Private Equity Health Care Acquisitions – November 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 October 2025. We will continue to track acquisitions on a monthly basis.

See October 2025 acquisitions here.

In November, we tracked 12 buyouts, 61 add-on acquisitions, and 13 growth/expansion investments. 

Private Equity Expands into Pharma Services

In November, there were at least six private equity deals in the pharma services sector. This sector represents all stages of drug development, from initial research and clinical trials to manufacturing, packaging, and commercialization.

Recent acquisitions include:

• Clinigen, a platform company of Triton Partners, acquired SSI Strategy, a drug development consultancy company. Clinigen, a pharma services company that offers drug development, commercialization, and administrative and regulatory support, has previously acquired pharma services companies Kinesys Consulting and Drug Safety Navigator.
• CarePartners Pharmacy, a national specialty infusion pharmacy owned by Ashlar Capital, acquired National Drug Wholesale, a pharmaceutical wholesaler and distributor platform.
• Ondex Capital acquired PlantOPS Consulting, a provider of manufacturing implementation and consulting services for the pharmaceutical industry. The PlantOPS acquisition is its fifth acquisition since April 2024. Ondex Capital is a platform company of Shore Capital Partners.
• RK Pharma, a contract developer and manufacturer of specialty pharmaceuticals, received a $25 million growth investment from Signet Healthcare Partners.

Pharma services have seen rapid growth in recent years; according to a June 2024 PitchBook report, “over the past two years, pharma services have become the hottest area of PE healthcare investing.”

Investors are attracted to the sector for several reasons: the growth of the overall global market driven by tailwinds in the pharmaceuticals and biotech markets; the complexity of the growing specialty drugs market which has incentivized pharmaceutical companies to turn to specialized outsourced services to reduce costs; the highly fragmented pharma services ecosystem, providing opportunities for consolidation; and broader macro tailwinds in the healthcare sector, such as an aging population and higher incidence of chronic diseases.

Private Equity Continues to Expand into the Elder Care Industry

Private equity’s push into the elder care industry continued with the acquisition of a home health company. 

Care Advantage, a home care company in the Mid-Atlantic, acquired Attentive Angels, a provider of home care services for seniors and individuals with cognitive disabilities. Care Advantage is a platform company of Searchlight Capital Partners. 

An aging population in the U.S. has fueled private equity expansion into the senior living sector, skilled nursing facilities, and Programs for All-Inclusive Care for the Elderly (PACE).

Such investments have introduced risks to the senior population. Research and reporting on private equity’s investments in nursing homes, for example, have brought to light investor impacts on patient care – including higher patient mortality rates, reduced staffing, overreliance on psychiatric medications, and reduced quality of care. 

Private equity’s debt-based financial strategies can also lead to financial distress and even bankruptcy. In July 2025, Genesis Healthcare, a private equity-backed nursing home operator with operations across 17 states, filed for bankruptcy. The company’s collapse capped years of financial deterioration shaped by a private equity strategy of asset stripping, high-risk borrowing, and recurring regulatory violations.

Sycamore Partners-Backed Walgreens Boots Alliance Acquires Fruth Pharmacy

Walgreens acquired Fruth Pharmacy, a small, family-run chain with 12 locations in West Virginia. Walgreens late last year announced plans to close 1,200 stores.

Sycamore Partners finalized its acquisition of Walgreens this year, financing the acquisition with an unusually high level of debt, more than in most private equity buyouts (70.9% debt based on Walgreens’ June 6 DEFM14A filing). Because of this high debt strategy, more stores could close under Sycamore Partners’ ownership. Research shows that  “pharmacy deserts” are disproportionately occupied by low-income, rural, and minority communities, and closures of pharmacies can contribute to the creation of “pharmacy deserts” where patients have difficulty accessing essential medications and services.