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Private Equity Health Care Acquisitions – October 2023

November 30, 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 October 2023. We will continue to track acquisitions on a monthly basis.

See September 2023 acquisitions here.

See all our 2022 acquisitions updates here.

In October 2023, the healthcare sector saw private equity firms make 81 deals in total: 12 buyouts (14.8%), 48 add-on acquisitions (59.3%), and 21 growth investments (25.9%), representing a sharp increase from the previous month.

October’s deals may represent a break in trends from prior months. The second quarter of 2023, according to PitchBook, saw the lowest number of deals since the second quarter of 2020.[1] Recently, PitchBook also found that the “pace of dealmaking in healthcare services fell again in Q3,” down 29 percent from the second quarter.[2]

October is also a notable increase from the previous month. In September 2023, there were 45 private equity deals in healthcare – 8 buyouts, 31 add-on acquisitions, and 6 growth investments.[3]

KKR add-ons in autism therapy and contract research
Private equity firm KKR purchased almost 40 autism therapy locations in October through its portfolio company BlueSprig Pediatrics. BlueSprig purchased Colorado-based Trumpet Behavioral Health from WindRose Investors, another private equity firm that acquired Trumpet in 2017.[4]

The acquisition comes on the heels of the bankruptcy of one of the largest autism therapy companies in the US (CARD – owned by PE firm Blackstone Group) and nationwide closures of PE-owned autism centers (Invo Healthcare – owned by Golden Gate Capital).[5]

A report from PESP in 2022 identified cost-cutting tactics at PE-owned youth behavioral health companies, such as cutting staff, relying on unlicensed staff, and failing to maintain facilities, which can lead to abuse, neglect, and unsafe living conditions for youth under the care of those companies.[6]

KKR also acquired research company Clinical Research Professionals in October through its portfolio company Headlands Research.[7]

KKR created Headlands in 2019 with plans for aggressive growth through acquisitions of smaller research sites.[8] Upon launching, Headlands acquired 6 clinical research sites.[9] As of November 2023, the company has 17 sites in the U.S. and Canada.[10]

Private equity firms have become increasingly drawn to clinical drug trials due to the large profits that can be gained through efficiencies, such as getting a drug to market sooner or for lower cost.[11]

As PESP pointed out in August, KKR’s recent acquisitions are concerning because of the firm’s history with other healthcare providers. KKR’s staffing firm Envision Healthcare, notorious for its use of surprise medical billing and lobbying against efforts to reign in the practice, filed for bankruptcy in May.[12] KKR-backed cancer treatment provider GenesisCare filed for bankruptcy in June.[13]

Health IT acquisitions continue
There were 7 Health IT acquisitions in October. Health IT describes software used by healthcare providers and payers. Healthcare IT includes technology to produce and track clinical data, claims data, and administrative data. Much healthcare IT investment has been focused on data cleaning, integration, and exchange.[14]

In early October, Canadian healthcare IT company LGI Healthcare Solutions acquired U.S.-based Boston Software Systems, which provides process automation for the healthcare industry. LGI is owned by private equity firm Novacap.[15] Novacap’s other healthcare portfolio companies include a medical imagining services company (Canada Diagnostic Centres) and a home healthcare provider (Spectrum Health Care).[16]

Also in October, contract research organization Veramed announced its acquisition of Boston-based data management company CTDS. Veramed is owned by private equity firm Livingbridge.[17] Livingbridge’s healthcare portfolio includes other health IT companies. In April 2023, it invested in a company providing AI-powered document services for the healthcare sector.[18]

According to one recent analysis, technology continues to be a key focus of private equity, “accounting for nearly one-third of PE activity by value” in the 12 months leading up to October 2023. Among the reasons for this amount of activity is investor interest in integration between technology and healthcare.[19]

A recent EY survey indicated that the Health IT sector is expected to continue growing, with emphasis on “data analytics, digitization, supply chain fragmentation, and the automation of critical processes,” among other areas for growth.[20]

Further consolidation of Durable Medical Equipment
Private equity firms made further inroads into the durable medical equipment (DME) industry. DME includes wheelchairs, respiratory technology, and other tools needed to manage chronic conditions and disabilities.

BPOC’s DME company, Home Care Delivered, acquired the DME unit of Medline Industries, a medical supplies giant owned by a consortium of private equity firms including Blackstone, Carlyle Group, and Hellman & Friedman.[21] Home Care Delivered specializes in supplies for diabetes/CGM, incontinence, wound, urological, and ostomy products.[22]

In addition, Nordic Capital-owned Sunrise Medical acquired Ride Designs, which manufactures seating systems for wheelchairs.[23]

Private equity firms have increasingly bought up DME manufacturers and suppliers and consolidated them. Through aggressive debt-funded growth strategies, a handful of private equity-owned DME companies have grown from nonexistence to industry giants over the last decade.[24]

See our latest report Private Equity in DME: How Private Equity Profits Off of Disabled and Chronically Ill Americans (November 2023).





Company Type


Type 2


PE Firm(s)

ACU-ServeHealth ITrevenue cycle managementLovell Minnick Partners
AkuminDiagnostic servicesdiagnostic servicesStonepeak
Applied StemCellContract development and manufacturing organizationcell and gene therapyQHP Capital
Cantata HealthHealth ITrevenue cycle managementTT Capital Partners
Conquest ResearchClinical research Reynolda Equity Partners
Infirst HealthcarePharmaceuticals Carlin Consumer Health
InphoniteHealth ITappointment reminder softwareBig Band
Nue LifeWellness Beckley Waves
Prescott Medical Communications GroupHealthcare consulting NaviMed Capital
Seoul Medical GroupOutpatient care Ascend Partners, ACE & Company
Thorne ResearchPharmaceuticals L Catterton
ViventiumHealth IT ABS Capital Partners


Add-on acquisitions




Company Type


Type 2


PE Firm(s)


Add-on Platform

Advanced BiologicsBiotech Thompson Street Capital PartnersIsto Biologics
Albemarle Dermatology AssociatesOutpatient caredermatologyGemini Investors, Hildred Capital PartnersDermCare Management
American Family Home HealthHome health Athyrium Capital Management, Blue Wolf Capital Partners, Constitution Capital Partners, HarbourVest Partners, Kelso & CompanyElara Caring
Arrowhead ForensicsForensic products Broad Sky PartnersThomas Scientific
AssuriCareHealth IThome health claims managementTELEO CapitalCHCS Services
Avanos Medical (Respiratory Health Business)Medtechrespiratory devicesA&M Capital, Dempsey Ventures, Frazier Healthcare PartnersAirLife
Boston Software SystemsHealth IThealthcare administration softwareNovacapLGI Healthcare Solutions
Brown’s Medical ImagingMedtechmedical imaging equipmentAtlantic Street CapitalPrestige Medical Imaging
CAE HealthcareHealthcare education Sequoia Heritage, BaringsMadison Industries
California Medical EvaluatorsMedical-legal servicesmedical examination equipment and servicesAquiline CapitalMDpanel
California Medical Legal SpecialistsHealthcare administrationforensic disability evaluationsAquiline CapitalMDpanel
Charleston Allergy and AsthmaOutpatient carehealthcare administration softwareB-FLEXIONAllergy Partners
Clinical Research ProfessionalsClinical research Kohlberg Kravis & RobertsHeadlands Research
CTDSHealth ITdata managementLivingbridgeVeramed
Dahl-Chase Diagnostic ServicesLaboratory servicesanatomic and clinical pathology servicesSope Creek, Sweetwater Private Equity, Iron Path Capital, ACE & Company, BPEA Private EquityVersant Diagnostics
Empowered EducationHealth education Tailwind CapitalInternational Sports Sciences Association
Enovate MedicalMedtechclinical workstationsThe Sterling GroupErgotron
Florida live healthyOutpatient caredental careLinden Capital PartnersSage Dental
Flume Health (Third Party Administrator Operations)Health IThealthcare administration softwareBV Investment PartnersVitori Health
Impact Research InstituteClinical researchliver health researchGHO CapitalVelocity Clinical Research
Independence 4 SeniorsHome health Havencrest Capital ManagementAvid Health at Home
Just Home Healthcare Services (Group Home and Independent Living Program Divisions)Elder care Blue Wolf Capital Partners, Leavitt Equity Partners, Juna Equity Partners, Constitution Equity PartnersRHA Health Services
Med-SellMedical equipment Shore Capital Partners, Dempsey VenturesAA Medical Store
Medline Industries (DMEPOS Supplier Business Unit)Medical equipment BPOCHome Care Delivered
Mountainside WellnessOutpatient carephysical therapyHildred Capital PartnersSportsMed Physical Therapy
NetalyticsHealth IThealthcare administration softwareGI Partners, TA Associates ManagementNetsmart Technologies
Oasis Senior AdvisorsElder care Growth Catalyst PartnersSilverAssist
Omnicor Biomedical ServicesMedical supplies Gauge CapitalEquipment Management Service and Repair
pCareHealth ITpatient engagement systemsAtlantic Street Capital, Enbridge Ventures, Ocean Avenue Capital PartnersUniguest
Perkins Road Veterinary HospitalOutpatient careveterinary careShore Capital PartnersSouthern Veterinary Partners
Pine Plains Veterinary HospitalOutpatient careveterinary careAudax Private Equity, Ares Capital Corporation BDC, Ares Management, NB Capital SolutionsVeterinary Practice Partners
Pinnacle Surgery CenterOutpatient careorthopedicsChicago Pacific FoundersTrias MD
Procerus Skin CareOutpatient carespa and laser centerIncline Equity PartnersCosmetic Skin & Laser Center
Quakertown Family Dental CenterOutpatient caredental careRegal Healthcare Capital Partners, The Jordan CompanyDental365
RCxRulesHealth ITrevenue cycle managementWestView Capital Partners, TA Associates Management, Abacus Finance GroupAlpha II
Ride DesignsMedical supplieswheelchair seatingNordic Capital, AlpInvest PartnersSunrise Medical
South Padre Island Pediatric CenterOutpatient carepediatric careWebster Equity PartnersMyTown Health Partners
TekyardMedical suppliespreowned equipmentShore Capital Partners, Dempsey VenturesAA Medical Store
The Corridor GroupHealthcare consultingrevenue cycle managementArdan Equity, Leonard Green & PartnersWellSky
True North Solutions (Cambridge)Healthcare consulting Great Point PartnersJPA Health
Trumpet Behavioral HealthBehavioral healthautism servicesKohlberg Kravis & RobertsBlueSprig Pediatrics
Urologic Specialists of Northwest IndianaOutpatient careurological servicesLee Equity PartnersSolaris Health
UrotronicMedical devices Patricia IndustriesLaborie Medical Technologies
Viatris (Over-the-Counter Drug Business)Pharmaceuticals Avista Capital Partners, Damier, CVC Capital Partners, Creafund, ESAS HoldingCoopération Pharmaceutique Française
VirusysPharmaceuticals Cinven, Omnes Capital, Astorg, Abu Dhabi Investment AuthorityLGC
Waldorf Center For Plastic SurgeryOutpatient carecosmetic plastic surgical carePartners Group, OMERS Private EquityForefront Dermatology
WallcurHealth education 1315 Capital, G Square Healthcare Private Equity3B Scientific
Well Care Home Care (Home Care Business)Home health Havencrest Capital ManagementAvid Health at Home


Growth Investments*
*some investments have undisclosed investors

CompaniesCompany TypeType 2PE Firm(s)
BC PlatformsHealth ITdata managementGrayBella Capital
BioProcureHealth ITprocurement softwarePrimus Capital
Bristol HospiceOutpatient carehospice and palliative careRevelation Partners
Connections Health SolutionsOutpatient carebehavioral healthHeritage Group, Town Hall Ventures
CorroHealthHealth ITreimbursement cycle trackingTT Capital Partners
Edgewood HealthcareElder carehealthcare and hospital servicesundisclosed
Eximia Research NetworkBiotechclinical trialsVSS Capital Partners
GBIBiotech undisclosed
Hallmark Healthcare SolutionsHealth IThealthcare administration softwareSummit Partners
Health Data InnovationsHealth ITdata managementHughes & Company
Institutes Of HealthOutpatient carecomplex and chronic conditionsLatticework Capital Management
LabConnectLaboratory services ABS Capital Partners, Kline Hill Partners, Five Arrows Principal Investments
LiveWell (Elder and Disabled Care)Home health BPEA Private Equity
LokavantLaboratory services Mitsui & Company
PanTheryxPharmaceuticals undisclosed
PrendioHealth ITprocurement softwarePrimus Capital
Regent Surgical HealthHealthcare consulting Martin Ventures
S&S HealthCare StrategiesHealthcare administration Lovell Minnick Partners
SHINE TechnologiesPharmaceuticalsmedical isotopesFidelity Management, Baillie Gifford
VetEvolveHealthcare administrationveterinary practice managementVarsity Healthcare Partners
XevantHealth ITperformance optimization softwareundisclosed





[1] PitchBook. “Q2 2023 Healthcare Services Report,” p. 3, August 11, 2023.

[2] PitchBook. “Q3 2023 Healthcare Services Report,” November 7, 2023.

[3] Bugbee, Mary. “Private Equity Health Care Acquisitions – September 2023.” Private Equity Stakeholder Project PESP (blog), October 17, 2022.

[4] Chris Larson. “KKR-Backed BlueSprig Rolls Up Trumpet Behavioral Health, Adds Nearly 40 Locations to Footprint.” Behavioral Health Business, October 18, 2023.

[5] Eileen O’Grady, “PE’s failed autism failed bets harm workers and consumers,” Private Equity Stakeholder Project, July 28, 2023.

[6] Eileen O’Grady. “The Kids Are Not Alright: How Private Equity Profits Off of Behavioral Health Services for Vulnerable and At-Risk Youth.” Private Equity Stakeholder Project PESP, February 17, 2022.

[7] Clinical Research News Online. “Headlands Research Continues Accelerated Growth with the Acquisition of Clinical Research Professionals, Further Expanding Its Geographic Reach,” October 11, 2023.

[8] Ron Leuty. “KKR-Backed Startup Headlands Research on Hunt to Buy Clinical Trial Sites.” San Francisco Business Times, November 13, 2019.

[9] Headlands Research. “Headlands Research Acquires Six Clinical Research Sites As It Seeks to Transform the Clinical Trial Process.” GlobeNewswire News Room, November 13, 2019.

[10] Headlands Research. “Headlands Sites.” Accessed November 13, 2023.

[11] Rachana Pradhan. “The Business of Clinical Trials Is Booming. Private Equity Has Taken Notice.” Fortune, December 2, 2022.

[12] Mary Bugbee, “It Should Come as No Surprise That KKR-Owned Envision Healthcare Has Finally Declared Bankruptcy,” Private Equity Stakeholder Project (blog), June 6, 2023,

[13] Becky Yerak, “KKR-Backed Cancer-Treatment Provider GenesisCare Files for Bankruptcy,” Wall Street Journal, June 1, 2023, sec. WSJ Pro,

[14] PitchBook. “Q4 2022 Launch Report: Healthcare IT,” March 2, 2023.

[15] Novacap. “LGI Healthcare Solutions Acquires Boston Software Systems – Novacap,” October 5, 2023.

[16] Novacap. “Portfolio – Novacap.” Accessed November 13, 2023.

[17] Livingbridge. “Veramed Expands Its Global Footprint by Acquiring Data Management, Biometrics and Medical Writing Services Company Clinical Trial Data Services (CTDS),” October 9, 2023.

[18] Livingbridge. “Livingbridge Announces Investment in Clinical Document Workflow Software T-Pro,” April 28, 2023.

[19] Pete Witte. “Private Equity Pulse: Five Takeaways from Q3 2023.” EY, October 25, 2023.

[20] Pete Witte. “Private Equity Pulse: Five Takeaways from Q3 2023.” EY, October 25, 2023.

[21] “Home Care Delivered, Inc. Completes Acquisition of Medline Industries, LP’s DMEPOS Supplier Business Unit,” BPOC, October 16, 2023/

[22] “Home Care Delivered, Inc. Completes Acquisition of Medline Industries, LP’s DMEPOS Supplier Business Unit,” BPOC, October 16, 2023/


[24] Eileen O’Grady, “Private Equity in DME: How Private Equity Profits Off of Disabled and Chronically Ill Americans,” November 2023.

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