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

See August 2025 acquisitions here.

In September, we tracked 14 buyouts, 62 add-on acquisitions, and 26 growth/expansion investments. 

Private Equity Consolidates Clinical Research Sites

In September, there were at least five private equity deals in the clinical research space. This sector encompasses clinical trial facilities, contract research organizations, and other companies involved in drug and medical device development.

Private equity firms have become increasingly drawn to clinical trials due to the large profits that can be gained through efficiencies, such as getting a drug to market sooner or for lower cost. Additionally, the industry is fragmented, which makes it a perfect target for private equity consolidation.

In September, Rovia Clinical Research rolled-up Study Metrix and Coastal Research Institute.  Rovia Clinical, a platform company of Gauge Capital, has already consolidated a number of clinical research sites, including East Coast Institute for Research (ECIR), Universal Axon Clinical Research (UACR), and IMIC, Inc. Clinical Research Center.  

Other clinical research trial sites and pharmaceutical acquisitions from September include:

• QHP Capital’s growth investment in Vector Clinical Trials. Vector Clinical Trials (formerly Las Vegas Medical Research) is a clinical research site in Las Vegas.
• Alta Thera Pharmaceuticals received a growth investment from an undisclosed firm. The company is a developer of specialty pharmaceuticals intended to serve pediatric cardiac and adult atrial fibrillation patients.
• SERB Pharmaceuticals, a platform company backed by Charterhouse Capital Partners, acquired Y-mAbs Therapeutics, a commercial-stage biopharmaceutical company focused on the development and commercialization of antibody-based therapeutics for the treatment of cancer.

As private equity companies move to consolidate the clinical research industry, they may be able to extract higher payments for their services. Consolidation of clinical research companies may lead to market monopolization and shift focus from patients to profits. The cost of developing drugs is already quite high, and private equity’s incursion into this space could contribute to higher prices that are ultimately passed on to patients and payers.

Private Equity Expands into the Senior Living Industry

Private equity’s push into the senior living industry continued with the acquisition of two senior living facilities. 

Phorcys Capital Partners acquired Village Veranda at Lady Lake, a senior living community in Florida, through a court-appointed receivership sale. This acquisition is Phorcys’s fifth senior housing investment. The facility will be operated by SRI Management, an operator of over 50 senior living facilities. 

Logos Living Capital acquired Viva Senior Living at Oakwood Village in Louisiana. In 2024, Logos Living Capital acquired eight senior living properties in Maryland, Tennessee and Virginia, and owns 11 other senior living facilities. Viva Senior Living manages all senior living communities owned by Logos Living Capital.

In addition to investments in senior living real estate, private equity firms are also invested in senior living operators. In March 2025, PESP identified eight private equity-backed senior living operators that accounted for a combined total of 968 properties and 152,392 senior living units as of 2024.

An aging population in the U.S. has fueled private equity expansion into not only the senior living sector, but in skilled nursing facilities (i.e. nursing homes) and Programs for All-Inclusive Care for the Elderly (PACE).

Such investments have introduced risks to the senior population. Research and reporting on private equity’s investments in nursing homes, for example, have brought to light investor impacts on patient care – including higher patient mortality rates, reduced staffing, overreliance on psychiatric medications, and reduced quality of care. 

Private equity’s debt-based financial strategies can also lead to financial distress and even bankruptcy. In July 2025, Genesis Healthcare, a private equity-backed nursing home operator with operations across 17 states, filed for bankruptcy. The company’s collapse capped years of financial deterioration shaped by a private equity strategy of asset stripping, high-risk borrowing, and recurring regulatory violations.

Private equity continues dental practice acquisitions

Private equity’s expansion into dental care continued to lead deals in September with 14 deals tracked. Dental care deals were the second highest category in September for deal count, with 14 add-on acquisitions tracked. 

Dental care has consistently been one of the busier categories that PESP has tracked in private equity dealmaking this year. And in 2024, dental care had the highest deal activity of any healthcare category tracked by PESP, accounting for at least 161 deals, an increase of 10.3% from 2023.  Over half of the busiest platform companies in 2024 were dental companies, six of which are reflected in September 2025’s deals. For more information about last year’s dealmaking in healthcare, see: Private Equity Healthcare Deals: 2024 in Review.