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Private equity healthcare acquisitions – July 2023

September 8, 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 July 2023. We will continue to track acquisitions on a monthly basis.

See June 2023 acquisitions here.

See all our 2022 acquisitions updates here.

In July 2023, the healthcare sector saw private equity firms make 60 deals in total: 5 buyouts (8.3%), 45 add-on acquisitions (75.0%), and 10 growth investments (16.7%), representing a decline from the previous month.

Healthcare services have recently seen an unexpected dip in deal activity. In the second quarter of 2023, an estimated 164 deals were recorded or announced, according to PitchBook. This represents the sixth straight quarter of deal count declines, and the lowest number of deals since the second quarter of 2020.[1]

The primary cause for declining deal activity has been leverage, with heavily indebted companies “straining under debt service costs and impending maturity walls.”[2]

Dental Care
July was an active month for dental care acquisitions, led primarily by private equity-backed company Smile Doctors, which describes itself as the fastest-growing orthodontist network in the U.S.[3] The company has been very active in 2023, and had already acquired more than 20 clinics in the first four months of the year.[4] It currently has more than 400 locations in 28 states.[5]

In July, Smile Doctors made at least five add-on acquisitions, including dental practices in Alabama, Arkansas, Georgia, Ohio, and Texas.[6] The company also raised $550 million in funding in July, which will support the company’s continued growth.[7]

Smile Doctors has been owned by private equity firm Linden Capital Partners since October 2017.[8] In early 2022, private equity firm Thomas H. Lee Partners announced it would invest in the Smile Doctors in equal partnership with Linden.[9] Smile Partners was at the time valued at $2.4 billion.[10]

In February, one Smile Doctors co-founder said that about 7% of orthodontists are partnered with dental support organizations (DSOs) such as Smile Doctors. Currently, Smile Doctors-affiliated practices are estimated to account for about 3.5% of the orthidic market.[11]

Though DSOs like Smile Doctors make up a relatively small portion of the dental market, that number is steadily increasing. DSOs are overwhelming owned by private equity firms; a 2021 report by PESP found that 27 of the top 30 DSOs are PE-owned.[12]

Health IT
July was also an active month for Health IT acquisitions, which 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.[13]

In July, private equity firm Thoma Bravo bought and merged two IT companies, Bluesight and Medacist, which focus on using data to address drug diversion (i.e., the illegal distribution or abuse of prescription drugs).[14]

Bluesight provides “unit-level visibility of pharmaceutical products from manufacturing plant to patient.”[15] The company examines data from health systems across the U.S. to identify types of drug diversion that may be occurring in hospital pharmacies.[16] Medacist provides a similar drug diversion prevention platform.[17]

A recent study found that “[d]rug losses and theft from the healthcare system are accelerating,” and that hospitals are under pressure to address this growing concern.[18] Health professionals may divert prescription drugs for recreational purposes, relief of addictions, monetary gain, self-medication, and other reasons.[19] According to one 2016 estimate, drug diversion costs the healthcare industry approximately $72.5 billion per year.[20]

The merger between Bluesight and Medacist creates a company serving more than 2,000 hospitals and approaching $500 million in annual revenue.[21]





Company Type


Type 2


PE Firm(s)

49 Mile OrthodonticsOutpatient caredental careFootbridge Partners, Peterson Partners
BiomericsMedtechmedical device manufacturingONCAP, Wasatch Equity Partners
BluesightHealth ITsupply chain managementThoma Bravo
EldertreeHealthcare administrationelder care and managementBolivar Progress Partners, Pacific Lake Partners
Veridian HealthcareMedtechmedical supplies manufacturingUnited Western Group, HealthEdge Investment Partners


Add-on acquisitions




Company Type


Type 2


PE Firm(s)


Add-on Platform

AMCR InstituteClinical research KKRHeadlands Research
Attentive Home HealthcareHome health Lorient Capital ManagementPurposeCare
Blackburn Family OrthodonticsOutpatient caredental careThomas H. Lee Partners, Linden Capital PartnersSmile Doctors
BlacktraceMedtech The Carlyle GroupUnchained Labs
Capital Solution DesignHealth ITmedical records softwareSEMCAP HealthNeuroFlow
Cardiovascular AssociatesOutpatient carecardiologyMedEquity Capital, Webster Equity PartnersCardiovascular Associates of America
Collab InfotechHealth IT DW Healthcare PartnersAequor Healthcare Services
CompMedHealth ITrevenue cycle managementGrant Avenue CapitalQHR Health
Devana SolutionsHealth ITclinical researchLLR PartnersRealTime Software Solutions
DSGHealth IThealthcare data softwareForesite Capital Management, Genstar Capital, Harvest PartnersSignant Health
Eastern Carolina Emergency PhysiciansHealthcare administrationemergency department managementRegal Healthcare Capital Partners, Varsity Healthcare PartnersEmergency Care Partners
Gastroenterology Of Greater OrlandoOutpatient caregastroenterologyMD Healthcare Partners, Vesey Street CapitalGastro MD
Genpro ResearchHealthcare consultingclinical trialsQHP CapitalCatalyst Clinical Research
Jet Health SolutionsHealth ITinsurance automation platformBain Capital InsuranceEnhance Health
Kova InternationalMedtechurinalysis productsCinven, AstorgLGC
Lake DermatologyOutpatient caredermatologyLLR Partners, SV Health Investors, LNK PartnersSchweiger Dermatology Group
Lee Silsby Compounding PharmacyPharmaceuticalsspecialty pharmacy – compounding pharmacyOsceola Capital Management, Hall Capital HoldingsRevelation Pharma
MarsdenAdvisors (Merit-Based Incentive Payment System business unit)Health ITpayment system managementAtlantic Street CapitalAnatomy IT
Mass Medical StorageMedtechmedical supplies manufacturingLevine Leichtman Capital PartnersCapsa Healthcare
MedacistHealth ITdrug diversion prevention platformThoma BravoBluesight
MedxoomHealth ITrevenue cycle managementStone Point CapitalAllied Benefit Systems
Mid State Orthopaedic & Sports Medicine CenterOutpatient careorthopaedicsThurston Group, FFL PartnersMississippi Sports Medicine
NextPhase Medical DevicesMedtechcontract manufacturing servicesInvestindustrialArterex
Open DoorsHome health Seven Hills Capital, Tenth Street CapitalVersiCare Group
Ophthalmic Surgical SolutionsMedtechsurgical devicesPharos Capital GroupVantage Outsourcing
Orthopaedic Associates of New OrleansOutpatient careorthopaedicsThurston Group, FFL PartnersMississippi Sports Medicine
OutcomesMTMHealthcare consultingmedication therapy managementBlackRock LTPCTransaction Data Systems
Peach OrthodonticsOutpatient caredental careResolute Capital Partners, Latticework Capital ManagementSalt Dental Collective
Priority PICC SolutionsOutpatient carevascular access companyRiverGlade CapitalDynamic Access
Pure Dental Brands (Part Virginia Operations)Outpatient caredental careThe Beekman GroupRiccobene Associates Family Dentistry
Pure Dental Brands (Pediatric Dentistry Operations)Outpatient caredental careTailwind CapitalLone Peak Dental Group
Quanta BioDesignBiotech Thompson Street Capital Partners, Audax GroupVector Laboratories
Refined AestheticsOutpatient careskin treatmentThurston GroupAlpha Aesthetics Partners
RMA of New YorkLaboratory servicesassistive reproductive technologyAmulet Capital PartnersUS Fertility
Scott’s Home Health CareHome health Lorient Capital ManagementPurposeCare
Smiles of OhioOutpatient caredental careThomas H. Lee Partners, Linden Capital PartnersSmile Doctors
Smith Smiles OrthodonticsOutpatient caredental careThomas H. Lee Partners, Linden Capital PartnersSmile Doctors
Southboro Dental AssociatesOutpatient caredental careThe Jordan CompanyDental365
Southern Indiana ENTOutpatient careear, nose, and throatCandescent Partners, Harvey & CompanyENT Partners
Suburban Research AssociatesClinical research Beecken Petty O’Keefe & Company, PNC Erieview CapitalAtlas Clinical Research
Teaching TransitionsHealthcare education Cressey & CompanyHome Care Pulse
Vero ENT AssociatesOutpatient careear, nose, and throatAudax GroupElevate ENT Partners
Weaver OrthodonticsOutpatient caredental careThomas H. Lee Partners, Linden Capital PartnersSmile Doctors
Weissman OrthodonticsOutpatient caredental careThomas H. Lee Partners, Linden Capital PartnersSmile Doctors
ZOIA PharmaMedical food Wellspring Capital ManagementPentec Health


Growth Investments*

*some investments have undisclosed investors

CompaniesCompany TypeType 2Deal TypePE Firm(s)

Health IT


 PE Growth/ExpansionEMH Partners
EchoNousMedtechultrasound technologyPE Growth/ExpansionKennedy Lewis Investment Management
GPS DentalOutpatient caredental carePE Growth/Expansion(undisclosed)
Home InsteadHome health PE Growth/ExpansionAshbridge Partners
MedaxionHealth ITanesthesia information platformPE Growth/ExpansionMcCarthy Capital
Mountain Land Physical TherapyOutpatient carephysical therapyPE Growth/ExpansionClairvest Group
PaceMateHealth ITcardiac monitoringPE Growth/ExpansionLead Edge Capital
Smile DoctorsOutpatient caredental carePE Growth/Expansion(undisclosed)
Trumpet Behavioral HealthBehavioral health PE Growth/ExpansionBalance Point Capital
Vi LivingHome health PE Growth/ExpansionPSP Capital Partners
BrainlabHealth IT PE Growth/ExpansionEMH Partners




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

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

[3] Smile Doctors. “Smile Doctors Orthodontists | Smile With Confidence.” Accessed August 22, 2023.

[4] Private Equity Stakeholder Project. “Private Equity Health Care Acquisitions – April 2023,” May 22, 2023.

[5] Smile Doctors. “Why Smile Doctors? | Over 300 Trusted Locations in 25 States.” Accessed August 22, 2023.

[6] Group Dentistry Now. “DSO Deal Roundup – July 2023,” August 1, 2023.

[7] Cision PR Newswire. “Smile Doctors Raises Over $550 Million in Funding as the Organization Continues Strategic Growth in Q2 2023,” July 19, 2023.

[8] Linden Capital Partners. “Smile Doctors.” Accessed August 22, 2023.

[9] THL. “Smile Doctors Receives Strategic Investment from Thomas H. Lee Partners,” January 5, 2022.

[10] Sarah Pringle. “Scoop: THL Buys into Smile Doctors at $2.4 Billion Valuation.” Axios, December 23, 2021.

[11] Megan Farrer. “Dallas-Based Orthodontic Service Provider Smile Doctors Raises $550 Million from Investors.” Dallas Morning News, July 20, 2023.

[12] Eileen O’Grady, “ Private Equity Drills into Dental Care,” Private Equity Stakeholder Project, July 2021.

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

[14] Thoma Bravo. “Thoma Bravo Announces Strategic Growth Investment in Bluesight to Support the Company’s Acquisition of Medacist.” Cision PR Newswire, July 17, 2023.

[15] Business Wire. “Medication Intelligence Leader Kit CheckⓇ Rebrands as BluesightⓇ,” December 5, 2022.

[16] Bluesight. “Diversion Quarterly Q4, 2022,” January 2023.

[17] Medacist. “Medacist | Lead Drug Diversion Solutions Provider.” Accessed August 22, 2023.


[18] Mark Fan, Dorothy Tscheng, Michael Hamilton, Bridgett Hyland, Rachel Reding, and Patricia Trbovich. “Diversion of Controlled Drugs in Hospitals: A Scoping Review of Contributors and Safeguards.” Journal of Hospital Medicine 14, no. 7 (2019): 419–28.

[19] U.S. Department of Health & Human Services. “Drug Diversion: What Is a Prescriber’s Role in Preventing the Diversion of Prescription Drugs?,” February 2016.

[20] Pharmacy Times. “The High Cost of Drug Diversion,” January 4, 2016.

[21] Aaron Weitzman. “Thoma Bravo Merging Bluesight, Medacist.” Axios, July 17, 2023.

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