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Private Equity Health Care Acquisitions – June 2021

July 13, 2021

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 June 2021. We will continue to track acquisitions on a monthly basis.

See May 2021 acquisitions here.

Kindred Healthcare/ LifePoint Health – Apollo Global Management

Apollo Global Management-owned hospital system LifePoint Health has announced that it will acquire acute care company Kindred Healthcare.[1] The merger will bring LifePoint’s total employees to 77,000, making it the largest private equity-owned health care company in the US by number of employees.

LifePoint currently owns and operates 87 hospitals, over 50 post-acute service providers and facilities and dozens of outpatient facilities. The merger will add Kindred’s 62 long-term acute care facilities, 25 inpatient rehabilitation facilities, more than 100 acute rehabilitation facilities and two behavioral health facilities.[2] The resulting company will operate in 34 states.

Apollo Global Management acquired LifePoint in in 2018 and merged it with RCCH HealthCare Partners. LifePoint primarily operates rural hospitals. [3] Kindred is owned by a consortium of insurer Humana and private equity firms TPG Capital and Welsh, Carson, Anderson & Stowe (WCAS), which took the company private in 2018. [4]

Financing for the Kindred deal has not yet been disclosed, though the scale of merger and high use of leverage raises questions. Credit rating agency Moody’s Investors Service placed LifePoint on review for downgrade in June noting the company’s high financial leverage, with debt to EBITDA of approximately 5.1 times. Moody’s also cited the possibility of Apollo taking dividends from the company as an additional risk: “LifePoint’s ownership by private equity firm Apollo Management will result in the deployment of aggressive financial policies. While LifePoint may pursue an IPO longer-term given its large scale, Apollo may take dividends along the way, particularly if the company achieves its cash flow and deleveraging goals.”[5]

LifePoint has come under fire in recent years for aggressive policies that prioritize efficiency and profit over patient care. For example in Wyoming, LifePoint chipped away at staffing and services at its hospital in working-class Riverton until most services were transferred to another LifePoint hospital in Lander, 30 miles away. Riverton residents reported that the consolidation severely reduced access to medical services and the transfer led to increased utilization of air ambulances, from 155 in 2014 to 937 in 2019.[6] 

LifePoint has also attracted scrutiny for collecting over a billion dollars in federal COVID relief aid despite being in a healthy financial position going into the pandemic. According to Bloomberg, LifePoint had received $941 million in subsidized loans and $535 million in grants as of September 2020.[7]

LifePoint is also reportedly in talks to acquire Ardent Health Services, which would add another 30 hospitals across six states, primarily in Texas and Oklahoma. Ardent has been owned by private equity firm Equity Group Investments since 2015.[8]

June 2021 Private Equity Health Care Acquisitions


CompanyPE FirmType
SolesisAltaris Capital PartnersBiopharmaceuticals
XanitosAngeles Equity PartnersHospital housekeeping
DentalXChangeBregal SagemountDental
Vera Whole HealthClayton, Dubilier & RiceCorporate healthcare services
Choice Health at HomeColtala HoldingsHome health
New Age MedicalCompass Group Equity Partners, Olympus Ventures, SunGate CapitalMedical devices
ExamWorksCVC Capital PartnersIndependent medical examinations
ChipRewardsCVC Capital PartnersTelehealth
IcarioCVC Capital PartnersHealth tech
Parexel InternationalEQT, Goldman Sachs Merchant Banking DivisionBiopharmaceuticals
QHR HealthGrant Avenue Capital, Nashville Capital Network and Brentwood Capital PartnersPractice management
Affordable DenturesHarvest PartnersDental
The Difference CardKeensight CapitalCRO
Geode HealthKKRBehavioral health
Summit Spine & Joint CentersMSouth Equity PartnersPain management
Gastro HealthOMERS Private EquityDigestive health
Newport AcademyOnexBehavioral health
MAS Medical StaffingPeriscope EquityStaffing
Care AdvantageSearchlight Capital PartnersHome health
ApertureStone Point CapitalPractice management
MedlineThe Blackstone Group, The Carlyle Group, Hellman & Friedman, Government of Singapore Investment Corporation (GIC)Medical supplies

Add-On Acquisitions

CompanyPE FirmAcquiring EntityType
Spinlife AEA Investors, Ares Capital, LLR PartnersNumotionMedical devices
Stork Labor and Delivery Products Audax GroupAspen SurgicalMedical devices
Southeastern Home Health ServicesAdvent InternationalAccentCareHome health
Colorado Center for Reproductive MedicineAltas Partners, Ares ManagementUnified Women’s HealthcareFertility clinics
Protagen Protein ServicesAmpersand Capital PartnersGeneWerkBiopharmaceuticals
Fiore Healthcare AdvisorsAmulet Capital PartnersSSI StrategyPharmaceuticals
Kindred HealthcareApollo Global ManagementLifePoint HealthHealth system
VEP HealthcareApollo Global ManagementUS Acute Care SolutionsStaffing
Valley BiomedicalArsenal Capital PartnersBioIVTBiotech
Eutech Scientific ServicesAuctus Capital PartnersTentamusPharmaceuticals
Clariti HealthBain Capital, Nexxus HoldingsHST PathwaysHealth tech
ChartWiseBain Capital, Silversmith Capital PartnersIodine SoftwareHealth tech
Orchard Medical ConsultingCentre PartnersIMA GroupStaffing
Capstone NutritionCornell Capital and Mubadala Investment CompanyINW Innovations in Nutrition + WellnessNutrition
WEGO HealthCourt SquareHealth UnionTelehealth
RandsecoEnhanced Healthcare PartnersPriority AmbulanceEmergency services
SimpleLTCGI Partners and TA Associates ManagementNetsmart TechnologiesHealth tech
OdezaGolden Gate CapitalEnsemble Health PartnersHealth tech
Synergy TherapiesGryphon InvestorsPhysical Rehabilitation NetworkPhysical therapy/rehabilitation
CNS HospiceH.I.G. CapitalSt. Croix HospiceHospice
Advanced Analytical Testing LaboratoriesImperial Capital GroupInfinity laboratoriesLaboratory services
Voxx AnalyticsInsight PartnersWithin3Biopharmaceuticals
BehaviorsoftInsight PartnersCentralReachPractice management
IMARC ResearchKester CapitalAvaniaCRO
Medical Card SystemKinderhook IndustriesGlobalHealthManaged care
American Dental PartnersKKRHeartland Dental CareDental
PortaScienceMartis CapitalDCN DiagnosticsMobile diagnostics
Lake Ridge & Stafford Foot & Ankle CentersNew MainStream CapitalFoot & Ankle Specialists of the Mid-AtlanticPodiatry
Gastroenterology and Hepatology AssociatesOMERS Private EquityGastro HealthDigestive health
FIGmdParthenon Capital PartnersMROHealth tech
Truvista Surgery CenterRidgemont Equity PartnersSunvera GroupEye care
Stronger URoark Capital Group and Partnership Capital GrowthAnytime FitnessFitness
On.CareSerent CapitalProcurement PartnersHealth tech
Aspire Treatment & Recovery CenterShore Capital PartnersBrightViewBehavioral health
Greater Therapy CentersShore Capital PartnersGolden Bear Physical Therapy & SportsPhysical therapy/rehabilitation
CIOX HealthSixth Street PartnersDatavantHealth tech
VerisysStone Point CapitalAperturePractice management
Boston Healthcare AssociatesSummit PartnersVeranexHealthcare consulting
QuartesianSummit PartnersVeranexHealthcare consulting
XimedicaSummit PartnersVeranexHealthcare consulting
Respiratory Therapy Home CareTransition Capital PartnersHospice SourceMedical devices
CARMAhealthTriton Pacific Capital PartnersMAP Health ManagementBehavioral health
Tenvision UltrasoundVarsity Healthcare PartnersProbo MedicalMedical devices
Chemic LaboratoriesWater Street Healthcare Partners, BroadOak Capital Partners, JLL PartnersSolviasPharmaceuticals
Retinal Consultants of San AntonioWebster Equity PartnersRetina Consultants of AmericaEye care
New Day RecoveryWebster Equity Partners and BPEA Private EquityBayMark Health ServicesBehavioral health









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