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Private Equity Healthcare Acquisitions – September 2023

October 26, 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 September 2023. We will continue to track acquisitions on a monthly basis.

See August 2023 acquisitions here.

See all our 2022 acquisitions updates here.

In September 2023, there were 45 private equity deals in healthcare – 8 buyouts, 31 add-on acquisitions, and 6 growth investments, about a 40 percent decrease from the 77 deals tracked in September 2022.[1] Overall, 2023 has seen depressed private equity deal activity in healthcare, largely due to high interest rates that have increased the cost of debt-funded acquisitions and other macro-economic trends such as wage inflation.[2][3]

Even amidst the lull in deal-making, September saw two high profile take-privates in healthcare, and the announcement of one other. Two of these deals were in drug development-adjacent companies. See the table below for more details.

Take-private PE healthcare deals in September 2023

CompanyPE Firm(s)Description
NextGen HealthcareThoma BravoThoma Bravo announced on September 6 it had entered a definitive agreement to acquire NextGen Healthcare[4] in a deal valued at $1.8 billion.[5] NextGen is a healthcare software company that offers an Electronic Health Record (EHR) product and other healthcare administrative services to accountable care organizations, managed service organizations, and other groups. NextGen has clients in all 50 states and serves 100,000 providers.[6]
Paratek PharmaceuticalsNovo Holdings; Gurnet PointNovo Holdings and Gurnet Point closed on their acquisition of Paratek Pharmaceuticals for $462 million on September 21.[7] Paretek is a producer of antibiotics, with a focus on developing new products that can fight the growing problem of antimicrobial resistance.[8]
Syneos HealthElliot Management; Patient Square Capital; Veritas CapitalFirst announced in May 2023, Elliot Management, Patient Square Capital, and Veritas Capital closed on their acquisition of Syneos Health on September 28[9] in a $7.1 billion all-cash deal.[10] Syneos Health is a contract research and outsourced commercialization organization operating within the biopharmaceutical sector.[11]


Deals in the outpatient care sector
In terms of deal activity, outpatient care[12] was the hottest subsector in September. There were 10 add-on acquisitions and 1 growth investment across the specialties of allergy/immunology, cardiology, dental care, dermatology, eye care, and physical therapy.

Dental care had the greatest number of deals at four, each deal with a different group of investors. This subsector is seeing growing private equity involvement. Law firm McGuireWoods estimates that at least 100 dental services organizations (DSOs), and likely closer to 200, are private equity-owned.[13] DSOs are the platform companies that private equity firms use to rollup dental practices. These companies appear to have been created to avoid regulation that prohibits investor ownership of clinical practices.[14]

As PESP has previously reported, private equity investments in dental care can be cause for concern because the returns typically demanded by private equity investors may create risks to quality of care by incentivizing profit-driven practices that are harmful to patients, including overtreatment of patients, misleading advertising schemes, Medicaid fraud, and other problematic practices. [15]

Home care
Private equity firms have been investing in the home healthcare industry for many years,[16] but it appears firms are now also entering into the home care space. Home care differs from home healthcare in that it consists of non-medical services to assist with activities of daily living, such as getting dressed, meal preparation, and more.[17]

There were two home care private equity deals in September. The Halifax Group acquired Comfort Keepers, the home care division of Sodexo, for an undisclosed amount on September 29.[18] Comfort Keepers has over 700 locations across eight countries. Its U.S. business primarily provides private pay nonmedical personal care.[19][20]

In another deal, private equity firms Alpine Investors, Hamilton Lane, HarbourVest Partners, Neuberger Berman, Pantheon Capital Partners added on home care company Devoted Guardians to platform company, Team Services Group. Devoted Guardians also has a home health division in addition to its home care services.[22]

Private equity firms likely find home care attractive for a number of reasons. For starters, the US population is aging and there is a growing desire for Americans to age in place and receive care and healthcare services in the home, versus in assisted living and nursing facilities. In addition, home care companies do not have to compete for skilled nursing labor with other agencies and healthcare providers because their services are not medical in nature. Operational costs are likely lower, as well, since companies do not need as much overhead to process insurance reimbursements and comply with state and federal healthcare regulations.

As such, nonmedical home care is an industry to keep an eye on as private equity becomes a bigger player. The typical private equity strategy of capturing greater market power in fragmented industries by consolidation could have the effect up driving up the cost of home care services. With the typical private equity focus on short term profit, cost cutting strategies could lead to poor working conditions and pay for caregivers, which could in turn translate to higher turnover and quality of care issues for clients. And, because home care services are not medical care, there is a much looser regulatory environment. Many states do not require training or licensing for individual caregivers.[23] A loose regulatory environment  could make it more difficult for home care companies to be held accountable in instances where clients receive poor quality of care.

September Buyouts

CompanyCompany typeSecondary typePE Firm(s)
Axovia TherapeuticsbiotechALSA Ventures
Syneos Healthcontract research organizationoutsourced commercialization organizationElliott Management, Patient Square Capital, Veritas Capital
NextGen Healthcare (NAS: NXGN)health IThealthcare solutions platform for medical and dental practicesThoma Bravo
Phlebotomy Training Specialistshealthcare education and trainingEden Capital
Comfort Keepers (Home Care Division)home careThe Halifax Group
TracPatch Healthmedtechmanufacturer of remote patient monitor devicesGranger Group
Paratek Pharmaceuticals (NAS: PRTK)pharmaceuticalsGurnet Point Capital, Novo Holdings
Primal Harvestwellnessherbal supplements manufacturerWM Partners


September Add-on Acquisitions

CompanyCompany typeSecondary typePE Firm(s)Add-on Platform
Blake PharmacypharmacyAthyrium Capital Management, Kohlberg Kravis RobertsPharMerica
Controlled Environment Managementenvironmental testingLevine Leichtman Capital PartnersTechnical Safety Services
Slayback Pharmapharmaceuticalspharmaceuticals manufacturingQHP CapitalAzurity Pharmaceuticals
Healthjumphealth ITdeveloper of a data management platformCigna Ventures, Flex Capital, Johnson & Johnson Innovation – JJDC, Mubadala Investment Company, Sixth Street Partners, The Goldman Sachs Group, Transformation CapitalDatavant
Lane Periooutpatient caredental careThurston GroupSGA Dental Partners
Lenkbarmedtechcontract manufacturing for medical devicesMontagu Private EquityIntech
Medlogix Communicationsmedical communicationsFive Points Capital, NaviMed CapitalCiTRUS Health Group
Metzger Comprehensive Careconcierge medicineAscend PartnersMedical Specialists of the Palm Beaches
Integrated Care Physiciansemergency medicineRegal Healthcare Capital Partners, Varsity Healthcare PartnersEmergency Care Partners
Delaware Valley Dermatology Groupoutpatient caredermatologyGarMark Partners, Regal Healthcare Capital PartnersThe Dermatology Specialists
M8 PharmaceuticalspharmaceuticalsADQAcino
Allergy & Asthma Care of New Yorkoutpatient careallergy and immunologyLLR Partners, LNK Partners, RVM Enterprises Investment Group, Zenyth PartnersSchweiger Dermatology Group
Fident HealthtelemedicineAquiline Capital PartnersAvel eCare
Insight Vision Groupoutpatient careeye careWaud Capital PartnersUnifeye Vision Partners
Thrive Alliance Groupdisability services/behavioral healthAudax GroupNew Story Group
KISx Cardmedical imaging contracting networkGuidon Partners, Kelso Private EquityVālenz
Valley Clinical Trialsclinical researchoperator of clinical research siteBarton Technology Ventures, New MainStream CapitalFlourish Research
Retina Consultants of Southern Coloradooutpatient careeye careWebster Equity PartnersRetina Consultants of America
Daytona Heart Groupoutpatient carecardiologyMedEquity Capital, Webster Equity PartnersCardiovascular Associates of America
Medi-Tech Internationalmedtechmedical supplies and equipment manufacturerSupply Chain Equity PartnersMarketLab
6 General Dental Practices In Eastern Pennsylvaniaoutpatient caredental careRegal Healthcare Capital Partners, The Jordan CompanyDental365
Sunrise Dermatologyoutpatient caredermatologyAthyrium Capital Management, Gryphon InvestorsAqua Dermatology
Technical Prospectsmedtechsupplier of aftermarket parts and servicing for medical imaging equipmentMercury Partners, New MainStream CapitalDirectMed Parts & Service
Signature Dental Experienceoutpatient caredental careNew MainStream CapitalCordental Group
Govisehealthcare consulting/medical communicationsfor medtech and pharma companiesWestView Capital PartnersCanopy (BPO/Outsource Services)
Urotronicmedtechdeveloper of medical device for men with UTIsPatricia IndustriesLaborie Medical Technologies
Brian S. Biesman, MDaestheticscosmetic dermatologyACE & Company, Persistence Capital PartnersMedSpa Partners
HME Businessindustry publicationpublisher of home medical equipment magazineMountaingate CapitalWTWH Media
Therapy Directoutpatient carephysical therapy/occupational therapyHigh Ridge Capital, Stone Point Capital, The Cambria GroupEnlyte
Devoted Guardianshome careelder and disabled careAlpine Investors, Hamilton Lane (NAS: HLNE), HarbourVest Partners, Neuberger Berman, Pantheon Capital PartnersTeam Services Group
Diversified Health Care Managementhealthcare administration001 Ventures, Archipelago Capital Partners, Sage Capital Partners, Silverstone Capital HoldingsModuleMD


September Growth/Expansion Investments

CompanyCompany typeSecondary typePE Firm(s)
Somafinawellness/medtechmanufacturer of dietary supplementsHeartwood Partners
Lightwaveoutpatient caredental care – DSOUndisclosed
Take Commandinsurance/health ITinsurance management platformEdison Partners, LiveOak Venture Partners, SJF Ventures
Haledhealth ITdigital platform for healthcare administrationUndisclosed
Kinderfarmswellnessproducer of hydration drinksUndisclosed
Elite Clinical Networkclinical researchSurge Private Equity






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

[2] Doshi, Justin, Jason Slocum, Benjamin Cooke, Nirad Jain, Kara Murphy, Franz-Robert Klingan, Dmitry Podpolny, Alex Boulton, and Vikram Kapur. “Healthcare Private Equity in a Downturn.” Bain, April 10, 2023, sec. Report.

[3] Burleson, Emily. “Private Equity Healthcare Dealmaking Keeps Falling.” PitchBook (blog), September 28, 2023.

[4] “NextGen Healthcare Enters into Definitive Agreement to Be Acquired by Thoma Bravo,” September 6, 2023.

[5] Landi, Heather. “Thoma Bravo to Buy Healthcare Software Company NextGen Healthcare in Take-Private Deal.” Fierce Healthcare, September 6, 2023, sec. Fierce Healthcare, Health Tech, Providers, Practices.

[6] “NextGen Form 10-K for Year Ending March 31, 2023.” Accessed October 16, 2023.

[7]Reuters. “Novo Holdings, Gurnet Point Close $462 Million Acquisition of Paratek Pharmaceuticals.” September 22, 2023, sec. Deals.

[8] “Paratek Pharma | Pipeline and Products.” Accessed October 4, 2023.

[9] “Syneos Health Closes Transaction with Private Investment Firms | Syneos Health,” September 28, 2023.

[10] O’Brien, Jack. “It’s Official: Syneos Health Goes Private in $7.1B PE Deal.” MM+M – Medical Marketing and Media, September 28, 2023.

[11] Forbes. “Syneos Health | SYNH Stock Price, Company Overview & News.” Accessed October 12, 2023.; “Who We Are | Syneos Health.” Accessed October 12, 2023.

[12] PESP includes dental care under this category.

[13] McGuireWoods. “Pushing Upmarket: Consolidation of DSOs and Secondary Private Equity Sales,” May 5, 2023.

[14] O’Grady, Eileen. “Deceptive Marketing, Medicaid Fraud, and Unnecessary Root Canals on Babies: Private Equity Drills into the Dental Care Industry.” Private Equity Stakeholder Project, July 2021.

[15] O’Grady, Eileen. “Deceptive Marketing, Medicaid Fraud, and Unnecessary Root Canals on Babies: Private Equity Drills into the Dental Care Industry.” Private Equity Stakeholder Project, July 2021.

[16] Noble, Chris. “Private Equity at Home: Wall Street’s Incursion into the Home Healthcare and Hospice Industries.” Private Equity Stakeholder Project, March 2022.

[17] Compassus. “How Is Home Health Care Different from Personal Care?” Accessed October 12, 2023.

[18] Donlan, Andrew. “The Halifax Group Acquires Home Care Franchise Comfort Keepers.” Home Health Care News, September 29, 2023.

[19] Donlan, Andrew. “The Halifax Group Acquires Home Care Franchise Comfort Keepers.” Home Health Care News, September 29, 2023.

[20] “Frequently Asked Questions About In-Home Care | Comfort Keepers.” Accessed October 12, 2023.

[21] “PitchBook Profile – Devoted Guardians.” Accessed October 12, 2023.

[22] Devoted Guardians. “Phoenix Valley’s Leading Senior Home Care & Trusted Caregiver Agency.” Accessed October 12, 2023.

[23] “How To Become A Non-Medical Caregiver – MeetCaregivers,” May 27, 2021.


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