Private Equity Healthcare Acquisitions – December 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 December 2025. We will continue to track acquisitions on a monthly basis.

See November 2025 acquisitions here.

In December, we tracked 8 buyouts, 45 add-on acquisitions, and 22 growth/expansion investments. The following sectors saw significant deal activity:

• Dental care, with 11 transactions;
• Outpatient care, with nine transactions; and
• Medtech, with seven transactions.

PESP has covered these topics in the past. To learn more about private equity dealmaking in dental and outpatient care in 2024, read Private Equity Healthcare Deals: 2024 in Review. The 2021 report, Deceptive Marketing, Medicaid Fraud, and Unnecessary Root Canals on Babies: Private Equity Drills into the Dental Care Industry, highlights risks associated with private equity’s involvement in dental care specifically. The 2023 trends in deal activity report covers private equity’s incursion into the Medtech industry.

Private equity continues investments in clinical trial companies

There were at least three private equity deals related to clinical trials in December. Private equity is targeting the clinical trials sector because it is fragmented, and consolidation may allow it to extract profits. Firms are attracted by the prospect of generating returns through operational efficiencies, such as accelerating timelines or reducing costs, without bearing the risk of whether a drug ultimately succeeds. See a November 2025 research brief from PESP, “Private Equity Moves into Clinical Trials,” which discusses how private equity involvement in clinical research may reshape how medical studies are conducted and overseen. Growing consolidation of research sites and ethics review boards raises concerns about trial safety, the long-term impacts on patients, and the cost of care.

A December 2025 Health Affairs article also explored the impacts of private equity investment in the contract research and manufacturing spaces of pharma research, including clinical trials. The authors describe both potential upsides of private equity investment in this space, such as promoting innovation and efficiency in drug development, as well as the possible downsides, like risks to the stability of pharmaceutical supply chains. The authors raise additional concerns about market consolidation of contract research organizations and contract development and manufacturing organizations, finding that “PE firms led more than half of the platform transactions within the pharmaceutical industry in 2022-23.” The authors note that private equity involvement in clinical trials — as well as in the Institutional Review Boards which provide ethical oversight of them — could produce incentives for short term profits rather than quality or ethical research designs.

The transactions PESP tracked this month related to clinical trials and research included:

• ClinTrial Research, a clinical trial site management organization, received growth equity investment from Tarsadia Investments. ClinTrial Research has divisions covering clinical trial sites for behavioral health, gastrointestinal diseases, internal medicine, nephrology, ophthalmology, and respiratory and pulmonary diseases.
• Piedmont Research Partners, a private research site that is currently enrolling patients in studies about chronic kidney disease, chronic obstructive pulmonary disease, high triglycerides, osteoarthritis, dyslipidemia, and gout, was acquired by ObjectiveHealth, which is backed by Vitruvian Partners.
• Louisville Metabolic and Atherosclerosis Research Center, Inc., or L-MARC, a research facility focused on investigating new treatments for “many diseases such as obesity, diabetes mellitus, cholesterol disorders, fats (triglycerides) in the blood, fatty liver, migraine headaches, heart disease, arthritis, osteoporosis, gout, migraines, high blood pressure, and other metabolic disorders – as well as medical devices,” was acquired by Monroe Biomedical Research, which is owned by New Harbor Capital.

The increasing use of and public demand for GLP-1 agonists to manage blood sugar levels and to help treat obesity, as well as to treat a multitude of other conditions, including, cardiovascular disease, liver disease, neurodegenerative disease, and substance abuse disorders, is driving demand for clinical trials. This demand may incentivize private equity firms to enter this space. A September 2025 analysis of 583 clinical trials involving GLP-1 medications that were recruiting or about to start found that the trials were exploring the use of the medications in more than 100 diseases, some of which are particular areas of focus of the clinical research and trial companies with private equity deals in December.

Private equity expands investment in health IT

December saw at least 10 transactions related to health IT, including one buyout, three add-on transactions, and six growth/expansion investments. Health IT encompasses management, electronic health records, enterprise software, and revenue cycle management.

Extended Care Pro – Level Equity
In one deal from December, Extended Care Pro (ECP), a software platform for elder care and assisted living facilities, received “several hundred million” in growth investment from Level Equity. ECP’s software platform is used in over 8,000 assisted living communities nationwide and offers medication administration records, electronic medical records, billing, and more.

This transaction is part of a larger trend of private equity’s investments both in in elder care and in revenue cycle management services. Investors have been increasingly drawn to assisted living facilities and elder care in the last decade, investing in assisted living providers as well as the real estate for senior housing, home health and hospice, and nursing homes. Private equity investments in PACE (Program of All-Inclusive Care for the Elderly) organizations have also increased in recent years. PACE organizations provide comprehensive medical and social services to certain older adults still living in the community. An aging population may drive demand for services and products that cater to the elderly and their health providers.

When private equity firms prioritize debt payments over patient care or staffing in elder care services, it can lead to increased rents for residents, reduced care staffing, and lack of necessary facility improvements. Private equity’s growth investments into health IT products for the elder care space may not carry the same types of risk that debt-based investments in facilities and health services carry. However, this investment is an example of yet another way private equity firms are involved in the elder care industry, including through health IT companies focused on elder care facilities, and this involvement deserves attention.

Medical Manufacturing Technologies – Perimeter Solutions

In December, Perimeter Solutions announced its agreement to acquire Medical Manufacturing Technologies (MMT) for $685 million in Q1 of 2026.

MMT is a developer and manufacturer of precision catheter manufacturing and testing equipment, including for minimally invasive medical procedures.

Read more about private equity’s investments in Medtech in PESP’s 2023 acquisitions report.