Private Equity Health Care Acquisitions – July 2025

In light of continued 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 during July 2025. We will continue to track acquisitions on a monthly basis.

See June 2025 acquisitions here.

 IRA Capital acquires two leased hospital properties

In July, IRA Capital, a real estate private equity firm, added two healthcare properties that will continue to be operated by clinical partners:

• Houston Physicians’ Hospital (Webster, TX): A 148,950-square-foot surgical hospital employing more than 240 physicians across 25 specialties. The facility is fully leased and operated as a joint venture between the physicians, Memorial Hermann, and United Surgical Partners International. IRA Capital also plans to co-develop an adjacent 10-acre medical office campus.[1]
• Reunion Inverness Hospital (Englewood, CO): A 40-bed inpatient rehabilitation facility focused on post-acute recovery from stroke, spinal injuries, and orthopedic trauma. Built in 2022 and leased through 2047, the hospital is operated by Reunion Rehabilitation Hospitals in partnership with Nobis Rehabilitation Partners,[2] which is backed by private equity firm Stanton Road Capital.[3]

PESP’s Private Equity Hospital Tracker (last updated in April 2025) has identified 488 private equity-owned hospitals across the U.S., representing about 8.5% of all private hospitals. Texas remains the leading state, with 108 PE-owned hospitals.[4]

Private equity expands in SUD treatment

In July, private equity-backed platforms expanded their presence in substance use disorder (SUD) treatment and recovery housing with acquisitions in Texas and Pennsylvania.

Bradford Health Services, backed by private equity firm Lee Equity Partners,[5] acquired three addiction treatment and behavioral healthcare programs based in Texas, including:

• The Last Resort Recovery Center (Smithville), which offers comprehensive care for men, including medical detox, residential treatment, partial hospitalization (PHP), and virtual intensive outpatient programming (IOP).
• Crestone Wellness (Taylor), which provides medical detox and residential treatment for both men and women.
• The Chapter House (Richardson), which provides a sober living program focused on long-term support for men transitioning from primary treatment.[6]

The acquisitions add detox, residential, outpatient, and transitional housing services to Bradford’s operations in Central and North Texas; and they follow Bradford’s prior acquisitions of Lakeview Health, Stepping Stones for Recovery, and Koru Spring in October 2024, as well as Vertava Health of Mississippi in 2023.[7]

Bradford now operates 40 facilities[8] across the Southeast U.S., including in Alabama, Florida, Mississippi, North Carolina, Tennessee, and Texas.[9]

Another private equity-owned platform added to its footprint in July; Crossroads Treatment Centers, backed by Revelstoke Capital Partners and CDPQ,[10]  acquired Family Health Services, which operates two outpatient addiction treatment clinics in New Kensington and Ford City, Pennsylvania. With this deal, Crossroads now operates more than 100 locations across nine states.[11]

Crossroads was named in a March 2024 investigation launched by Senator Ed Markey and a bipartisan group of lawmakers examining private equity’s role in restricting access to methadone treatment for opioid use disorder. The inquiry focused on how private equity ownership may affect access to care from opioid treatment programs.[12]

As of 2023, private equity firms owned 7.1% of substance use disorder facilities, according to a study by published in JAMA Psychiatry.[13] According to STAT News, nearly one-third of methadone clinics nationwide are owned by private equity firms.[14]

Resources

[1] ACCESS Newswire. “IRA Capital Acquires Premier Surgical Hospital in Houston.” Morningstar, Inc., July 7, 2025. https://www.morningstar.com/news/accesswire/1045746msn/ira-capital-acquires-premier-surgical-hospital-in-houston.

[2] ACCESS Newswire. “IRA Capital Acquires Premier Inpatient Rehabilitation Facility in Denver.” Morningstar, Inc., July 8, 2025. https://www.morningstar.com/news/accesswire/1045752msn/ira-capital-acquires-premier-inpatient-rehabilitation-facility-in-denver.

[3] Also see pg. 4 of “Public Interest Review EVALUATION OF A PROPOSED INPATIENT REHABILITATION FACILITY IN ROSEVILLE, MINNESOTA.” Minnesota Department of Health, February 26, 2024. https://www.health.state.mn.us/data/economics/moratorium/nobis/docs/finalreport.pdf.

[4] Private Equity Stakeholder Project PESP. “PESP Private Equity Hospital Tracker.” Accessed August 5, 2025. https://pestakeholder.org/private-equity-hospital-tracker/.

[5] Centre Partners; Lee Equity Partners. “LEE EQUITY PARTNERS ACQUIRES BRADFORD HEALTH SERVICES FROM CENTRE PARTNERS,” October 28, 2022. https://www.prnewswire.com/news-releases/lee-equity-partners-acquires-bradford-health-services-from-centre-partners-301662116.html.

[6] Business Wire. “Bradford Health Announces the Acquisition of The Last Resort, Crestone Wellness and The Chapter House in Texas.” July 2, 2025. https://www.businesswire.com/news/home/20250701810292/en/Bradford-Health-Announces-the-Acquisition-of-The-Last-Resort-Crestone-Wellness-and-The-Chapter-House-in-Texas.

[7] Business Wire. “Bradford Health Announces the Acquisition of The Last Resort, Crestone Wellness and The Chapter House in Texas.” July 2, 2025. https://www.businesswire.com/news/home/20250701810292/en/Bradford-Health-Announces-the-Acquisition-of-The-Last-Resort-Crestone-Wellness-and-The-Chapter-House-in-Texas.

[8] Business Wire. “Bradford Health Announces the Acquisition of The Last Resort, Crestone Wellness and The Chapter House in Texas.” July 2, 2025. https://www.businesswire.com/news/home/20250701810292/en/Bradford-Health-Announces-the-Acquisition-of-The-Last-Resort-Crestone-Wellness-and-The-Chapter-House-in-Texas.

[9] Bradford Health Services. “Bradford Health Locations.” Accessed August 5, 2025. https://bradfordhealth.com/bradford-locations/.

[10] Revelstoke Capital Partners. “Revelstoke Capital Partners and CDPQ Announce Significant Investment in Crossroads Treatment Centers.” PR Newswire, January 11, 2022. https://www.prnewswire.com/news-releases/revelstoke-capital-partners-and-cdpq-announce-significant-investment-in-crossroads-treatment-centers-301457764.html.

[11] Crossroads Treatment Centers. “Crossroads Treatment Centers Expands Access in Pennsylvania with Acquisition of Family Health Services.” July 22, 2025. https://www.crossroadstreatmentcenters.com/news/crossroads-treatment-centers-acquisition-of-family-health-services/.

[12] U.S. Senator Ed Markey of Massachusetts. “Senator Markey Leads Colleagues in Bipartisan Investigation into the Role of Private Equity in Restricting Access to Methadone Treatment for Opioid Use Disorder.” March 13, 2024. https://www.markey.senate.gov/news/press-releases/senator-markey-leads-colleagues-in-bipartisan-investigation-into-the-role-of-private-equity-in-restricting-access-to-methadone-treatment-for-opioid-use-disorder.

[13] Jane M. Zhu, Emmanuel Greenberg, Marissa King, and Susan Busch. “Geographic Penetration of Private Equity Ownership in Outpatient and Residential Behavioral Health.” JAMA Psychiatry 81, no. 7 (2024): 732–35. https://doi.org/10.1001/jamapsychiatry.2024.0825.

[14] Lev Facher. “The Methadone Clinic Monopoly: Opioid Treatment Chains Backed by Private Equity Are Fighting Calls for Reform.” STAT, March 19, 2024. https://www.statnews.com/2024/03/19/methadone-clinics-opioid-addiction-private-equity/.