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Private Equity Health Care Acquisitions – July 2022

August 15, 2022

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 July 2022. We will continue to track acquisitions on a monthly basis.

See June 2022 acquisitions here. 

Physical Therapy

July saw multiple private equity acquisitions of physical therapy practices, reflecting continued PE interest in the sector. In early 2022, analysts noted that PE firms remain bullish on physical therapy, “driven by the strong demographic trends and outstanding consolidation opportunity.” [1] In 2018, there were estimated to be at least 16,000 outpatient physical therapy clinics in the U.S., with no provider accounting for more than 5% of total industry revenue or 10% of market share by number of clinics. [2] Now in 2022, the estimated number of outpatient physical therapy clinics has more than doubled to 38,000, with still no providers exceeding 10% market share. [3]

BDT Capital Partners-owned Athletico Physical Therapy has acquired two more physical therapy practices, expanding its presence in Mississippi and Oklahoma. Athletico currently has approximately 8,000 employees at more than 900 locations across 25 states [4], acquiring at least 12 practices since its PE-backing in 2014 [5]. The company has more than doubled in size since that year, when it had approximately 300 locations in eight states [6]. According to a recent report, Athletico Physical Therapy has the fourth largest market share (2.4%) of the outpatient physical therapy market [7].

Athletico acquired two other physical therapy firms at the beginning of 2022, expanding by 18 and 259 locations. The more recent July acquisitions include Crossroads Rehabilitation Physical and Occupational Therapy, which adds nine locations to Athletico; and Action Physical Therapy and Rehabilitation, adding five locations. 

Other PE acquisitions of physical therapy providers in July: 

  • Upstream Rehabilitation, which is owned by PE firms Athyrium Capital Management, Stags Participations, Shumway Capital, has bought Louisiana-based Acadian Comprehensive Therapy Services (ACTS). The acquisition makes Upstream the largest dedicated physical therapy company in the US, with more than 1,200 owned or managed clinics in 28 states [8].
  • Beecken Petty O’Keefe & Company’s (BPOC) Alliance Physical Therapy Partners acquired Excel Rehab & Sports, expanding into Tennessee and South Carolina [9].
  • Thomas H. Lee Partners’s Professional Physical Therapy acquired NY-based hand therapy clinic Complete OT and OTA Services. Professional operates over 190 facilities in the Northeast [10]. 

Occupational Healthcare

Also notable are investments in workplace health services. In July, Kain Capital-owned Akeso Occupational Health acquired WorkPartners Occupational Health Specialists [11]. Additionally, HealthCues received an undisclosed amount of development capital from its PE-sponsor, Innova Capital Partners [12].  Akeso, WorkPartners, and HealthCues are occupational health providers, which focus on “the interrelationship between the health of workers and their workplaces [13].” 

The most common occupational health services used by employees are treatment of work-related injury or illness, physical exams, injury management, and drug testing. Occupational health providers may also perform workplace health and safety functions, such as analyses of job requirements, industrial surroundings, and on-the-job risk factors [14].

Among employers with 5,000 or more employees, prevalence of occupational health services declined from 35% to 25% between 2010 and 2020. The most common industries to provide occupational health services are healthcare (54% of employers with 5,000 or more employees), manufacturing (28%), and financial services (27%) [15].

Recent PE deals involving occupational health providers have primarily been add-on acquisitions. Since 2020, approximately 20 occupational health providers have been added onto existing PE portfolio companies [16].

July 2022 Buyouts

CompanyTypePE Firm(s)
Lexitas Pharma ServicesClinical trials, contract research organizationQHP Capital (management company for NovaQuest Private Equity)
Alliance Pharma (United States)Contract research organizationKohlberg Kravis Roberts
Monte Nido & AffiliatesEating disorder treatmentRevelstoke Capital Partners
Curtis LearningHealthcare education, trainingRenovus Capital Partners
Open Health GroupHealthcare marketingAstorg
Hanger (NYS: HNGR) (announced)Medical devicesPatient Square Capital
EG MedicalMedical devicesDunes Point Capital
Natus MedicalNewborn diagnostic equipmentArchiMed
TheraplayPediatric outpatient therapyIvy Rehab
PANTHERx RarePharmacyGeneral Atlantic, Vistria Group, Nautic Partners
On Demand SolutionsPractice managementPerformant Capital, Goldman Sachs Asset Management
Novum Orthopedic PartnersPractice management (orthopedic and spine)United Musculoskeletal Partners
Coronis HealthRevenue cycle managementVeritas Capital


July 2022 Add-On Acquisitions

CompanyTypePE Firm(s)Add-on Platform
Hallmark Youthcare Richmond (subsidiary of Hallmark Systems)Behavioral health, mental healthPetra Capital Partners, Elm Creek Partners, Granite Growth Health Partners, Harbert ManagementAcute Behavioral Health
Allied Mobile X-Ray & UltrasoundDiagnostic servicesUndisclosedTridentCare
Commonwealth Eye Care Associates (announced)Eye carePartners Group, Princess Private Equity Holding, EnoweEyecare Partners
Retina Institute of Virginia (announced)Eye carePartners Group, Princess Private Equity Holding, EnoweEyecare Partners
Bradenton Eye ClinicEye careLLR PartnersEye Health America
Rockland Eye Physicians and SurgeonsEye careBlue Sea Capital, GCM Grosvenor, GoldPoint Partners, Hamilton LaneSpectrum Vision Partners
Physicians Ambulatory Surgery CenterGastroenterology, urologyMigration Capital, New MainStream CapitalU.S. Urology Partners
The CM Group (announced)Health techAstorgOpen Health Group
Galen Healthcare SolutionsHealthcare information technologyFive Arrows Principal Investments, Five Arrows Capital Partners,, Nordic Capital, Susquehanna Growth Equity, TA Associates ManagementRLDatix
Exchange EDIHealthcare practice managementMarlin Equity PartnersImagineSoftware
Harmony Healthcare (Tampa)Healthcare staffing, consultingTrilantic North America, Neuberger BermanAddison Group
Instant Care of ArizonaHome healthcareColtala Holdings, Trive CapitalChoice Health at Home
Kind Hearts Home Health CareHome healthcareMartis CapitalCommunity Based Care
Silverado Hospice (Ventura, San Mateo and Salt Lake City) (subsidiary of Silverado Senior Living)Home healthcare, hospiceVistria GroupMission Healthcare
Trinity Family Health Care Center (announced)Hospitals/clinicsMBF Healthcare PartnersPalm Medical Centers
AllCellsHuman cells providerWater Street Healthcare PartnersDiscovery Life Sciences
Elgin Laboratory PhysiciansLaboratory services (pathology)BPEA Private Equity Firm, Iron Path Capital, Sweetwater Private EquityVersant Diagnostics
Pathology Consultants of ChicagoLaboratory services (pathology)BPEA Private Equity Firm, Iron Path Capital, Sweetwater Private EquityVersant Diagnostics
MCM Solutions for Better HealthManaged care, health managementGreat Point PartnersValenz
RockpointeMedical educationThe Riverside Company, Renovus PartnersClinical Education Alliance
Cherub Medical SupplyMedical products distributorTandem Capital PartnersPediatric Home Service
Ganse ApothecaryMedical products distributorWindRose Health InvestorsTerrapin Pharmacy
Anew Era TMS & PsychiatryMental health clinicWebster Equity PartnersDiscovery Behavioral Health
Complete OT and OTA ServicesOrthopedic clinicThomas H. Lee PartnersProfessional Physical Therapy
RelievusPain management servicesNexPhase CapitalClearway Pain
ExamotoPharmaceutical servicesNorthwood Healthcare Partners, Constitution Capital Partners, Avista Capital PartnersUnited BioSource
D Cube AnalyticsPharmaceutical servicesTrinity Life SciencesKohlberg & Company
Crossroads Rehabilitation Physical and Occupational Therapy ServicesPhysical and occupational therapyBDT Capital PartnersAthletico Physical Therapy
Acadian Comprehensive Therapy ServicesPhysical and occupational therapyStags Participations, Shumway Capital, Athyrium Capital ManagementUpstream Rehabilitation
Excel Rehabilitation and Sports EnhancementPhysical and occupational therapyBeecken Petty O’Keefe & CompanyAlliance Physical Therapy Partners
Action Physical Therapy and RehabilitationPhysical therapyBDT & CompanyAthletico Physical Therapy
Foot & Ankle SpecialistsPodiatric careNew MainStream CapitalFoot & Ankle Specialists of the Mid-Atlantic
San Antonio Recovery CenterSubstance use treatmentWebster Equity Partners, BPEA Private EquityBayMark Health Services
Animal Clinic of MonettVeterinaryMain Street Capital BDCHeritage Animal Health
WorkPartners Occupational Health SpecialistsWorkplace health servicesKain CapitalAkeso Occupational Health


July 2022 Growth/Expansion Investments

CompaniesTypePE Firm
Ascendia PharmaceuticalsContract development and manufacturing organizationundisclosed
ClinChoiceContract research organizationLegend Capital, Oriza Holdings, Sherpa Healthcare Partners, Taikang Insurance Group Company, Apricot Capital, Lilly Asia Ventures
Athenix Body Sculpting InstituteCosmetic and plastic surgeryLatticework Capital Management
Ideal Dental Management PartnersDental business administrationONCAP
West Coast Dental ServicesDental careCourt Square
TMS SolutionsDepression treatment and therapyCowles Company
LyniateHealthcare data techHgCapital Trust
SeniorlinkHealthcare management (elder care)Atlantic Merchant Capital
Tebra (Healthcare)Healthcare practice managementCommonfund, Greenspring Associates, HLM Venture Partners, Montreux Growth Partners, OpenView Venture Partners, StepStone Group, Stripes, Toba Capital, Transformation Capital, (follow-on investor, 1) Golub Capital
CerboHealthcare practice managementMiramar Equity Partners
AxioMedMedical devicesundisclosed
IDIONMonitoring equipmentInnova Capital Partners
Pharmaceutics InternationalPharmaceutical servicesundisclosed
Everside HealthPrimary careEndeavor Catalyst, New Enterprise Associates, Oak HC/FT, Alta Partners [and other undisclosed investors
ValueHealthSpecialty surgical careundisclosed
HealthCuesWorkplace health servicesInnova Capital Partners





[5] Pitchbook, accessed August 2022.







[12] Pitchbook, accessed August 2022.




[16] Pitchbook, accessed August 2022.

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