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Private Equity Health Care Acquisitions – January 2022

March 1, 2022

In light of the growing investor interest in health care and the risks associated with private equity ownership of health care companies, the Private Equity Stakeholder Project will be tracking private equity-backed health care acquisitions. Below is a list of private equity health care buyouts and add-on acquisitions completed or announced during January 2022. We will continue to track acquisitions on a monthly basis.

See December 2021 acquisitions here.

Private equity firms spent the first month of 2022 doubling down on healthcare services that have seen particular investment interest over the last several years, namely eye care, dental services, and medical staffing.   

For example, private equity firms acquired at least six eye care companies in January. This is part of a growing trend of increased private equity investment in eye care, which has been ramping over the last few years as new investments in other specialty practices, such as dermatology, have declined.[i]

All nine eye care deals were add-on acquisitions, indicating that private equity firms are using platform companies to buy up smaller providers and consolidate the industry.

CompanyPE Firm(s)Platform Company
Drs. DeVito & Martin OptometrySheridan Capital PartnersAtlantic Vision Partners
Vista EyeSheridan Capital PartnersAtlantic Vision Partners
Memorial Eye InstituteCentre PartnersVision Innovation Partners
Sabates Eye CentersEnowe, Partners GroupEyecare Partners
Clayton Eye CenterShore Capital PartnersEyeSouth Partners
Retina Consultants of CharlestonWebster Equity PartnersRetina Consultants of America

A similar trend can be seen in dental services; private equity firms acquired at least nine dental companies in January.

CompanyPE Firm(s)Platform Company
Smile One ServicesFive Points Capital, Thurston GroupGen4 Dental Partners
Harris DentalFive Points Capital, Thurston GroupGen4 Dental Partners
Downtown Dental Associates (USA)ICV PartnersCherry Tree Dental
Children’s Dental HealthRock Mountain CapitalSpark Dental Management
P&R Dental StrategiesThe Beekman Groupn/a
Biotech Dental ProstheticsCerberus Capital ManagementNational Dentex
Burleson Orthodontics and Pediatric DentistryVistria GroupRock Dental Brands
Advanced Dental Arts (Wesley Chapel)Chicago Pacific FoundersMarquee Dental Partners
Amazing Dental GroupAres Capital Corporation BDC, Roark Capital GroupGreat Expressions Dental Centers

Private equity firms have increasingly been investing in the US dental industry through Dental Services Organizations (DSOs). DSOs are companies that handle the business side of dental practices, such as administrative, marketing, bookkeeping, and financial services. Private equity firms dominate the DSO market; nine of the top ten DSOs in the US are owned by private equity firms. 27 of the top 30 DSOs by number of affiliated locations are owned by private equity firms, accounting for 84% of practice locations affiliated with the top 30 firms.[ii]

Private-equity-owned dental companies have been found to employ cost cutting tactics that can hurt patient care, including pushing medically unnecessary or expensive procedures and understaffing while attempting to maximize patient volume.[iii]

See our report: “Deceptive Marketing, Medicaid Fraud, and Unnecessary Root Canals on Babies: Private Equity Drills into the Dental Care Industry

In addition, private equity firms also acquired three healthcare staffing companies in January:

  • Dynamic Infusion Therapy, which is owned by private equity firm RiverGlade Capital, acquired AccessRN, a nursing staffing company specializing in vascular services. The combined company will operate in 21 states and partner with 1,500 healthcare facilities.[iv]
  • Littlejohn Capital acquired Alto Healthcare Staffing, which provides nursing staffing to nursing homes, travel nurses to hospitals, and medical assistance to doctors’ offices.[v]
  • Acacium Group, which is owned by private equity firm Onex Partners, has acquired Favorite Healthcare Staffing.[vi] Favorite is the eighth largest healthcare staffing firm in the US, according to Staffing Industry Analyst, with 27 branch offices around the country.[vii]

Healthcare staffing companies have been a popular target for private equity firms. Limited regulation has allowed private-equity-owned staffing companies to charge higher rates for services than hospitals, sometimes leaving patients with surprisingly high medical bills.[viii]

Now, nursing staffing firms are facing scrutiny for allegedly charging exorbitant rates to hospitals during the pandemic. In January 2022, a bipartisan group of nearly 200 members of Congress wrote to the White House asking it to direct federal agencies to scrutinize staffing agencies for potential “anticompetitive activity” and violations of consumer protection laws.[ix]

January 2022 Private Equity Buyouts

CompanyTypePE Firm(s)
Compliancy GroupHealth techAldrich Capital Partners
PRIA HealthcareMedical reimbursement servicesAldrich Capital Partners
MJH Life SciencesHealthcare consultingBDT Capital Partners
Thomas ScientificMedical suppliesBroad Sky Partners
Cranial TechnologiesMedical devicesEurazeo Capital
Texas Endovascular AssociatesVascular treatments, physicians’ practiceFulcrum Equity Partners
Midwest MedicalEMSHarbour Point Capital
SymplrHealth techIcon Partners
Christus Surgical HospitalHospitalIRA Capital
Pace Analytical ServicesEnvironmental testingLeonard Green & Partners
Alto Healthcare StaffingStaffingLittlejohn Capital
CovarisMedical suppliesNew Mountain Capital
The RitedoseMedical devicesNovo Holdings
mPulse MobileHealth tech, telehealthProvidence Strategic Growth
P&R Dental StrategiesDentalThe Beekman Group
Confluent Medical TechnologiesMedical devicesTPG
Spine OnePhysical therapyTrinity Hunt Partners

January 2022 Private Equity Add-On Acquisitions

CompanyTypePE Firm(s)Add-on Platform
Gastrointestinal SpecialistsGastroenterologyAmulet Capital Partners, Ashlar CapitalU.S. Digestive Health
AstraZeneca (US Commercial Rights)PharmaceuticalsApollo Global ManagementCovis Pharma
Kaleida SystemsHealth techAquiline Capital Partners, Sixth Street PartnersFullsteam
Lone Peak AnesthesiaAnesthesiology, physicians’ practicesArchimedes Health Investors, Assured Investment ManagementNational Partners in Healthcare
Castlight HealthEmployee benefitsArchimedes Health Investors, Transformation Capital, Clayton, Dubilier & Rice and Ponderosa Global VenturesVera Whole Health
Amazing Dental GroupDentalAres Capital Corporation BDC, Roark Capital GroupGreat Expressions Dental Centers
Conduent (Midas Health Analytics Solutions)Health techAres Capital Corporation BDC, SkyKnight Capital, Icon Partners, Charlesbank Capital PartnersSymplr
Zipher Medical AffairsHealthcare consultingArsenal Capital PartnersPharma Value Demonstration
Human Resource TrainingBehavioral health, foster careAtar CapitalPathways Healthcare
PhlexglobalHealth techAuctus Capital PartnersPharmaLex
Georgialina Physical Therapy AssociatesPhysical therapyBDT Capital PartnersAthletico Physical Therapy
Kaden HealthBehavioral health, telehealthBPEA Private Equity, Webster Equity PartnersBayMark Health Services
Jmi LaboratoriesPharmaceuticalsBridgepoint Advisers, Temasek HoldingsElement Materials Technology
Redlink (Utah)Disability evaluation servicesCentre PartnersThe IMA Group
Memorial Eye InstituteEye careCentre PartnersVision Innovation Partners
Biotech Dental ProstheticsDentalCerberus Capital ManagementNational Dentex
Advanced Dental Arts (Wesley Chapel)DentalChicago Pacific FoundersMarquee Dental Partners
Omni IPA Medical GroupPhysicians’ practicesChicago Pacific Founders, Leavitt Equity PartnersP3 Health Partners
Kindful HospiceHospiceColtala Holdings, Trive CapitalChoice Health at Home
Self Care CatalystsHealth techCreadev 
Fort Mill DermatologyDermatologyDermatologists of Central States, Sheridan Capital PartnersAdvanced Dermatology and Cosmetic Surgery
MedCom Care ManagementHealthcare benefits adminEir Partners, New Mountain CapitalHealthComp
Sabates Eye CentersEye careEnowe, Partners GroupEyecare Partners
Smile One ServicesDentalFive Points Capital, Thurston GroupGen4 Dental Partners
Harris DentalDentalFive Points Capital, Thurston GroupGen4 Dental Partners
Human Care SystemsHealth techGeneral AtlanticCareMetx
Lanier HospiceHospiceH.I.G. Capital, Ridgemont Equity PartnersAgape Care Group
Essex Industries (Medical Gas Regulator Product Line)Medical devicesHBM HoldingsControl Devices
Blessings HospiceHospiceHealth Enterprise Partners, SV Health InvestorsJet Health
Downtown Dental Associates (USA)DentalICV PartnersCherry Tree Dental
OmiqHealth techInsight PartnersGraphPad Software
Nevada Fertility CenterFertility servicesInTandem Capital PartnersSan Diego Fertility Center
Modern Catheter TechnologiesMedical devicesInverness GrahamVitalPath
Pharm-OlamCROJLL Partners, Water Street Healthcare PartnersCATO SMS
AL-TAR ServicesMedical devicesJZ Capital Partners, The Edgewater FundsTechnical Safety Services
Total TherapyBehavioral health, revenue cycle managementK1 Investment ManagementRethink First
Industrial Medical Group of Santa Maria ValleyOccupational medicineKain CapitalAkeso Medical Holdings
Advantage Healthcare Services (Garden Grove and Mission Viejo pharmacies)PharmaciesKinderhook IndustriesAvita Pharmacy
Theta DermatologyDermatologyLLR Partners, LNK Partners, SV Health Investors, Zenyth PartnersSchweiger Dermatology Group
Foot and Ankle Clinic of the VirginiasPodiatryNew MainStream CapitalFoot & Ankle Specialists of the Mid-Atlantic
Favorite Healthcare StaffingStaffingOnexAcacium Group
Convex PharmacyPharmaceuticalsOsceola Capital ManagementRevelation Pharma
Innovation CompoundingPharmaceuticalsOsceola Capital ManagementRevelation Pharma
SilverCreek RCMRevenue cycle managementOsceola Capital ManagementPayrHealth
Strategic Behavioral Health (7 Psychiatric Hospitals)Behavioral healthPatient Square CapitalSummit Behavioral Healthcare
Pathology ConsultantsPathology servicesPritzker Private Capital, Vesey Street Capital PartnersPathGroup
InfuseAble CareInfusion centersRC CapitalFlexCare Infusion Center
Crossroads Hospice (Texas)HospiceRevelstoke Capital PartnersThe Care Team
JIS OrthopedicsPhysical therapy, orthopedicsRevelstoke Capital PartnersBeacon Orthopaedics & Sports Medicine
AccessRNStaffingRiverGlade CapitalDynamic Infusion Therapy
Children’s Dental HealthDentalRock Mountain CapitalSpark Dental Management
Transplant ConnectOrgan donation/transplant servicesSaratoga Partners, The Riverside CompanyInVita Healthcare Technologies
Infinity Behavioral Health ServicesBehavioral health, revenue cycle managementSheridan Capital PartnersSimione Healthcare Consultants
Drs. DeVito & Martin OptometryEye careSheridan Capital PartnersAtlantic Vision Partners
Vista EyeEye careSheridan Capital PartnersAtlantic Vision Partners
ProActive Physical Therapy and Sports MedicinePhysical therapySheridan Capital PartnersEmpower Physical Therapy
Imark BillingRevenue cycle managementSheridan Capital PartnersSimione Healthcare Consultants
Clayton Eye CenterEye careShore Capital PartnersEyeSouth Partners
Sinclair ResearchBiopharmaceuticalsSignet Healthcare PartnersAltasciences
Westwood Open MRIMRI servicesSunny River ManagementRezolut Medical Imaging
Center For Behavioral Health KentuckyBehavioral healthThe Cambria Group, Vistria GroupBehavioral Health Group
Advera Health AnalyticsHealth techThe Carlyle GroupTriNetX
HealthSmart InternationalMedical devicesTPGConvey Health Solutions
RemetronixMedical equipment installationVarsity Healthcare PartnersProbo Medical
Burleson Orthodontics and Pediatric DentistryDentalVistria GroupRock Dental Brands
ClinicientRevenue cycle managementWarburg PincusWebPT
California Neuroscience ResearchClinical researchWebster Equity PartnersJBR Clinical Research
Retina Consultants of CharlestonEye careWebster Equity PartnersRetina Consultants of America










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