JV must now provide services in line with Catholic directives, which will impact patient access to various forms of reproductive healthcare, including vasectomies.[7]

Lifepoint uses JVs and other forms of partnerships to grow its business.[8] As of December 2023, LifePoint was party to at least 25 JVs covering at least 49 hospitals.[9] Many of Lifepoint’s JVs are with tax-exempt nonprofit health systems. Such arrangements are permitted under tax law, given that certain criteria around management and control are met.[10][11]

In an environment in which typical health system transaction activity has slowed down, hospital joint venture arrangements are on the rise.[12] Lifepoint’s use of JVs as a business strategy may allow it to expand in lower risk ways and afford it more flexibility than if it was acquiring hospitals and systems outright.

Issues such as poor quality of care and understaffing have been reported at private equity-owned healthcare facilities, including Lifepoint’s.[13] There is growing evidence that these types of problems are directly related to private equity cost-cutting strategies and unwieldy debt loads. Most recently, a study published in JAMA demonstrated that private equity acquisition of hospitals was associated with a statistically significant increase in hospital-acquired conditions, such as falls and central-line associated bloodstream infections.[14]

As an increasing number of private equity firms pivot to JVs as a business strategy in the hospital sector,[15] more research is needed to determine how such business arrangements may impact patient care and access to care.

Private equity expands its footprint in pharmaceuticals
The biopharma sector – which encompasses contract research organizations, drug developers, drug brands, and more, had 9 private equity-backed deals in December 2023. These deals included ADQ’s acquisition of a company that will expand its global reach in drug markets, and Avista Capital Partners and Constitution Capital’s acquisition of a woman’s health drug.

Acino, a Swiss pharmaceutical company owned by private equity firm ADQ, completed an add-on acquisition of M8 Pharmaceuticals on December 4.[16] M8 works with pharmaceutical companies to commercialize drugs in Mexico and Brazil.[17] Acino’s press release claims that “this acquisition provides Acino with access to the two largest pharmaceutical markets in Latin America, significantly expanding its geographic footprint and strengthening its position in the region.”[18]

In another pharmaceuticals-related deal, Cosette Pharmaceuticals, owned by Avista Capital Partners and Constitution Capital Partners,[19] acquired Vyleesi, a drug that treats hypoactive sexual desire in women, from Paladin Technologies.[20] Avista and Constitution Capital were co-investors in Acino[21] before its sale to ADQ.[22]

According to Bain, deals in the biopharma category accounted for 48 percent of the total global value of healthcare deals in 2023. In North America, this category accounted for 25 percent of deal activity and 54 percent of deal value.[23]

December 2023 Buyouts

CompaniesCompany typeSecondary typePE Firm(s)
ZimVie (Spine Business)Medtechdental and spine implants developer/manufacturerH.I.G. Capital
Doctors of Internal MedicineOutpatient careprimary careGreyrock Capital Group, Tygon Peak Capital
Carisk PartnersManaged care/Occupational healthrisk transfer servicesElements Health Investors, Lee Equity Partners
Alpha Source GroupMedtechmanufacturer of medical devices and imaging equipmentAvista Capital Partners, Probo Medical
Lone Peak Dental GroupOutpatient caredental careBlackRock

December 2023 Add-on acquisitions

CompaniesCompany typeSecondary typePE Firm(s)Add-on Platform
Cameron CareBehavioral healthresidential treatmentZamwell CapitalJackson House
Advanced Psychiatric GroupBehavioral healthFive Points Capital, Thurston GroupARC Psychiatry
Exult HealthcareBehavioral healthFive Points Capital, Thurston GroupARC Psychiatry
Lucas ResearchClinical research organizationendocrine diseases researchTrinity Hunt PartnersCentricity Research
Suncoast Clinical ResearchContract research organizationclinical research servicesBPOC, PNC Erieview CapitalAtlas Clinical Research
EcoBrite LinenContract serviceslaundry services for long-term and acute-care facilitiesTuckahoe HoldingsNOVO Health Services
ClorDiSysDecontamination and sterilization servicesAterian Investment PartnersAllentown
Advent Health PartnersHealth ITdata management software providerLone View CapitalTrend Health Partners
Decision Point (US)Health ITplatform serving health plansPSGmPulse Mobile
MyACTomeHealth ITsmartphone-based fall risk and frailty assessment platformAudax Private Debt, Linden Capital PartnersHOPCo
T3 LabsHealthcare education and trainingmedical device training servicesAccelmed, Lauxera Capital Partners, Summit PartnersVeranex
Affinity HealthHealthcare services/Pharmaceuticalsfacilitates access to/enrollment in clinical trialsCFT Capital Partners, Curewell CapitalAlliance for Multispecialty Research
Binx (At-home Consumer Testing Business)Home health testingMcNair Interests, Plug and Play Tech Center, Undeterred Capitalimaware
Highpoint Health SystemsHospital servicesApollo Global Management, Ascension Saint Thomas, ATP Private Equity Partners, Pantheon InternationalLifePoint Health
aycan Medical SystemsMedical imagingGreenpeak PartnersPARATUS Holding
Southtowns RadiologyMedical imagingSunny River ManagementRezolut
Seisa MedicalMedtechcontract manufacturingGenstar CapitalTekni-Plex
Salvin Dental SpecialtiesMedtechdesigner and manufacturer of products used in oral surgery/dentistryThe Jordan CompanyYoung Innovations
TomtecMedtechmanufacturer of laboratory instrumentsArgosy Healthcare PartnersHudson Robotics
Radiation Protection ServicesMedtechradiation physics consulting servicesLNC PartnersWest Physics
Hospice SourceMedtech/Hospicemedical equipment and respiratory therapy distributor for hospice care providersNew Mountain CapitalNational HME
Lifecycle BiotechnologiesPharmaceuticals/Biotechmanufacturer of life science productsPNC Riverarch CapitalTCP Analytical Holdings
Internal Medicine Associates of PlanoOutpatient careprimary careGreyrock Capital Group, Tygon Peak CapitalDoctors of Internal Medicine
Urologic ConsultantsOutpatient careurologyLee Equity PartnersSolaris Health
Millburn Laser CenterOutpatient care/Medical aestheticsdermatologyLLR Partners, LNK Partners, RVM Enterprises Investment Group,  SV Health Investors, Zenyth PartnersSchweiger Dermatology Group
Scherl DermatologyOutpatient care/Medical aestheticsdermatologyLLR Partners, LNK Partners, RVM Enterprises Investment Group, Zenyth PartnersSchweiger Dermatology Group
Skin and Cancer AssociatesOutpatient care/Medical aestheticsdermatologySterling PartnersPlatinum Dermatology Partners
M8 PharmaceuticalsPharmaceuticalscontract organization to help commercialize pharmaceutical products in Latin AmericaADQAcino
Palatin Technologies (Vyleesi)Pharmaceuticalsdrug brands that treat hypoactive sexual desireAvista Capital Partners, Constitution Capital PartnersCosette Pharmaceuticals

December 2023 Growth/Expansion Investments

CompaniesCompany typeSecondary typePE Firm(s)
CHE Behavioral Health ServicesBehavioral healthpsychological services for nursing and rehabilitation facilitiesCane Investment Partners
Worldwide Clinical TrialsContract research organizationNB Capital Solutions
Abound HealthDisability servicesI/DD support servicesM2O
LudiHealth ITfinancial management systemGreat Point Partners
ABI HealthHealth ITInvAscent
NtractsHealth ITAccel-KKR
UnityAIHealth ITWhistler Capital Partners
Virtual OfficeWareHealth ITM2O
Alcanza Clinical ResearchHealthcare services/Pharmaceuticals/Contract research organizationfacilitates access to/enrollment in clinical trialsAlpha Leonis Partners
Agile Infusion ServicesInfusion servicesWalnut Court Capital
CortexMedtechAFib ablation tech companyAI Life Sciences Investments, Cordis, Kohlberg Kravis Roberts
CME (United States)Medtechmedical equipment distributorSNH Capital Partners
NeurolensMedtechvision measurement device systemTrinity Capital
Gastroenterology AssociatesOutpatient caregastroenterologyPE Healthcare Associates
American Pain ConsortiumOutpatient carepain managementUndisclosed
WonderbellyPharmaceuticalsantacid drug developerLoft Growth Partners, Silas Capital
EquiscriptPharmacy servicesUndisclosed





[1] Lifepoint Health. “Lifepoint Health and Ascension Saint Thomas Partner to Advance Healthcare for Middle Tennesseans,” December 1, 2023.

[2] PitchBook. “PitchBook Profile – Highpoint Health Systems.” Accessed January 3, 2024.

[3] Lifepoint Health. “Lifepoint Health and Ascension Saint Thomas Partner to Advance Healthcare for Middle Tennesseans,” December 1, 2023.

[4] Lifepoint Health. “Locations.” Accessed January 3, 2024.

[5] Kacik, Alex. “Lifepoint Health and Kindred Healthcare Close Deal, Form New Company.” Modern Healthcare, December 22, 2021, sec. Mergers & Acquisitions.

[6] Pgs. 11-14; O’Grady, Eileen, Mary Bugbee, and Michael Fenne. “Private Equity Descends on Rural Healthcare.” Private Equity Stakeholder Project, January 2023.

[7] Vogel, Susanna. “Lifepoint Health and Ascension Saint Thomas Announce Joint Venture.” Healthcare Dive, December 4, 2023.

[8] Lifepoint Health. “Types of Partnerships | Partnering with Lifepoint.” Accessed September 8, 2023.

[9] LifePoint does not list its JVs online. These numbers were derived from a combination of press releases from LifePoint and its partners, as well as from news articles.

[10] Woods, LaVerne, and Thomas C. Schroeder. “Joint Ventures Between Tax-Exempt Health Care Organizations and For-Profit Parties: Avoiding Federal Tax Law Traps.”, Spring 20210.

[11] Sanders, Michael I. “Health Care Joint Ventures between Tax-Exempt Organizations and for-Profit Entities.” Health Matrix (Cleveland, Ohio: 1991) 15, no. 1 (2005): 83–123.

[12] McGuireWoods. “Five Things to Know: Hospital Joint Venture Arrangements in Today’s Landscape,” September 6, 2023.

[13] Pgs. 11-14; O’Grady, Eileen, Mary Bugbee, and Michael Fenne. “Private Equity Descends on Rural Healthcare.” Private Equity Stakeholder Project, January 2023.

[14] Kannan, Sneha, Joseph Dov Bruch, and Zirui Song. “Changes in Hospital Adverse Events and Patient Outcomes Associated With Private Equity Acquisition.” JAMA 330, no. 24 (December 26, 2023): 2365–75.

[15] Linch, Rachel. “The Rise of Hospital and Health System JVs with Private Equity.” VMG Health (blog), October 19, 2023.

[16] Acino. “Acino Completes Acquisition of M8 Pharmaceuticals Significantly Expanding Presence and Capabilities in Latin America,” December 4, 2023.

[17] “Purpose-Built to Provide Access to Proven and Innovative Medicines | M8 Pharmaceuticals.” Accessed January 3, 2024.

[18] Acino. “Acino Completes Acquisition of M8 Pharmaceuticals Significantly Expanding Presence and Capabilities in Latin America,” December 4, 2023.

[19] Constitution Capital Partners. “Co-Investments.” Accessed January 3, 2024.

[20] Palatin Technologies, Inc. “Palatin Completes Sale of Vyleesi® to Cosette Pharmaceuticals for up to $171 Million.” Accessed January 3, 2024.

[21] “Constitution Capital Partners Completes Co-Investment with Avista Capital Partners in Acino Holding AG,” Deember 2013.

[22] “Avista Capital Partners and Nordic Capital to Sell Acino, a Leader in Advanced Drug Delivery Technologies, to ADQ | Avista Capital Partners,” September 16, 2021.

[23] Jain, Nirad, Kara Murphy, Dmitry Podpolny, Franz-Robert Klingan, Vikram Kapur, and Alex Boulton. “Healthcare Private Equity Market 2023: Year in Review and Outlook.” Bain & Company, January 3, 2024, sec. Report.

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