Private Equity Health Care Acquisitions – October 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 September 2025 acquisitions here.

In October we tracked 22 buyouts, 43 add-on acquisitions, and 15 growth/expansion investments.

Consolidation across outpatient medical and dental practices continued in October while some states enhanced limitations on the corporate practice of medicine

In October 2025, private equity firms acquired at least 12 outpatient medical practices and ten dental practices as part of a larger pattern of platform companies owned by private equity firms “rolling up” (acquiring and consolidating) other companies to boost revenues and profits. According to a June 2024 letter from 11 state Attorneys General to the federal government, research demonstrates that healthcare consolidation can lead to higher prices for patients, lower quality of services, and reduced access to care.

As medical and dental practice acquisitions continue, throughout 2025 lawmakers in states across the country have sought to limit private equity firms’ influence on medical decisions impacting patients. Most recently, in October 2025, California Governor Gavin Newsom signed Senate Bill 351 and Assembly Bill 1415 into law. PESP recently issued a statement on SB 351 and summarized the two California laws enacted to curb investor influence in healthcare.

The laws in California are the latest in a flurry of state legislative activity aimed at bringing greater oversight and transparency to healthcare mergers and acquisitions, regulating certain private equity business strategies, and updating corporate practice of medicine law. Much of this legislation is in direct response to private equity’s harmful impacts in healthcare systems around the country. Nevertheless, in October, consolidation in the healthcare industry continued.

Outpatient medicine practice consolidation

In October, private equity firms and their platform companies acquired at least 12 outpatient practices:

• Avenues Home Care, owned by Capital Alignment Partners,[1] acquired As Close as Family, an Alabama-based home care provider.[2]
• Epiphany Dermatology, owned by Leonard Green & Partners,[3] acquired two dermatology practices: Big Sky Dermatology[4] and Modly Dermatology.[5]
• Forefront Dermatology, owned by Partners Group,[6] acquired Wichita Dermatology & Aesthetics.[7]
• SportsMed Physical Therapy, owned by Hildred Capital partners,[8] acquired Wecare Medical PT and Wellness, a pain management and physical therapy practice.[9]
• Confluent Health, owned by Partners Group,[10] acquired Commonwealth Hand & Physical Therapy.[11] Confluent Health now operates more than 820 sites of care across the U.S.[12]
• DuPage Medical Group (also known as Duly Health and Care),[13] owned by Ares Private Equity Group,[14] Athyrium Capital Management,[15] and Guidon Partners,[16] acquired Woodridge Clinic, a primary care practice.[17] Duly Health and Care is based in the Midwest and has more than 900 primary care physicians in over 150 locations.[18]
• United Digestive, owned by Kohlberg & Company,[19] acquired two gastroenterology practices: Gastro MD and Gastroenterology of Greater Orlando.[20] United Digestive’s buyout was featured in the 2023 PESP report on deal activity trends in U.S. healthcare.
• S. Urology Partners, owned by General Atlantic,[21] acquired New Jersey Urology’s practices in the central and south regions.[22]
• OneOncology, owned by TPG and Cencora,[23] acquired GenesisCare of Florida, a cancer and multispecialty network of providers.[24]
• Redwood Family Care Network, formerly known as People’s Care[25] and owned by Webster Equity Partners, acquired Eagles Wing, a residential and day support provider for individuals with developmental disabilities.[26]

Dental practice consolidation

Private equity firms have invested in the U.S. dental industry through Dental Services Organizations (DSOs), which handle the administrative and business tasks for dental practices, including marketing, bookkeeping, financial services, and other functions. The DSO industry appears to have been created, largely by private equity firms, to avoid regulation that prohibits investor ownership of dental practices. PESP released a report on the role of private equity in the dental care industry in 2021.

In October, there were at least ten transactions in the dental care industry:

• Pearl Street Dental Partners, owned by SkyKnight Capital and Talisker Partners,[27] acquired Camellia Dental.[28]
• Dental365, owned by The Jordan Company, Regal Healthcare Capital Partners,[29] and The Cambria Group,[30] acquired Van Buren Dental.[31]
• SALT Dental Partners, owned by Latticework Capital Management,[32] acquired three Mid-Atlantic practices: Brick Pediatric Dentistry & Orthodontics,[33] Howard Orthodontics,[34] and Riverdale Park Pediatric Dentistry.[35] SALT Dental Partners operates 168 practice locations across 20 states with 228 doctors.[36]
• Southern Orthodontic Partners, owned by Shore Capital Partners,[37] acquired Lindsey Orthodontics.[38]
• Heartland Dental, owned by KKR,[39] acquired Siena Hills Family Dental.[40] Heartland Dental operates over 1,800 offices and 3,000 doctors across 39 states and the District of Columbia.[41]
• Smile Partners USA, owned by Silver Oak Services Partners,[42] acquired AC Dentistry.[43]
• MB2 Dental Solutions, owned by Charlesbank Capital Partners and Warburg Pincus, acquired A Beautiful Smile dentistry.[44]
• MAX Surgical Specialty Management, owned by MedEquity Capital,[45] RF Investment Partners,[46] and Kian Capital,[47] acquired New York Oral & Maxillofacial Surgery and Dental Implant Center.[48]

Kingswood Capital Management entered into a definitive agreement to acquire durable medical equipment company Drive DeVilbiss

On October 16, 2025, Kingswood Capital Management announced that it had entered a definitive agreement to acquire Drive DeVilbiss Healthcare, a durable medical equipment manufacturer and supplier.[49] Drive DeVilbiss is the product of multiple private equity mergers and buyouts. It was created in its current form in 2015 by the merger of wheelchair manufacturer Drive Medical, which had been owned by Ferrer Freeman & Company since 2008,[50] and DeVilbiss Healthcare, a sleep products manufacturer owned by Vestar Capital Partners.[51] Drive DeVilbiss Healthcare’s current owner, private equity firm Clayton Dubilier & Rice, acquired the merged company in 2016.[52]

While the Drive DeVilbiss acquisition represents a transfer of the company from one private equity firm to another, it is part of a larger pattern of private equity’s involvement in the durable medical equipment industry outlined in a 2023 PESP and National Disability Rights Network report. The report found that private equity firms have increasingly bought up durable medical equipment manufacturers and suppliers and consolidated them. Through aggressive debt-funded growth strategies, a handful of private equity-owned durable medical equipment companies have grown from nonexistence to industry giants over the last decade. In recent years, private equity-owned durable medical equipment companies have paid millions of dollars to settle allegations of healthcare billing fraud. Private equity-owned durable medical equipment companies have fought recent legislative efforts that seek to expand consumers’ ability to repair their own wheelchairs, respirators, and other critical pieces of equipment.

Resources

[1] “Portfolio – Capital Alignment Partners.” Accessed November 10, 2025. https://capfunds.com/portfolio/.

[2]Avenues Home Care^TM Acquires Alabama Home Care Provider As Close As Family^TM – Avenues Home Care. October 2, 2025. https://avenueshomecare.com/news/avenues-home-care-acquires-alabama-home-care-provider-as-close-as-family/.

[3]Portfolio | Leonard Green & Partners. September 20, 2022. https://www.leonardgreen.com/portfolio/.

[4] “Big Sky Dermatology Joins Epiphany Dermatology.” Accessed November 10, 2025. https://www.businesswire.com/news/home/20251027181249/en/Big-Sky-Dermatology-Joins-Epiphany-Dermatology.

[5] “Modly Dermatology Joins Epiphany Dermatology.” Accessed November 10, 2025. https://www.businesswire.com/news/home/20251013503599/en/Modly-Dermatology-Joins-Epiphany-Dermatology.

[6] “Partners Group, in Partnership with Existing Physician Owners, Acquires Forefront Dermatology.” Forefront Dermatology, February 10, 2022. https://forefrontdermatology.com/partners-group-in-partnership-with-existing-physician-owners-acquires-forefront-dermatology/.

[7] Partners, Physician Growth. “Wichita Dermatology & Aesthetics Partners With Forefront Dermatology to Drive Next Phase of Growth, Advised by Physician Growth Partners.” Accessed November 14, 2025. https://www.prnewswire.com/news-releases/wichita-dermatology–aesthetics-partners-with-forefront-dermatology-to-drive-next-phase-of-growth-advised-by-physician-growth-partners-302614828.html.

[8] “Portfolio | Hildred^TM.” Accessed November 10, 2025. https://www.hildredcapital.com/portfolio.

[9]SportsMed Physical Therapy. “SportsMed Physical Therapy Acquires WeCare Medical PT and Wellness, Located in Maplewood NJ, Expanding to 51 Clinics Across NJ and CT.” Accessed November 10, 2025. https://www.prnewswire.com/news-releases/sportsmed-physical-therapy-acquires-wecare-medical-pt-and-wellness-located-in-maplewood-nj-expanding-to-51-clinics-across-nj-and-ct-302574103.html.

[10] “Partners Group Invests in Confluent Health, a Leading US Provider of Physical Therapy Services.” Accessed November 10, 2025. http://www.partnersgroup.com/en/news-and-views/press-releases/investment-news/detail?news_id=dbf22e8a-9a6c-4c53-af7d-8aca4d8c9e52.

[11] Confluent Health. “Confluent Health Strengthens National Network with Addition of Commonwealth Hand & Physical Therapy.” Confluent Health, October 14, 2025. https://confluenthealth.com/resources/confluent-health-adds-commonwealth-hand-physical-therapy/.

[12] “About Us.” Confluent Health, n.d. Accessed November 10, 2025. https://confluenthealth.com/about-us/.

[13] “DuPage Medical Group Announces Rebrand to Duly Health and Care to Reflect Growth and Organizational Evolution.” Accessed November 10, 2025. https://www.businesswire.com/news/home/20210915005599/en/DuPage-Medical-Group-Announces-Rebrand-to-Duly-Health-and-Care-to-Reflect-Growth-and-Organizational-Evolution.

[14]DuPage Medical Group Secures USD1.45bn Investment from Ares Management Private Equity Group – Private Equity Wire. News. August 16, 2017. https://www.privateequitywire.co.uk/dupage-medical-group-secures-usd145bn-investment-ares-management-private-equity/.

[15] “Athyrium Capital Management | Portfolio.” Https://Athyrium.Com/, n.d. Accessed November 10, 2025. https://athyrium.com/portfolio/.

[16] “Duly Health and Care.” Guidon Partners, n.d. Accessed November 10, 2025. https://guidonpartners.com/companies/dupage-medical-group/.

[17] “Duly Health and Care Announces Acquisition of Woodridge Clinic.” Accessed November 10, 2025. https://www.dulyhealthandcare.com/news/duly-health-and-care-announces-acquisition-of-woodridge-clinic.

[18] “Our History.” Accessed November 10, 2025. https://www.dulyhealthandcare.com/our-history.

[19] “United Digestive Partners with Kohlberg & Company.” United Digestive, March 30, 2023. https://www.uniteddigestive.com/united-digestive-partners-with-kohlberg-company/.

[20] “United Digestive Announces Partnership with Gastro MD and Gastroenterology of Greater Orlando to Expand GI Care Across Tampa, the Greater Orlando Area, and Daytona.” Accessed November 10, 2025. https://finance.yahoo.com/news/united-digestive-announces-partnership-gastro-123000213.html.

[21] “U.S. Urology Partners Announces Growth Investment from General Atlantic | General Atlantic.” April 9, 2025. https://www.generalatlantic.com/media-article/u-s-urology-partners-announces-growth-investment-from-general-atlantic/.

[22] “U.S. Urology Partners Expands Footprint With Addition of Certain Assets of New Jersey Urology Central and South Divisions.” Accessed November 10, 2025. https://www.businesswire.com/news/home/20251020552860/en/U.S.-Urology-Partners-Expands-Footprint-With-Addition-of-Certain-Assets-of-New-Jersey-Urology-Central-and-South-Divisions.

[23] One Oncology. “TPG/Cencora Transaction: What It Means for Practices and OneOncology’s Growth.” Accessed November 10, 2025. https://www.oneoncology.com/annual-reports/tpg-cencora-transacrion.

[24] Hoffman, Eric. “OneOncology Expands in Florida by Acquiring GenesisCare, Will Relaunch as SunState Medical Specialists.” One Oncology. Accessed November 10, 2025. https://www.oneoncology.com/blog/oneoncology-expands-in-florida-by-acquiring-genesiscare-will-relaunch-as-sunstate-medical-specialists.

[25] B. Riley Financial. “People’s Care and SAILS Merge to Form Redwood Family Care Network.” Accessed November 10, 2025. https://brileyfin.com/peoples-care-and-sails-merge-to-form-redwood-family-care-network.

[26] Group, The Braff. “The Braff Group Advises Eagles Wing on Its Acquisition by Redwood Family Care.” Accessed November 10, 2025. https://www.prnewswire.com/news-releases/the-braff-group-advises-eagles-wing-on-its-acquisition-by-redwood-family-care-302577131.html.

[27] “SkyKnight Capital Invests alongside Dentist Partners, Management, and Talisker in Pearl Street Dental Partners.” Accessed November 14, 2025. https://www.businesswire.com/news/home/20221005005280/en/SkyKnight-Capital-Invests-alongside-Dentist-Partners-Management-and-Talisker-in-Pearl-Street-Dental-Partners.

[28] “Camellia Dental – Company Profile.” Accessed November 14, 2025. https://my.pitchbook.com/profile/1156339-00/company/profile.

[29] Partners, Regal Healthcare Capital. “Dental365 To Be Acquired by The Jordan Company, L.P. – Regal Healthcare Capital Partners.” Regal HCP, July 26, 2021. https://www.regalhcp.com/2021/07/26/dental365-to-be-acquired-by-the-jordan-company-l-p.

[30] “The Cambria Group – Portfolio – Results from #48.” Accessed November 10, 2025. https://cambriagroup.com/portfolio?start=48.

[31] “Dental365 Accelerates Ohio Expansion with Acquisition of Van Buren Dental.” Dental365, n.d. Accessed November 10, 2025. https://www.godental365.com/news/dental365-accelerates-ohio-expansion-with-acquisition-of-van-buren-dental/.

[32] “Portfolio Company Update: SALT Dental Partners.” Latticework Capital Management, April 10, 2024. https://latticeworkcapital.com/portfolio-company-update-salt-dental-partners/.

[33] LinkedIn. “Welcoming Our Newest Partner: Brick Pediatric Dentistry & Orthodontics, P.C.” October 29, 2025. https://www.linkedin.com/posts/salt-dental-partners_saltdentalpartners-newpartner-brickpediatricdentistry-activity-7389352839879495680-bp0B.

[34] “Howard Orthodontics Joins SALT Dental Partners.” SALT Dental Partners, October 15, 2025. https://www.saltdentalpartners.com/howard-orthodontics-joins-salt-dental-partners/.

[35] “Riverdale Park Pediatric Dentistry Joins SALT Dental Partners.” SALT Dental Partners, October 15, 2025. https://www.saltdentalpartners.com/riverdale-park-pediatric-dentistry-joins-salt-dental-partners/.

[36] SALT Dental Partners. “SALT Dental Partners.” Accessed November 10, 2025. https://www.saltdentalpartners.com/.

[37] “Southern Orthodontic Partners | Shore Capital Partners.” Accessed November 10, 2025. https://www.shorecp.com/companies/southern-orthodontic-partners.

[38] ““Partners.” Southern Orthodontic Partners, n.d. Accessed November 10, 2025. https://southernop.com/partners/.

[39] Cumming, Chris. “KKR Raises Its Direct Stakes in Three Companies.” WSJ Pro. Wall Street Journal, February 4, 2025. https://www.wsj.com/articles/kkr-raises-its-direct-stakes-in-three-companies-31740981.

[40] Portalatin, Ariana. “Heartland Dental Adds Las Vegas Practice.” Becker’s Dental Review – DSO + Dental News, October 24, 2025. https://www.beckersdental.com/dso-dpms/heartland-dental-adds-las-vegas-practice/.

[41] Heartland Dental. “World-Class Dental Support Organization.” Accessed November 10, 2025. https://heartland.com.

[42] USA, Smile Partners. “Smile Partners Announces Recapitalization Through New Continuation Fund Led By Commitments From Funds Managed By BlackRock and Hollyport Capital.” Accessed November 10, 2025. https://www.prnewswire.com/news-releases/smile-partners-announces-recapitalization-through-new-continuation-fund-led-by-commitments-from-funds-managed-by-blackrock-and-hollyport-capital-302365872.html.

[43] LinkedIn. “We Are Thrilled to Announce the Latest Partnership between Smile Partners USA and AC Dentistry.” October 17, 2015. https://www.linkedin.com/posts/smile-partners-usa_we-are-thrilled-to-announce-the-latest-partnership-activity-7385043967958196224-Z1YW.

[44] “TUSK Advises A Beautiful Smile in Its Sale to MB2 Dental….” TUSK Practice Sales, n.d. Accessed November 14, 2025. https://tuskpracticesales.com/newsroom-posts/tusk-practice-sales-advises-a-beautiful-smile-in-its-sale-to-mb2-dental/.

[45] Sam, The Kristen. Our Portfolio – MedEquity Capital. n.d. Accessed November 10, 2025. https://medequity.com/our-portfolio/.

[46] “Portfolio.” RF Investment Partners, n.d. Accessed November 10, 2025. https://rf-partners.com/portfolio/.

[47] Kian Capital. “Client Portfolio | Invest With Us.” Accessed November 10, 2025. https://www.kiancapital.com/our-portfolio.

[48] “MAX Surgical Specialty Management Enters New York City in Landmark Partnership with Manhattan’s Top Oral Surgeons.” MAX, October 7, 2025. https://max-ssm.com/max-surgical-specialty-management-enters-new-york-city-in-landmark-partnership-with-manhattans-top-oral-surgeons/.

[49] “Kingswood Capital Management Enters into a Definitive Agreement to Acquire Drive DeVilbiss Healthcare, a Leading Global Manufacturer and Supplier of Essential Medical Products.” Accessed November 10, 2025. https://www.businesswire.com/news/home/20251015825026/en/Kingswood-Capital-Management-Enters-into-a-Definitive-Agreement-to-Acquire-Drive-DeVilbiss-Healthcare-a-Leading-Global-Manufacturer-and-Supplier-of-Essential-Medical-Products.

[50] Roy, Sree. “Drive DeVilbiss Healthcare to Pursue Partnership with Larger Private Equity Firm.” Sleep Review, August 19, 2016. https://sleepreviewmag.com/sleep-treatments/therapy-devices/cpap-pap-devices/drive-devilbiss-healthcare-pursue-partnership-larger-private-equity-firm/.

[51] Newman, Steve. “Vestar Capital Partners Announces Sale of DeVilbiss Healthcare To Drive Medical.” Vestar Capital Partners, July 2, 2015. https://www.vestarcapital.com/vestar-capital-partners-announces-sale-of-devilbiss-healthcare-to-drive-medical/.

[52] Nathan Williams, “CD&R Acquires $800m Drive DeVilbiss,” Private Equity International, September 1, 2016, https://www.privateequityinternational.com/cdr-acquires-800m-drive-devilbiss/.