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Private Equity Healthcare Acquisitions – January 2023

March 9, 2023

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 January 2023. We will continue to track acquisitions on a monthly basis.

See December 2022 acquisitions here.

January saw an uptick from the previous month for private equity in healthcare. Using PitchBook, we tracked 84 private equity acquisitions in January. This figure includes 56 add-on acquisitions, 19 growth/equity investments, and 9 buyouts in the healthcare space across a wide range of subsectors. For comparison, there were only 52 private equity acquisitions in December. (Source: PitchBook).


Private equity keeps attention on medtech

The year opened with continued attention on medtech acquisitions (i.e., medical supplies, devices, equipment, manufacturing, and related outsourcing). There were 7 add-on acquisitions of medtech companies, primarily focused on manufacturing of medical devices and supplies.

Private equity deal value in healthcare devices and supplies saw a sharp upturn during the pandemic, increasing from $11.1 billion to $43.5 billion from 2020 to 2021—despite 2021 only seeing one more deal in this area than the previous year.[1] Additionally, in the decade leading up to 2022, private equity invested over $280 billion in medical technologies.[2]

Medtech acquisitions in January included Axial Medical, which was acquired by the Carlyle Group through its portfolio company Groupe Acrotec. Carlyle acquired Acrotec in February 2021, and is using the company as a platform to expand into services into Europe, Asia, and North America. The add-on company, Axial, was founded in 2014 and operates a 40,000 sq. ft. facility near Philadelphia, where it manufactures orthopedic implants for spine, trauma, and extremity treatments.[3]

Carlyle, alongside private equity firm GTCR, acquired an additional two medtech companies through its portfolio company Resonetics. Resonetics agreed to acquire Memry Corporation and SAES Smart Materials, Inc. from a company based in Italy. The acquired companies are U.S. based, and have operations in Connecticut, New York, and California.[4]


Health IT also sees increased attention

There was also high activity in the related field of Health IT, including 9 add-on acquisitions during the month of January. Health IT includes software and technology relating to data and analytics, care management, enterprise software, and revenue cycle management.

Health IT’s growth has been facilitated by the increasing demand for telehealth services. In 2020 the federal government loosened restrictions on Medicare, allowing for expanded coverage and reimbursement for telehealth services.  In December 2022, these provisions were expanded through 2024.[5] In 2021, some analysts were referring to a “quarter-trillion dollar economic opportunity presented by telehealth.”[6]

As electronically enabled healthcare has become more common, policymakers have also sought to expand oversight. One recently proposed CMS rule would require payers to participate in electronic data exchange and automated authorization processes. The proposal would incentivize better recordkeeping, but also require providers to increase IT investment in order to make necessary improvements.[7]

One emblematic deal is Home Care Pulse, which in January acquired Activated Insights and Pinnacle Quality Insight. HCP is owned by private equity firm Cressey & Company. The acquisitions expand on Home Care Pulse’s “clinician-developed eLearning, satisfaction survey, and reputation management solutions” in the post-acute care market.[8]


Outpatient care consolidation in various specialties

January also continued PE activity in outpatient care consolidation, with 11 add-on acquisitions of outpatient care providers. The acquisitions include providers of dental care, eye care, and primary care, among other specialties. This continues trends from 2022, where outpatient care saw a higher amount of private equity deal activity compared to other healthcare areas.[9]

According to a recent survey, hospital and health executives expect large increases in outpatient volume in 2023, consistent with a shift from inpatient to outpatient care since the start of the pandemic. The analysis indicates that 95 percent of executives project higher outpatient volumes, with 40 percent anticipating increases of 10 percent or more.[10]


January Buyouts (9 total)

CompanyCompany TypeSecondary TypePE Firm(s)
Cornerstone Healthcare GroupDisbility serviceselder/disability supportApollo Global Management
Cloud 9 SoftwareHealth ITpractice management softwareLevel Equity, Aquiline Capital Partners
Medusind SolutionsHealth ITrevenue cycle managementAlpine Investors
ReviveHealthHealthcare administrationmanaged care servicesEir Partners
Dental Care AllianceHealthcare administrationpractice managementHarvest Partners, Mubadala Investment Company
HouseWorksHome healthInTandem Capital Partners
SteriCare SolutionsMedtechmedical device and supplies manufacturerBPGC Management, R investments, Spinnaker International
Family and Internal Medicine AssociatesOutpatient careprimary care
AlcamiPharmaceuticals/Biotechcontract development and manufacturingAmpersand Capital Partners, GHO Capital, Vistria Group



January Add-on Acquisitions (56 total)

CompanyCompany TypeSecondary TypePE Firm(s)Add-on Platform
Autism Learning CollaborativeBehavioral healthHavencrest Capital ManagementApara Autism Center
Cornerstone Behavioral Health El DoradoBehavioral healthApollo Global Management, ATP Private Equity PartnersLifePoint Health
South Texas Research InstituteBiotechAbacus Finance Group, LongueVue CapitalPinnacle Clinical Research
Clinical Trials of AmericaClinical researchCentre PartnersThe IMA Group
Therapeutic PathwaysDisability servicesautismWindRose Health InvestorsTrumpet Behavioral Health
Early Autism Services (Missouri Operations)Disability servicesapplied behavioral analysisHavencrest Capital ManagementApara Autism Center
HealthTrackRx (Toxicology Business Unit)Drug screeningABRY Partners, Pantheon InternationalAegis Sciences
Xtract SolutionsHealth ITMayson Capital Partners, Sands Capital, Summit Partners, Warburg PincusModernizing Medicine
Activated InsightsHealth IThealthcare data & analyticsCressey & Company, Upside Growth PartnersHome Care Pulse
Pinnacle Quality InsightHealth ITcustomer survey platformCressey & Company, Upside Growth PartnersHome Care Pulse
MediSkedHealth ITcare management platformSTG PartnersCaseWorthy
go2dentalHealth ITinformatics softwareThe Beekman GroupP&R Dental Strategies
Hospital IQHealth ITenterprise softwareBain CapitalLeanTaaS
Invicta Health SolutionsHealth ITenterprise softwareWestView Capital PartnersReceivable Solutions
ALN Medical (Centennial)Health ITrevenue cycle managementGPB CapitalHealth Prime
WelvieHealth ITOMERS Private Equity, Summit PartnersParadigm Outcomes
AfiaHealthcare administrationconsultingSheridan Capital PartnersSimione Healthcare Consultants
Mission Viejo Emergency Medicine AssociatesHealthcare administrationpractice managementApollo Global Management, TowerBrook Capital PartnersUS Acute Care Solutions
Q Care PlusHealthcare administrationmanaged care servicesKinderhook IndustriesAvita Pharmacy
UserWiseHealthcare administrationconsultingNaviMed CapitalClariMed
Gist HealthcareHealthcare administrationconsultingMadison Dearborn PartnersKaufman, Hall and Associates
GreenpointMedHealthcare administrationpractice managementSheridan Capital PartnersSimione Healthcare Consultants
Corporate Health SolutionsHealthcare administrationArchetype GrowthWellness Coaches
Perio ProtectMedtechmedical device and supplies manufacturerAvante Capital Partners, Inverness GrahamVista Apex
Dynalon LabwareMedtechmedical device and supplies manufacturerStoneCalibreAnatrace
MemryMedtechmedical device and supplies manufacturerNXT Capital, Resonetics, The Carlyle Group
Axial MedicalMedtechmedical device and supplies manufacturerThe Carlyle GroupGroupe Acrotec
QMD (Precision Components)Medtechmedical supply manufacturing3i GroupCirtec Medical
J-Pac MedicalMedtechmedical device and supplies manufacturerPAI Partners, Public Pension CapitalLife Science Outsourcing
Avante Oncology ServicesMedtechmedical devicesJordan Industries International, JZ Capital Partners, Sheridan Capital PartnersRS&A
Lehigh Valley Health Network (Occupational Health Business in Bethlehem and Allentown)Occupational healthWelsh, Carson, Anderson & StoweConcentra
Inland Empire Occupational MedicineOccupational healthKain CapitalAkeso Occupational Health
Triangle Pediatric DentistryOutpatient caredental careAlpine Investors, Pacific Lake Partners, Peterson Partners, Saltoun Capital Partners, TTCER PartnersLight Wave Dental
Nashville Aesthetic DentistryOutpatient caredental careCulper Capital Partners, Five Points Capital, Thurston GroupGen4 Dental Partners
Connecticut IV Infusion CenterOutpatient careinfusion centerInTandem Capital PartnersVivo Infusion
Immediate Medical CenterOutpatient careKain CapitalAkeso Occupational Health
Pinnacle Healthcare (Hollister)Outpatient careAngeles Equity Partners, Innova Capital PartnersAgile Occupational Medicine
inSite Digestive Health CareOutpatient careGastroenterologyBeach Point Capital Management, Florac, GMB Capital Partners, Triton Pacific Capital Partners, Unio Health Partners
Rogers Family DentistryOutpatient caredental careNew MainStream CapitalCordental Group
Haas Vision CenterOutpatient careeye careArchimedes Health Investors, NewSpring CapitalPanorama Eyecare
Ladiga MedicalOutpatient careprimary careBeecken Petty O’Keefe & CompanySoutheast Primary Care Partners
Orthopaedic Associates of RiversideOutpatient careorthopedics and podiatryTrinity Hunt PartnersUnity MSK
Urology of IndianaOutpatient careurologyMigration Capital, New MainStream CapitalU.S. Urology Partners
CBR InternationalPharmaceuticals/Biotechconsulting servicesGIC (Singapore), Kaiser Foundation Hospitals, Sequoia Capital, TPGNovotech CRO
RMC Pharmaceutical SolutionsPharmaceuticals/Biotechconsulting servicesRiverside PartnersSyner-G Pharma Consulting
Snapdragon ChemistryPharmaceuticals/BiotechPermiraCambrex
NightWatch (West Virginia)Pharmacyremote pharmacy servicesAquiline Capital PartnersAvel eCare
Minneapolis Plastic SurgeryPlastic surgeryOMERS Private Equity, Partners GroupForefront Dermatology
Boston Center for Facial RejuvenationPlastic surgeryWaud Capital PartnersAdult & Pediatric Dermatology
PRMA Plastic SurgeryPlastic surgeryWebster Equity PartnersAdvanced Reconstructive Surgery Alliance
SwiftMDTelehealthEir PartnersReviveHealth
PhysicianOne (Occupational Health Business In Connecticut)Urgent careWelsh, Carson, Anderson & StoweConcentra
Animal Skin and Allergy ClinicVeterinary clinicPercheron CapitalAnimal Dermatology Group
BurnAlongWellnessonline fitness platformStone Point CapitalTivity Health
Minneapolis Anti-Aging & Skin ClinicWellnessOMERS Private Equity, Partners GroupForefront Dermatology
Boca FertilityWomen’s HealthLongueVue CapitalFertility Specialists Network



January PE Growth/Expansion Investments (19 total)

CompanyCompany TypeSecondary TypeActive Investors
PsychoGeriatric ServicesBehavioral healthMaven Equity Partners
CDI LaboratoriesBiotechBroadOak Capital Partners, Johns Hopkins Technology Ventures, National Institutes of Health, National Science Foundation, Puerto Rico Industrial Development Company, Puerto Rico Science, Technology & Research Trust, Science, Technology and Research Trust, U.S. Department of Health and Human Services
VelseraBiotechresearch and developmentSJF Ventures, Summa Equity
Intelerad Medical SystemsHealth ITmedical imaging softwareArdan Equity, HgCapital (UK), ST6 Partners, TA Associates Management
ShiftKeyHealth ITenterprise softwareACE & Company, Ares Management, Clearlake Capital Group, Health Velocity Capital, Lorient Capital Management, Pantheon
CoPilot (Maitland)Health ITreimbursement platformQHP Capital, Stellus Capital Management
Qualifacts SystemsHealth ITenterprise softwareClanton Capital, Martis Capital, Warburg Pincus
Health Payment SystemsHealth ITbilling softwareCaltius Equity Partners, Hexagon (Denver), SV Health Investors, SVB Capital
Family Tree Private careHome healthelder/disability supportThe Firmament Group
Principle Health SystemsLaboratory servicesPlatform Partners
VERO BiotechMedtechmedical device and supplies manufacturerBrace Pharma Capital, Horizon Technology Finance BDC, MVM Partners, Petrichor Healthcare Capital Management, Runway Growth Capital BDC
PBS BiotechMedtechmedical device and supplies manufacturerAvego Management, BroadOak Capital Partners, Current Yield with Participation Fund, InterVest
Allied Physicians GroupOutpatient carepediatric careAscend Partners (Healthcare)
Muir Wood Adolescent And Family ServicesOutpatient careAvesi Partners
Integrated Pain AssociatesOutpatient carepain managementFlorac, Star Mountain Capital, Triton Pacific Capital Partners
Cytovia TherapeuticsPharmaceuticalsbiopharmaceuticalsImmune Pharmaceuticals
BioRay PharmaceuticalPharmaceuticalsbiopharmaceuticalsPAG, Taizhou State-owned Capital Operation Group Co., Ltd., Zhejiang Hisun Pharmaceutical Company
ResiliencePharmaceuticals/Biotechmanufacturing and development8VC, AIM13 CV Partners, Applied Ventures, ARCH Venture Partners, Catalio Capital Management, Dragoneer Investment Group, Echo Investment Capital, Government of Canada, GV, Jameel Investment Management Co., Koch Disruptive Technologies, Lux Capital, Magnetic Ventures, MSD Partners, Mubadala Investment Company, New Enterprise Associates, Pfizer Ventures, Public Sector Pension Investment Board, Raptor Group, Risk & Return
Array Behavioral CareTelehealthBPEA Private Equity, CVS Health Ventures, Frist Cressey Ventures, Harbour Point Capital, Health Velocity Capital, HLM Venture Partners, Hyde Park Angels, Impact Engine, Ingleside Investors, OCA Ventures, OSF Ventures, Wasson Enterprise, Wells Fargo Strategic Capital, Wintrust Ventures



[1] Caitlin Owens. “Private Equity’s Pandemic-Era Health Care Push.” Axios, March 23, 2022.

[2] American Investment Council. “Improving Medical Technologies: Private Equity’s Role Supporting Life Sciences,” March 22, 2022.

[3] John McNulty. “Carlyle’s Acrotec Acquires Family-Owned Axial Medical.” Private Equity Professional, February 13, 2023.


[4] Carlyle. “Resonetics to Acquire SAES Medical Nitinol Business | Carlyle,” January 9, 2023.

[5] Christine Clements, Aileen Murphy, Michael Sutton, Arushi Pandya, and Kendall Kohlmeyer. “Key Healthcare Provisions of the Consolidated Appropriations Act, 2023.” Healthcare Law Blog, January 6, 2023.

[6] Oleg Bestsennyy, Greg Gilbert, Alex Harris, and Jennifer Rost. “Telehealth: A Quarter-Trillion-Dollar Post-COVID-19 Reality?” McKinsey, July 9, 2021.

[7] JD Supra. “Private Equity and Digital Health in 2023: Policy Updates and Trends to Watch,” February 1, 2023.

[8] Home Care Pulse. “Home Care Pulse Acquires Activated Insights and Pinnacle Quality Insight.” Cision PR Newswire, January 19, 2023.

[9] Private Equity Stakeholder Project. “New Report Analyzes a Frenzy of Private Equity Activity in Healthcare Companies,” February 23, 2023.

[10] Guidehouse. “2023 Health System Trends,” March 2, 2023.


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