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Private Equity Healthcare Acquisitions – April 2024

May 21, 2024

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 or announced during April 2024. We will continue to track acquisitions on a monthly basis.

See March 2024 acquisitions here.

Private equity dealmaking in April included companies focused on Medicare, including a Medicare Advantage market tech platform, a complex care provider, and a value-based long term care provider.

SunFire – KKR

KKR has acquired SunFire, a healthcare tech platform for health insurance markets, from Stone Peak Capital. SunFire primarily provides Medicare Advantage, Prescription Drug and Medicare Supplement plan quoting and enrollment technologies.[1]

A frequent healthcare investor, KKR’s buyout of SunFire comes on the heels of two recent large-scale bankruptcies by other healthcare companies it owned: physician staffing giant Envision Healthcare and oncology provider GenesisCare. [2]

It acquired SunFire as part of its Health Care Strategic Growth (HCSG) initiatives, [3] through which it has also made investments in medical supplies, youth behavioral health, and diagnostic technology.

The growing multibillion-dollar Medicare Advantage (MA) industry has drawn significant interest from private equity investors, as firms have made acquisitions across a range of core and ancillary MA services, including insurance plans, in-home health assessment companies, and brokerage and marketing firms. [4]

In February 2024, PESP released the report “How Private Equity Gets Its Cut from Medicare Advantage,” which examines private equity’s presence in the MA market.

HarmonyCares – K2 HealthVentures

K2 HealthVentures made a growth investment in HarmonyCares, [5] a leading provider of home-based primary care services for medically complex/fragile patients. Its services include primary care, home-based skilled nursing and therapy, hospice, mobile diagnostics, and health assessments. [6]

In addition to K2 HealthVentures, HarmonyCares is owned by a consortium of private equity firms including Rubicon Partners, Welsh, Carson, Anderson, & Stowe, Oak HC/FT, and HLM Venture Partners. [7] The company was known as U.S. Medical Management until the private equity firms rebranded it to HarmonyCares in 2022. [8] The acquisition by the private equity consortium occurred a month after the company agreed to pay the United States $8.5 million to resolve allegations of overbilling Medicare. [9]

Frail seniors and dual-eligible individuals with behavioral needs are among the highest healthcare spenders, making complex care providers like HarmonyCares lucrative targets for private equity firms. For example, KKR-owned Brightspring Health noted in its annual SEC filing that “Medicare beneficiaries with four to five chronic conditions have 500% greater healthcare spending, and beneficiaries with six or more chronic conditions have 1,500% greater healthcare spending.” [10]

Private equity buyouts of providers that serve people with complex needs raise concern, as the private equity business model of extracting outsized profits through risky financial tactics puts patients at risk as well as threatens the sustainability of Medicare and Medicaid programs.

Premier Geriatric Solutions – Enhanced Healthcare Partners

Enhanced Healthcare Partners acquired Premier Geriatric Solutions, a provider of primary and behavioral healthcare for post-acute care facilities including skilled nursing, long-term, assisted-living, and independent living. It operates in Virginia, West Virginia, and North Carolina. [11]

Enhanced acquired Premier Geriatric through its platform company Eventus WholeHealth, which it has owned since January 2019. Eventus specializes in value-based care for elderly and disabled patients in long-term care settings. [12]

In 2022 Eventus WholeHealth agreed to pay $327,000 after self-disclosing conduct to the Office of the Inspector General. The OIG alleged that Eventus submitted claims to Medicare for services that were not rendered or were medically unnecessary. [13]

April 2024 Buyouts

CompanyTypeSubtypePE Firm(s)
LabguruHealth ITlab managementBattery Ventures
Vista Apex Dental ProductsDental caredental product manufacturingBehrman Capital
Lucent HealthHealthcare administrationrisk managementGauge Capital
MyndshftHealth ITenterprise systemsGoldman Sachs Growth Equity, Sixth Street Partners
Highridge Medical (ZimVie spinoff)Health systems and hospitalsspinal healthcareH.I.G.
VMG HealthHealthcare consultingtransaction advisory servicesIncline Equity Partners
SunFireMatrixHealth ITinsurance distribution and marketingKKR
Sientra (BioCorneum Business Assets in the United States)Pharmaceuticalsdrug rightsMD Holdings, Medallion Capital, The Operand Group, WSC & Company
Blackrock NeurotechMedtechneurotechnologyTether
NGM BiopharmaceuticalsPharmaceuticalsdrug discoveryThe Column Group
PenetrexPharmaceuticalsmanufacturingThe Emerson Group, Carlin Consumer Health, Hildred Capital Management, Bourne Partners
South Texas Accelerated Research TherapeuticsClinical researchclinical trialsWarburg Pincus
SubjectWellClinical researchclinial trial recruitmentWindRose Health Investors

April 2024 Add-on Acquisitions

CompanyTypeSubtypePE Firm(s)Add-on Platform
BluenovoHealthcare administrationpractice management424 Capital, Plexus CapitalMedicus IT
Charge HealthHealth ITmobile game for cliniciansAbu Dhabi Investment Authority, Ares Management, British Columbia Investment Management, GIC, Leonard Green & PartnersPress Ganey Associates
FDI Clinical ResearchClinical research Alpha Leonis Partners, ICP Group, Impact Engine, Martis Capital ManagementAlcanza Clinical Research
Coastal Ear, Nose & ThroatOutpatient careENTAudax Private EquityElevate ENT Partners
Scientific Device LaboratoryMedtechmedical suppliesAudax Private Equity, Golub Capital BDC, Golub Capital BDC 3, LindenStatLab Medical Products
Premier Geriatric SolutionsMedical staffinglomg term careBalance Point Capital, Enhanced Healthcare Partners, Leavitt Equity PartnersEventus Wholehealth
Heartland Pharmacy (Idaho)Pharmacy services Bindley Capital Partners, Cardinal Equity PartnersGuardian Pharmacy Services
Eastpoint Pediatric Dental AssociatesDental carepediatric dental careBlackRockLone Peak Dental Group
Claims EvalHealthcare administrationmedical claimsCarousel CapitalEthos Risk Services
Modern Dental of KernersvilleDental care Charlesbank Capital PartnersMB2 Dental
Cataract Philadelphia (Ophthalmology Practice)Outpatient careeye careChicago Pacific Founders, Duchossois Capital ManagementSightMD
Access PTOutpatient carephysical therapyChrysalis Ventures, Partners GroupConfluent Health
Pediatric Dental Center of AvonDental carepediatric dental careDin Ventures, Martis Capital ManagementArchway Dental Partners
Schnipke Precision MoldingMedtechmanufacturingDunes Point CapitalAtalys (Healthcare Devices and Supplies)
Imaging Consultants of FindlayMedical imaging Excellere PartnersLucidHealth
SimbexHealthcare consultingmedical product developmentFenway PartnersRiddell
PX TechnologyHealth ITEHRGeneral Atlantic, Vistria GroupCareMetx
SkintologynyMedical AestheticsmedspaGreyLion, Handshake Ventures, Kohlberg Kravis RobertsSkinSpirit
Cynosure (Other Devices and Supplies)Medical Aestheticsmedical suppliesHahn & CompanyLutronic
Dallas IVFFertility treatment InTandem Capital PartnersIvy Fertility
Pain Care Surgery of LouisvilleOutpatient caresurgery centerIron Path CapitalCapitol Pain Institute
Greg S. Hulings, DDSDental care Ironwood Capital, Rallyday PartnersEspire Dental
Earthman Psychiatry & Addiction MedicineBehavioral healthaddiction treatmentLatticework Capital Management, Resolute Capital PartnersBeacon Behavioral Hospital
Atria HeartOutpatient carecardiologyMedEquity Capital, Webster Equity PartnersCardiovascular Associates of America
Community Eye Care SpecialistsOutpatient careeye careMoonSail Capital, Olympus PartnersEyeSouth Partners
Homecare HospiceHospice Prairie CapitalLegacy Hospice
Jeffrey C. Sklarin, DDSDental care Regal Healthcare Capital Partners, The Jordan CompanyDental365
EdgilityHealth ITEHRRubicon Technology PartnersABOUT Healthcare
Station DentalDental care Silver Oak Services PartnersSmile Partners USA
ProfootMedtechmedical suppliesTengram Capital PartnersTommie Copper
Health CoalitionPharmaceuticalspharmaceutical distributionWaud Capital PartnersProvider Network Holdings

April 2024 Growth Investments

CompanyTypeSubtypePE Firm(s)
BraceLabMedtechmedical devicesAiglon Capital Management
Supreme OptimizationHealthcare consultingmarketingBalance Point Capital, Trinity Hunt Partners
Allegiance Mobile HealthMedical transport Brightwood Capital Advisors
Micro-dyn Medical SystemsHealth ITmedical claimsCareForward Partners
Rebound MedicalMedtechDMECastleford Capital
List LabsPharmaceuticalscontract researchHana Ventures
HarmonyCaresHome healthcarecomplex careK2 HealthVentures
MISTRTelehealth Martis Capital Management
Strut HealthPharmaceuticalspharmaceutical manufacturingMezas Capital Group
Wisdom EssentialsWellnessnutritional supplementsMuir Equity
Eagle GenomicsHealth ITdata sciencePlutus Investment Group
Medical Informatics EngineeringHealth ITEHRSerent Capital
AduroHealth ITemployee healthUndisclosed
Gateway Surgery CenterOutpatient caresurgery centerUndisclosed
Intraprise HealthHealthcare consultingIT servicesUndisclosed
RevalesioPharmaceuticalsdrug discoveryUndisclosed
AION BiosystemsMedtechpatient monitoringUndisclosed
JenaValve TechnologyMedtechmedical devicesUndisclosed
Medical Sales CollegeMedical educationmedical sales educationUniversity Ventures





[5] Pitchbook, Accessed May 13, 2024.





[10] BrightSpring Health Services, Inc. form S-1, filed with the Securities and Exchange Commission January 2, 2024. Pg. 21




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