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Private Equity Healthcare Acquisitions – June 2023

July 31, 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 June 2023. We will continue to track acquisitions on a monthly basis.

See May 2023 acquisitions here.

See all our 2022 acquisitions updates here.

June 2023 was a busy month for private equity firms investing in the healthcare sector. There were 78 deals in total: 12 buyouts (15.4%), 45 add-on acquisitions (57.7%), and 21 growth investments (26.9%). June’s breakdown is in line with broader trends in 2023. According to data provider PitchBook, 2023 has seen a greater percentage of private equity growth and expansion investments versus buyouts in the first half of 2022, with growth and expansion investments accounting for 22.2% of deals, leveraged buyouts accounting for 17.1%, and add-on acquisitions accounting for 60.7%.[1] The rise in growth and expansion investments versus buyouts is partially due to financing challenges and disagreements on company valuations, according to PitchBook.[2]


Private equity maintains a steady pace of deals in the outpatient care sector
At 20 deals, outpatient care deals accounted for 25.6 percent of total deals for the month, including three in eye care, three in cardiology, and three in dental care.

In cardiology, Webster Equity Partners and MedEquity Partners acquired Shore Heart Group[3] and Bay Area Cardiology Associates[4] via their platform company, Cardiovascular Associates of America (CAA).[5] CAA has 91 locations, concentrated in the eastern U.S., with some Midwest and Southwest locations.[6] Earlier this year, CAA acquired Deerfield Management-backed Novocardia and merged it with CAA.[7]

Private equity firm Assured Healthcare Partners also acquired Colorado Springs Cardiology with its platform company, Heart & Vascular Partners.[8]

Analysts, researchers, and healthcare journalists have recently noted private equity’s increased interest in cardiology.[9] With over 40% of Americans considered medically obese and an aging population, demand for cardiology services is high while cardiologists are in short supply. Further, the industry is still fragmented, offering opportunities for investors to use a consolidation strategy to generate profits.[10]


Private equity’s incursion into the aesthetics/cosmetics industry
June saw six private equity investments in the medical aesthetics industry, including Princeton Equity Group’s acquisition of Genesis MedSpa to its platform company Princeton Medspa Partners.[11]Aesthetics Partners made a growth investment in Columbus Aesthetic and Plastic Surgery. Notably, Trinity Capital made a $30 million growth investment in Revelle Aesthetics, a company that has an FDA-cleared device that reportedly helps reduce the appearance of cellulite.[12]

Medical aesthetics, which includes medspas, plastic surgery, injectables, and aesthetics-oriented laser and ultrasound technologies, is a growing industry that is seeing increased private equity activity. According to Boston Consulting Group (BCG), “15 million Americans have had an aesthetics procedure, but the pool of potential consumers is nearly six times that amount –roughly 80 million people.”[13] BCG projects double-digit growth rates for the medical aesthetics industry through 2027.[14]






Company Type


Type 2


PE Firm(s)

Your Behavioral HealthBehavioral healthoutpatient & inpatient careComvest Partners
Family First Adolescent ServicesBehavioral healthadolescent behavioral healthFive Points Capital, Health Enterprise Partners, NaviMed Capital
ApixioHealth ITmedical records softwareArdan Equity, New Mountain Capital
VālenzHealthcare administration/Health ITcost reduction services for health plans and other groupsGuidon Partners, Kelso Private Equity
Acacia Home Health ServicesHome health/HospiceMerit Capital Partners
Robling MedicalMedtechcontract manufacturing servicesSV Health Investors
Velox OperationsMedtechconsultingMiramar Equity Partners
IRRASMedtechmedical equipment developerLegacy Capital Ventures, Spetses, Bacara, Lexington, Mr. Kleanthis G. Xanthopoulos, Panormos, Mr. Philippe Audi and Mr. Nicolas Murat
OneOncologyOutpatient careoncologyAmerisourceBergen, TPG
Paratek PharmaceuticalsPharmaceuticalsclinical researchGurnet Point Capital, Novo Holdings
Premier Radiology ServicesRadiologyGrovecourt Capital Partners
Allergy Research GroupWellnessmanufacturer of nutritional supplements and probioticsLion Equity Partners, WM Partners



Add-on acquisitions




Company Type


Type 2


PE Firm(s)


Add-on Platform

Foundation for Hair RestorationAestheticshair restorationCapital Southwest BDC, Gladstone Capital Corp BDC,, Hidden Harbor Capital Partners, Main Street Capital BDCInspire Aesthetics
Genesis MedSpaAestheticsmedspaPrinceton Equity GroupPrinceton Medspa Partners
Wilshire Center for Ambulatory SurgeryAmbulatory surgery centerKohlberg Kravis RobertsCovenant Physician Partners
Atlas Surgery CenterAmbulatory surgerycenteropthalmic proceduresWaud Capital PartnersUnifeye Vision Partners
SoftGeneticsBiotech/Health ITgenetic analysis softwareInsight PartnersDotmatics
Keystone Health Information ExchangeHealth ITBain Capital, BPEA EQT, Ergo PartnersCitiusTech
Exceptional Emergency CenterHealthcare administrationoperator of freestanding emergency roomsZT CorporateAltus Hospital
CSG Health GroupHealthcare communicationsCalcium(Judy Capano), NexPhase Capital(Andy Kieffer)Calcium
I.V. Nurse ConsultantsHealthcare educationconsulting servicesDynamic Access(Peter Harris), RiverGlade CapitalDynamic Access
Dependable Home Health CareHome healthAlpine Investors, Hamilton Lane, HarbourVest Partners, Neuberger Berman, Pantheon Capital PartnersTeam Services Group
Hope HospiceHospiceAudax Group, Ridgemont Equity PartnersAgape Care Group
Access Medical LaboratoriesLaboratory servicesspecialty diagnosticCaisse de dépôt et placement du QuébecGrupo Diagnostico Aries
Greenhouse WellnessMedical cannabisSachs CapitalCulta
KannavisMedical cannabisSachs Capital
Compass Group PartnersMedical communicationsPro-ficiency, QHP CapitalPro-ficiency
MediCoreMedtechmedical supplies manufacturingASP Global, Incline Equity PartnersASP Global
Tristate Biomedical SolutionsMedtechmedical equipment distributor5th Century Partners, Avante Capital PartnersRadon Medical Imaging
Premier Medical (Tennessee)Medtechmedical gas and equipment supplierPNC Riverarch CapitalMedical Technology Associates
Avanos MedicalMedtechmedical device/respiratory health businessA&M Capital, Dempsey Ventures, Frazier Healthcare PartnersSunMed
ArtossMedtechdeveloper of bone graft productsTA Associates ManagementBiocomposites
CorelinkMedtechmedical device/implant manufacturingGemspring Capital, Norwest Mezzanine PartnersZavation Medical Products
ImpladentMedtech/biotechmanufacturer of regenerative materials for bone grafting & repairAvista Capital PartnersSolmetex
Tritech Healthcare ManagementOccupational healthworkers compensation and billing servicesA&M CapitalMed-Metrix
Bay Area Cardiology AssociatesOutpatient carecardiologyMedEquity Capital, Webster Equity PartnersCardiovascular Associates of America
Viera Fertility CenterOutpatient carefertility treatment LongueVue CapitalFertility Specialists Network
Specialty InfusionOutpatient careinfusion centersInTandem Capital PartnersVivo Infusion
Southwest Eye CareOutpatient careeye careWaud Capital PartnersUnifeye Vision Partners
Physical Therapy TodayOutpatient carephysical therapyGrant Avenue Capital(Buddy Gumina), H2 HealthH2 Health
Shore Heart GroupOutpatient carecardiologyMedEquity Capital, Webster Equity PartnersCardiovascular Associates of America
Kendall Dental CareOutpatient caredental careLinden Capital PartnersSage Dental
Eugene McGuire DDSOutpatient caredental careClairvest GroupAbra Health
Fort Worth Primary CareOutpatient carefamily medicine/primary careMBF Healthcare PartnersPalm Medical Centers
Texas Family MedicineOutpatient carefamily medicine/primary careMBF Healthcare PartnersPalm Medical Centers
Integrity Dental of SpartaOutpatient caredental careRegal Healthcare Capital Partners, The Jordan CompanyDental365
One Source Occupational MedicineOutpatient careoccupational healthWelsh, Carson, Anderson & StoweConcentra
Colorado Springs CardiologyOutpatient carecardiologyAssured Healthcare PartnersHeart & Vascular Partners
Giggles TherapyOutpatient carepediatric therapy for children with disabilitiesPine Tree Equity PartnersKids Speech, Physical and Occupational Therapy
Sierra Eye Medical GroupOutpatient careeye careWaud Capital PartnersUnifeye Vision Partners
Southwest Nephrology AssociatesOutpatient carenephrologyAudax GroupPanoramic Health
Lumina HealthcareOutpatient care/outsourced carepodiatry and dental services for skilled nursing facilitiesNaviMed CapitalAdvantage Surgical & Wound Care
East Coast RetinaOutpatient care/surgeryeye careWebster Equity PartnersRetina Consultants of America
Eagle Pharmacy (Alabama)Pharmaceuticalsspecialty pharmacy – compounding pharmacyHall Capital Holdings, Osceola Capital ManagementRevelation Pharma
VGYAAN PharmaceuticalsPharmaceuticalsresearch and developmentPAGRK Pharma
Healthcare Support TechnologiesRevenue cycle managementRiverside PartnersUnisLink
Avrio HealthWellnessdeveloper and manufacturer of health proiductsBansk Group, Constitution Capital PartnersArcadia Consumer Healthcare



Growth Investments*
*some investments have undisclosed investors

CompaniesCompany TypeType 2Deal TypePE Firm(s)
Columbus Aesthetic & Plastic SurgeryAestheticsdermatology/plastic surgeryPE Growth/ExpansionAesthetic Partners
SEV LaserAestheticsmedspaPE Growth/ExpansionLevine Leichtman Capital Partners
Powered by MRPAesthetics/Medtech/Health ITdigital marketplace to connect medical device manufacturers and sales reps in the aesthetics industryPE Growth/Expansion
Pharmaceutics InternationalBiotechpharmaceutical product development servicesPE Growth/Expansion
Riva TherapeuticsBiotechprecision oncologyPE Growth/ExpansionForward Equity Partners
Autism Behavioral InstituteDisability servicesABA therapy/autismPE Growth/ExpansionDecathlon Capital Partners
Intraprise HealthHealth ITPE Growth/Expansion
Pinnacle Technology PartnersHealth ITbiotechPE Growth/Expansion424 Capital
Global Healthcare ExchangeHealth ITsupply chain managementPE Growth/Expansion
MedaxionHealth ITanesthesia information platformPE Growth/ExpansionMcCarthy Capital
Included HealthHealthcare administrationhealthcare access consultingPE Growth/ExpansionRevelation Partners
Pro-ficiencyHealthcare education/Health ITcompliance and educationPE Growth/Expansion
LKC TechnologiesMedtechmedical device development – ophthalmicPE Growth/ExpansionDW Healthcare Partners
Revelle AestheticsMedtech/Aestheticsmedical device development – aestheticsPE Growth/ExpansionTrinity Capital
Upperline HealthOutpatient carepodiatry/wound carePE Growth/ExpansionAdam Boehler, Crestline Investors, Silversmith Capital Partners
RK PharmaPharmaceuticalsgenerics manufacturingPE Growth/ExpansionPAG
Revelation PharmaPharmacyspecialty pharmacy – compounding pharmacyPE Growth/ExpansionHall Capital Holdings
First Stop HealthTelehealthPE Growth/ExpansionSverica Capital Management
Sollis HealthUrgent careMembership-based urgent care servicesPE Growth/ExpansionArkitekt Ventures, B. Riley Financial, Bridge Capital Holding, Denali Growth, Friedom Partners, Read Capital, Strand Equity, Torch Capital
Springfield Urgent CareUrgent carePE Growth/ExpansionCequel III
PM Pediatric CareUrgent care/behavioral health/telehealthpediatric carePE Growth/ExpansionJefferson River Capital, Scopia Capital Management





[1] Hamlin, Jessica. “IT Buyout Giant Thoma Bravo Makes Healthcare Growth Play | PitchBook.” News & Analysis, July 17, 2023.

[2] Hamlin, Jessica. “IT Buyout Giant Thoma Bravo Makes Healthcare Growth Play | PitchBook.” News & Analysis, July 17, 2023.

[3] Cardiovascular Associates of America. “Cardiovascular Associates of America Expands NJ Footprint with Acquisition of Shore Heart Group.” Accessed July 21, 2023.

[4] Cardiovascular Associates of America. “Cardiovascular Associates of America Extends Reach into Tampa Bay and Surrounding Area with the Addition of Bay Area Cardiology and Vascular Associates.” Accessed July 21, 2023.

[5] “Our Portfolio.” Accessed July 21, 2023.; Webster Equity Partners. “Portfolio.” Accessed July 21, 2023.

[6] Cardiovascular Associates of America. “CVAUSA Partner Practices.” Accessed July 21, 2023.

[7] Cardiovascular Associates of America. “Cardiovascular Associates of America Merges with Novocardia and Announces Strongest Cardiovascular Network in America,” April 18, 2023.

[8] “Heart & Vascular Partners, LLC Announces Partnership with Colorado Springs Cardiology.” Heart and Vascular Partners, May 30, 2023.

[9] Fenne, Michael. “Private Equity Health Care Acquisitions – April 2023.” Private Equity Stakeholder Project (blog), May 22, 2023. ; “Private Equity and Cardiology at ASCs.” Accessed July 21, 2023.; Epstein Becker & Green, P.C. “On-Demand Webinar: The Rise of Private Equity Partnerships with Cardiology Groups: What’s Going On and Why?,” November 9, 2022.; Strode, Roger. “Cardiology: The New Darling of Private Equity Investment | Foley & Lardner LLP.” Healthcare Law Today (blog), February 6, 2023.; Lou, Nichole. “Private Equity Has New Love for Cardiology. Should Doctors Take the Deal?” MedPage Today, February 16, 2023.; Springer, Rebecca. “PE Finds a New Healthcare Play in Cardiology | PitchBook.” News & Analysis (blog), May 13, 2023.

[10] Strode, Roger. “Cardiology: The New Darling of Private Equity Investment | Foley & Lardner LLP.” Healthcare Law Today (blog), February 6, 2023.

[11] PRWeb. “Princeton Medspa Partners Acquires Genesis Medspa of Colorado Springs.”, June 13, 2023.; “Princeton Medspa Partners | Princeton Equity Group, LLC.” Accessed July 21, 2023.

[12] “Trinity Capital Inc. Provides $30 Million Growth Capital to Revelle Aesthetics,” June 1, 2023.

[13] Rossi, Sergio, Christine Barton, and Andrea Agnolio. “Medical Aesthetics Is Resilient, Growing, and Attracting Investors.” BCG Global, May 8, 2023.

[14] Rossi, Sergio, Christine Barton, and Andrea Agnolio. “Medical Aesthetics Is Resilient, Growing, and Attracting Investors.” BCG Global, May 8, 2023.

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