We just published our 2nd quarter M&A report covering all the trends and deals defining the last three months...
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Healthcare M&A Remained Steady in First Half of 2025
Despite market conditions, healthcare M&A activity had a healthy pace, matching 2024 numbers...
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Notable Rehabilitation Transactions of 2025
With the Rehabilitation sector on pace to equal activity levels from last year, we decided to dive into some of the top deals announced so far in 2025....
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Table
of Contents
Lead Story Page 1
Behind the Deal Series Page 4
Top Stories .............................................. Page 6
Top Deals Page 14
Monthly Chart Page 15
Inside the 2025 ASC Market
Valuations, Hot Specialties & What’s Next
The ambulatory surgery center (ASC) market is facing a period of recalibration in 2025. A confluence of macroeconomic pressures, shifting specialty performance and evolving investment strategies has shaped the pace and structure of dealmaking across the sector. While demand for outpatient care remains strong, M&A activity has cooled, at least on the surface.
To explore these trends, we interviewed Colin Park, Managing Director at VMG Health, a leading healthcare valuation and transaction advisory firm serving both buy-side and sell-side clients. Park’s insights reveal the forces currently shaping ASC M&A, the most resilient ASC specialties, how regulatory and cost pressures are influencing valuations in the space and what it takes to build lasting partnerships in today’s ASC landscape.
According to LevinPro HC data, eight ASC deals have been announced
Continued on page 2
"Dental
Has Been a Juggernaut"
A Conversation With PGP On the Physician Market
The Physician Medical Group (PMG) M&A market experienced a period of adjustment in early 2025, marked by lower-thanexpected deal activity.
According to data captured in the LevinPro HC database, between January 1, 2025, and June 30, 2025, there were 1,038 healthcare transactions, with 232 of them in the PMG sector. The PMG deal volume represents a 14% decline from the same period of 2024 when 270 deals were announced, and a 25% drop from the first six months of 2023 when 310 acquisitions were reported.
Disclosed spending totaled more than $857.2 million across three deals in the first half of the year. It’s common for prices to go undisclosed
Continued on page 13
during the first half of 2025, compared to 16 during the same period in both 2023 and 2024. That represents a 50% year-over-year drop in deal volume. That drop stands out against a much smaller decline across the broader healthcare M&A market. Across the entire healthcare ecosystem, deal volume during the first half of 2025 is down just 1% from the same period of 2024, and 14% from 2023.
“Interest rates are still high, so money’s kind of expensive, which lowers the return when companies are borrowing to do transactions,” Park said. “There were also some big transactions announced, like USPI’s acquisition of Covenant in Q3 2024, and there’s a period of integration that follows, so there’s probably some lag before things start back up.”
While high interest rates may temper enthusiasm, the ASC market is far from stagnant. The integration lag Park describes points to a sector in transition rather
than decline. Demand for outpatient services continues to surge, and both health systems and private equity groups are actively pursuing ambulatory growth strategies.
Private equity remains the dominant force in ASC acquisitions, accounting for three notable deals in the first half of 2025: Wellspring Capital Management LLC acquired Summit Spine & Joint Centers in April; Bain Capital-backed Surgery Partners, Inc. acquired Montpelier Surgery Center and Advanced Surgery Center in May; and Welsh, Carson, Anderson & Stowe purchased Constitution Surgery Alliance in June. These transactions underscore private equity’s strategic focus on consolidating high-value ASC platforms despite a broader slowdown in deal volume.
“Anecdotally, 2025 doesn’t feel necessarily slower, and we’re still seeing a lot of transactions,” Park noted “Some smaller ones we work on fly under the radar, so they’re not publicly reported.”
The steady flow of transactions, particularly smaller, unreported deals, highlights the ASC market’s adaptability. These quieter transactions often involve independent ASCs or joint ventures, signaling a wave of consolidation and collaboration. For investors, they also present opportunities that may not show up in public deal counts but are no less impactful in shaping market dynamics.
From a specialty standpoint, some service lines are proving more resilient than others.
“Musculoskeletal, ortho, total joint, that’s always the revered specialty that a lot of groups are looking at,” Park said. “But a good, busy GI center is hard to sleep on. The only specialty I’ve seen lose traction is cardiovascular, largely due to its payer mix. High governmental volume limits the upside in managed care contracting.”
Looking ahead, Park remains cautiously optimistic about the rest of the year.
“It’s going to continue to be pretty busy, and if rates come down, you might see more lending and groups
getting more aggressive with buying and investing in centers,” he said. “The Ascension deal with AmSurg is a huge headline, and we’re going to see continued health system investment in outpatient strategy, oftentimes with a management company in a joint venture.”
Deals like the Ascension’s June 2025 acquisition of AmSurg underscore a broader shift: health systems are increasingly looking to ASC platforms as a cornerstone of their outpatient strategies. These partnerships, often structured with a management company or private equity sponsor, are reshaping the competitive landscape by blending clinical oversight with operational and financial discipline.
As strategic partnerships continue to change the ASC landscape, evaluating a center’s true worth is becoming increasingly nuanced. Buyers and sellers must consider a broad range of financial and operational factors that go beyond headline deal terms.
“On the revenue side, you’ve got volume and payer mix. A big component is the physicians—are they aligned
or do they have ownership? Is it a young group or an aging group with a succession plan?” Park explained. “For payer mix, are they heavy Medicare or do they have a healthy amount of commercial payers? Have they proactively managed their payer contracts to get good rates?”
Physician alignment and payer diversity remain essential for financial performance. Younger groups with strong commercial contracts often command stronger valuations, while aging practices without succession plans can raise red flags for buyers. Contract strategy, particularly on the commercial side, continues to differentiate high-performing centers.
But even the most promising revenue profile must be weighed against today’s cost pressures.
“On the expense side, anesthesia subsidies are at the forefront the last two years—centers avoiding those through a healthy payer or case mix are way better off,” Park noted.
Behind The Deal Series
Creach Family Holdings Bolsters Midwest Home Health Presence with Freudenthal Acquisition
Creach Family Holdings announced that it has expanded its home health footprint in the Kansas City MSA, with the acquisition of Freudenthal Home-Based Healthcare. The transaction closed in early July 2025 and was facilitated by Agenda Health, an Austin, Texasbased M&A advisory firm specializing in healthcare. Agenda Health acted as the exclusive sell-side advisor to Freudenthal Home-Based Healthcare.
Founded by Joe Freudenthal, Freudenthal HomeBased Healthcare provides in-home health services based in St. Joseph, Missouri. With a strong footprint in Missouri, the company offers a comprehensive continuum of care, ranging from in-home assistance to skilled nursing and hospice services, ensuring seniors receive the support they need at every stage, all within the comfort of their homes.
Creach Family Holdings, the direct investing arm of the Creach Family Office, is a privately held investment firm focused on acquiring and growing innovative healthcare companies.
The acquisition integrates Freudenthal Home-Based Healthcare into Creach Family Holdings’ portfolio of healthcare providers, strengthening its home health and hospice division. Freudenthal Home-Based Healthcare will continue operating under its established brand, joining forces with Overland Park, Kansas-based Faith Home Health and Hospice, an active Creach Family Holdings investment, to enhance regional care delivery.
“Joining the Creach Family Holdings portfolio is an exciting new chapter for our organization,” said Joe Freudenthal, CEO and Founder of Freudenthal Home-Based Healthcare. “Their values and vision align perfectly with ours, and we anticipate great opportunities ahead for our patients and staff.”
The LevinPro HC team spoke with Gene Creach, Senior Manager at Creach Family Holdings, and Randy Decko, Senior Director at Agenda Health, to explore the drivers behind this acquisition and its significance in the home health market.
According to Creach, Freudenthal Home-Based Healthcare stood out as a target for several reasons, including its strong reputation in the community and excellent star ratings. The deal also offered an opportunity to expand within the Kansas City MSA without overlapping existing operations.
Creach noted that the acquisition was made easier by Freudenthal’s strong infrastructure and leadership. With an established management team and a relatively absent owner, the transition is expected to be smooth, with minimal disruption to patients or staff. The owner’s minimal involvement in daily operations allowed the management team to run the agency independently, enabling seamless integration with Faith Home Health and Hospice without significant changes. Creach also sees potential for operational synergies between Freudenthal Home-Based Healthcare and Faith Home Health and Hospice, particularly in shared back-office resources and staffing efficiencies.
Agenda Health’s long-term relationship with Joe Freudenthal facilitated a targeted process.
“One of our senior advisors established a relationship with Joe Freudenthal over the past few years, and when Joe was ready to execute an exit strategy, we engaged in a sell-side engagement to represent him and his agency to the market,” Decko said.
From a market perspective, Decko noted that Freudenthal Home-Based Healthcare attracted strong interest from both emerging and established strategic buyers in the home health and hospice sector. This reflects robust demand for high-performing agencies with diverse service lines.
According to Agenda Health, the acquisition process moved quickly, with alignment around service lines and operational systems contributing to a smooth close.
Mid-Year 2025 Valuation Stats Update
August 28, 2025 at 1 pm Eastern
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providers eyeing a sale.
"Freudenthal ran incredibly clean operations, had a solid infrastructure, management team, financial upkeep and nimble data storage which led to expeditious and Accurate delivery of diligence requirements to the buyer,” he said. “Providers looking for an optimal exit should make sure they check off these boxes before considering the market.”
Looking ahead, Creach shared that workforce pressures and regulatory complexity remain top concerns across the industry. Reimbursement challenges persist, and
PANELISTS:
Ben Swett, Managing Editor, The SeniorCare Investor (moderator)
Colleen Blumenthal, COO, HealthTrust
Creach Family Holdings is working to address them through greater operational efficiency and technology enablement. Its ownership of Careficient, a home health and hospice focused electronic medical record, similarly gives Creach Family Holdings a strategic advantage in adapting to evolving regulatory demands.
“Our goal is to create the best work environment possible for our employees which helps reduce turnover and enhance the attractiveness for new employees to come work for our organization,” said Creach. “We emphasize having great benefits packages and an employee first approach to leadership.”
For others exploring acquisitions in the space, Creach cautioned that due diligence must go beyond the surface.
“Clinical and regulatory due diligence is absolutely critical to ensuring you are not purchasing an agency on the brink of either legal issues or in need of discharging a large number of their patients,” he said. “Some agencies look great on the surface, but once you
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analyze their internal processes, procedures and the patient’s length of stay you find they are not in a good situation moving forward.”
Creach also pointed to payer mix, licensing and regional market dynamics as key factors that can determine an agency’s long-term viability for new ownership.
“There are also a number of regional based challenges that you of course always have to be diligent about as well as making absolutely certain you have a strong understanding of the payers each agency accepts and the types of programs (and licensing) they are maintaining. All of these things can either be a major asset to an agency or a potential stumbling point for the next owner.”
The Freudenthal Home-Based Healthcare acquisition highlights the growing consolidation in the Home Health & Hospice (HH&H) sector, where high-quality providers are increasingly sought after to meet rising demand.
There were 55 HH&H transactions announced during the first half of 2025, according to data captured in the LevinPro HC platform. This compares to 52 HH&H deals announced during the first half of 2024, 47 announced during the first half of 2023, and 62 announced during the first half of 2022. The second quarter of 2025 alone had 27 HH&H deals announced, which was nearly on par with the first quarter of 2025. This sustained deal volume is surprising, as the first quarter typically sees a significant surge in activity compared to other quarters. Such robust M&A activity signals a competitive market where strategic buyers are prioritizing agencies with strong operational foundations.
Looking ahead, Agenda Health anticipates sustained M&A momentum.
“We see home care, home health and hospice as three distinct sub-verticals,” Decko said. “Home care M&A remains very strong, home health has been less active historically and hospice seems relatively steady from a demand perspective. We anticipate closing 12-15 transactions in 2025 in these three verticals, mostly
stemming from home care and hospice transactions.”
Creach Family Holdings’ acquisition of Freudenthal Home-Based Healthcare reflects broader trends in the home health sector, where providers face rising demand driven by an aging population and increasing emphasis on technology to enhance care delivery. As the home health market evolves, deals like this highlight the importance of strategic alignment and operational excellence in meeting the growing need for in-home care. The LevinPro HC platform will continue to track these trends and developments.
Top Stories July 2025
Notable Private Equity Activity of 1H 2025
Private equity activity has slowed in the past 12 months, according to our recently published Healthcare M&A Quarterly Report. Headwinds and uncertainty in the market have finally caught up to private equity firms and their sponsored companies, resulting in a 17% slowdown in activity in Q2:25 compared to the first quarter. Yearover-year differences were even more pronounced, sliding by 24% in Q2:25 compared with the second quarter of 2024. Announced spending declined as well, reaching only $2.89 billion in Q2:24, far less than the $21.9 billion announced in the first quarter of 2025.
Despite these slowdowns, private equity activity remained a driving force in the market, accounting for approximately 30% of all activity in the second quarter, particularly in sectors such as Physician Medical Groups (56 deals), eHealth (23 deals) and Home Health & Hospice (9 deals), as seen in our LevinPro HC database.
Here are the most notable deals and trends of Q2:25 from private equity investors:
Investindustrial , a London-based private equity firm, acquired DCC Healthcare for $1.41 billion, the healthcare unit of DCC plc, focused on providing devices used in minimally invasive surgeries. The deal was completed on a cash-free and debt-free basis, and is expected to be finalized in the third quarter. This was the largest deal based on disclosed purchase price.
In April, NMS Capital sold U.S. Urology Partners to General Atlantic for an undisclosed sum. U.S. Urology Partners is an emerging management services organization in the physician space, founded in 2018 by NMS.
According to the LevinPro HC database, it is affiliated with four different physician organizations across four different states, including Urology of Indiana (40 physicians) and Greater Boston Urology (22 physicians). U.S. Urology Partners and General Atlantic plan to accelerate the platform’s expansion.
OneOncology, Inc., backed by both PG Capital and Cencora, announced four acquisitions in the second quarter, the most for a private equity-sponsored platform.
It struck a major deal in New York, acquiring New York Oncology Hematology, an oncology practice with eight upstate locations and over 30 physicians.
With upcoming Medicaid cuts, the healthcare services sector is facing some tough headwinds, and a few firms have decided that real estate is a safer bet. In partnership with Elliott Bay Capital Trust, private equity firm Pantheon Ventures announced six deals in the second quarter, acquiring medical outpatient buildings all along the East Coast.
The largest property, located in Richmond, Virginia, is a 54,379-square-foot outpatient medical facility that was recently converted from office use and fully renovated in 2023 with high-end, medical-grade finishes. The two companies also acquired properties in Georgia and Ohio.
Private equity firms have also turned their attention to digital health companies, particularly seeking to capitalize on the growing demand for AI services in healthcare.
New Mountain Capital purchased Thoughtful AI, an AI-powered revenue cycle automation company based in Austin, Texas, and SmarterDx, a clinical AI company that develops automated pre-bill review tech to help hospitals maintain revenue integrity.
Centerstone and Brightli Merge
On July 17, it was announced that Centerstone and Brightli were merging into a company that is valued at a combined annual revenue of $1 billion.
Brightli is a behavioral health care company. Brightli’s subsidiaries include Burrell Behavioral Health (and subsidiary Comprehensive Mental Health Services), Preferred Family Healthcare , Southeast Missouri Behavioral Health , Firefly Supported Living & Employment Services , Adult & Child Health and Brightli Foundation. According to its 2024 financial report, Brightli generates $550 million in revenue annually.
Centerstone is one of the nation's largest behavioral healthcare providers. It offers a range of treatment, support and programs to individuals who have mental health and addiction disorders, as well as adults with intellectual and developmental disabilities.
Once fully combined, the company will scale operations to nine states with a combined workforce of approximately 10,300 employees across 360 locations. The deal does not include Centerstone’s network of 1,500 providers outside of the United States.
According to the original press release, the expanded scale post-merger will also put the combined company in a strong position to negotiate with payers and approach them to ask what they need for their health plan recipients.
ArchiMed Acquires ZimVie for $730 Million
On July 21, ArchiMed announced that it purchased ZimVie for $730 million. ZimVie stockholders will receive $19 in cash for each share of ZimVie common stock outstanding at the closing of the transaction.
ZimVie is a global life sciences leader in the dental market that develops, manufactures and delivers a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures.
Zimvie spun out of Zimmer Biomet in 2022 and has since broken off into smaller pieces.
ArchiMed is an independent private equity investment firm focused exclusively on the healthcare industry. It has directly managed and invested in more than 80 companies with a combined value of $50 billion. Its mix of operational, medical, scientific and financial expertise allows the ArchiMed team to serve as a strategic and financial partner to European and North American small and middle-market businesses.
Centerview Partners is serving as exclusive financial advisor to ZimVie, and Cravath, Swaine & Moore LLP is serving as legal advisor. UBS Investment Bank is serving as exclusive financial advisor to ArchiMed, and Latham & Watkins LLP is serving as legal advisor.
Upon completion of the transaction, ZimVie will become a privately held company and ZimVie’s shares will no longer be listed on the Nasdaq. The per share price represents a premium of 99% to the ZimVie 90-day volume-weighted average price of $9.57 per share.
ReFocus Eye Health Acquires New View Eye Center
ReFocus Eye Health, a portfolio company of investment firm Zenyth Partners, announced that it will acquire New View Eye Center, a three-provider practice in Reston, Virginia.
New View Eye Center is a full-service ophthalmic practice with an onsite laser center and has expanded its offerings to include injectable aesthetic services, eyelid rejuvenation survey, advanced cataract surgeries and diabetic eye treatments. It was founded in 1999.
ReFocus Eye Health is an eye care management services organization supporting a leading network of comprehensive ophthalmology and retina practices. The ReFocus Eye Health affiliate network includes more than 150 providers and more than 80 locations across eight states. This partnership will enhance New View's day-today administrative and financial operations while
maintaining the personalized care of its patients. New View Eye Center's patients will continue to see their trusted doctors and staff, now backed by the resources and expertise of ReFocus Eye Health. Financial terms of the deal were not disclosed.
Allergy & Asthma Physicians of Commerce Township Joins Align ENT + Allergy
Physician Growth Partners announced that it advised Allergy & Asthma Physicians of Commerce Township in its acquisition by Align ENT + Allergy. The financial terms were not disclosed.
Established in 2008, Allergy & Asthma Physicians of Commerce Township is a leading allergy and asthma practice in the suburban Detroit market. It has one physician on staff.
Founded by Zenyth Partners in 2022, Align ENT + Allergy is a management services organization (MSO) supporting a community of physician-led ENT and allergy practices. Align provides non-clinical support services to private practices through a true partnership model, whereby partners gain the advantages of a professionalized MSO while retaining local control so that they can focus on providing care within their communities.
Orchard Mental Health Group Acquires Maryland Counseling Associates
Orchard Mental Health Group announced that it has acquired Maryland Counseling Associates, adding four new locations to its footprint and 31 clinicians to its clinical workforce. Financial terms of the deal were not disclosed.
Maryland Counseling Associates provides mental health services for children, adolescents and families in Maryland and Pennsylvania.
Orchard Mental Health Group, formerly known as Quince Orchard Psychotherapy, offers in-person and virtual therapy, medication management, diagnostics and psychiatric services. Founded in 2015 and is based
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in Rockville, Maryland, the company merged with private equity firm The Graham Group in May 2023.
This marks the third acquisition by Orchard Mental Health Group in 2025. In February, it acquired GBCC Behavioral Health and Oasis Behavioral Health Urgent Care
TA Associates Invests in HealthMark Group to Support Next Phase of Growth
HealthMark Group , a leading provider of clinical information exchange solutions for providers, has announced a strategic growth investment from TA Associates, a Boston, Massachusetts-based global private equity firm.
Founded in 2006, HealthMark’s platform enables healthcare providers to outsource clinical information requests from health plans, law firms, insurance companies, patients and other requestors. Through a network of more than 60,000 providers and 5,000
hospitals and clinics transform manual administrative processes into seamless digital encounters.
Since its founding in 1968, TA Associates has invested in more than 560 companies worldwide and raised more than $65 billion in capital.
The company leads buyouts and minority recapitalizations in the technology, financial services, business, healthcare and consumer industries.
As part of the transaction, HealthMark management and existing investor Ridgemont Equity Partners will both roll meaningful ownership stakes. Financial terms of the transaction were not disclosed.
Concentra Biosciences Acquires iTeos Therapeutics for $434 Million
Concentra Biosciences, LLC announced that it entered into an agreement to acquire iTeos Therapeutics for more than $434.4 million.
iTeos Therapeutics is a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of immuno-oncology therapeutics for patients. iTeos Therapeutics reserches tumor immunology and immunosuppressive pathways to design novel product candidates with the potential to restore the immune response against cancer. According to iTeos Therapeutics' financial reports, the company reported $35 million in revenue for the full year 2024.
Concentra Biosciences is owned by Tang Capital Partners, a life sciences-focused investment company. The company was founded in 1979 and is headquartered in San Diego, California.
TD Cowen is acting as exclusive financial advisor to iTeos and Ropes & Gray LLP is acting as legal counsel to iTeos. Gibson, Dunn & Crutcher LLP is acting as legal counsel to Concentra.
Chicago Pacific Founders Healthcare Real Estate Buys D.C. Area Medical Building for $27.5 Million
Chicago Pacific Founders has acquired a twelvestory, 192,000-square-foot Class A medical outpatient building (MOB) in the Washington, D.C. MSA for $27.5 million. The acquisition was made through the Chicago Pacific Founders Healthcare Real Estate business (CPF HCRE).
The property enjoys 74% occupancy, majority medical tenancy and a weighted-average lease term of six years. Anchored by Luminis Health under a new ten-year lease, the property is located 1.2 miles from Luminis Health Doctors Community Medical Center . The purchase price is roughly $143 per square foot.
With $2.7 billion in assets under management, Chicago Pacific Founders is a leading private equity firm with investments across both healthcare services companies and healthcare real estate.
CPF HCRE has acquired more than $80 million of MOBs across four transactions in New York, Florida, Michigan and Maryland in the past eight months and continues to actively pursue value-add and opportunistic opportunities. Debt financing was provided by Capital One, N.A.
“This asset offers the rare combination of not only strong [weighted average lease term], a health system anchor and great cash flow, but also significant upside in remaining vacancy including a full floor on which we’re negotiating with a national behavioral health tenant identified during due diligence,” said Andrew Eckman, Vice President at Chicago Pacific Founders. “With 300,000 vehicles passing by the property per day, tenants and providers alike appreciate its ease of access and visibility.”
“Through a combination of our favorable debt facility, credits at closing and property cash flow, we will invest in major capital improvements to drive occupancy, rent and the overall tenant/patient experience,” added Cliff Berryman, Senior Vice President of CPF Healthcare Real Estate.
Imagen Dental Partners Enters 16th State
Imagen Dental Partners announced on July 21 that it has acquired Aesthetica Contemporary Dentistry, a Seattle based dental practice.
The practice provides preventative, restorative and general dentistry services. According to its website, there are three dentists on staff.
Imagen Dental Partners is a dental partnership organization founded in 2020 that joins with dental practices, invests in them and supports their growth. This marks Imagen Dental Partners' entrance into its 16th state, according to the original press release. Terms were not disclosed.
VitalHub Acquires Novari Health Inc. for $31.9 Million
VitalHub Corp., based in Toronto, Canada, announced that it acquired Novari Health Inc. for $31.9 million.
Headquartered in Canada, with offices in Australia, New Zealand and the United Kingdom, Novari is one of the fastest growing digital health solution providers. The platform offers a series of integrated software modules providing referral management, surgical wait list management, central intake and care coordination.
VitalHub serves more than 1000 clients across Canada, the United States, the United Kingdom, Australia, the Middle East and Europe with blockchain, mobile and web-based assessment and electronic health record solutions. VitalHub has an offshore development hub in Sri Lanka. The VitalHub team comprises more than 500 team members globally.
VitalHub’s legal advisor was Torkin Manes LLP. Novari’s financial advisor was TD Securities Inc. and its legal advisor was Osler, Hoskin & Harcourt LLP.
VitalHub has acquired Novari for total up-front consideration of $43.6 million CAD (approximately $31.9 million USD), plus potential performance-based consideration. The purchase price paid at closing was composed of a cash payment of $35.8 million CAD (approximately $26.2 million USD), subject to working capital adjustments, and the issuance of 733,726 common shares of VitalHub. The maximum amount payable under the all-cash performance-based earnout is $5 million (nearly $3.7 million USD) over the two-year period following closing.'
Premier Radiology Services Expands Teleradiology Capabilities
Premier Radiology Services announced on July 8 the acquisition of MetisMD . This transaction expands Premier’s national reach and strengthens its subspecialty teleradiology services.
Established in 2005, MetisMD is a Chicago, Illinoisbased teleradiology provider with expertise in musculoskeletal imaging. The company provides teleradiology services through a team of more than 30 board-certified, fellowship-trained radiologists.
Founded in 2006, Premier Radiology Services is one of the top independent teleradiology solutions in the United States. Premier provides reliable and accurate interpretations of medical images to patients in 48 states through its technology-enabled platform. With a network of approximately 100 radiologists, Premier interprets nearly 2 million medical images per year for a diverse range of customers, including mobile imaging providers, occupational health centers, urgent care providers and outpatient clinics. The company was acquired by private equity firm Grovecourt Capital Partners in June 2023.
Through the partnership, the MetisMD team will gain access to Premier’s administrative infrastructure, advanced technology and collaborative clinical environment. The combined organization will offer expanded subspecialty coverage and continue to prioritize clinical innovation and collaboration. Financial terms of the deal were not disclosed.
Bradford Health Announces the Acquisition of The Last Resort, Crestone Wellness and The Chapter House in Texas
Bradford Health Services announced on July 2 the acquisition of three Texas-based programs: The Last Resort Recovery Center, Crestone Wellness and The Chapter House. The acquisition expands Bradford’s footprint across Central and North Texas.
Headquartered in Smithville, Texas, The Last Resort Recovery Center offers comprehensive addiction treatment for men on a secluded 55-acre Central Texas ranch. Its men's-only program provides the full continuum of care including detox, residential treatment and outpatient services for substance abuse and dual diagnosis conditions.
Crestone Wellness is a drug rehab in Taylor, Texas
offering comprehensive addiction treatment services including detox, residential care and aftercare programs for both men and women. The company specializes in the earliest stages of addiction recovery, from alcohol and drugs such as fentanyl, heroin, cocaine, meth and others.
The Chapter House, based in the Dallas-Fort Worth area, delivers an extended care and sober living program designed specifically for men transitioning from primary treatment.
Bradford Health Services provides early intervention services, crisis response, intensive outpatient care, partial hospitalization and residential care, inpatient detox and transitional living and life skills programming through a coordinated network of 40 facilities throughout the Southeast. Bradford Health Services was acquired by private equity firm Lee Equity Partners from Centre Partners in October 2022.
Legal counsel for the transaction was led by Burr Forman LLP, who provided critical support throughout the diligence and closing process. Financial terms of the deal were not disclosed.
This transaction follows Bradford Health’s previous acquisitions of Lakeview Health, Stepping Stones for Recovery and Koru Spring, all of which were officially integrated into Bradford Health in October 2024. The company also acquired Vertava Health of Mississippi in November 2023.
Allied OMS Acquires Four Practices
Allied OMS, a portfolio company of Chicago, Illinoisbased private equity group DuneGlass Capital , announced on July 2 that it acquired four oral surgery and maxillofacial practices.
Based in South Bend and Elkhart, Indiana, Oral Surgery Michiana is run by a team of two physicians.
Heart of Texas Oral Surgery provides implant, extraction and TMJ pain services. It has two locations in the Austin, Texas MSA.
North Austin Oral Surgery is a one location practice. According to its website, the practice is run by a team of two physicians.
Operated by Dr. James D. Lussier and his team of two employees, Kerrville Oral & Maxillofacial Surgery is based in Kerrville, Texas.
Allied OMS is a doctor-owned, doctor-led management services organization in the oral and maxillofacial surgery space. Headquartered in Southlake, Texas, it has more than 50 surgeons serving patients out of more than 40 locations across California, Colorado, Indiana, New York, Oregon, Texas and Virginia.
With these acquisitions, Allied OMS expands its presence into the Austin MSA as well as into Indiana. It also strengthens its foothold in the San Antonio MSA. Terms were not disclosed.
ReviveHealth, Inc. Welcomes Canopy to Family of Companies
ReviveHealth, Inc. announced that it has acquired Canopy to expand member access, enhance outcomes and accelerate innovation across a broader national footprint. Financial terms of the deal were not disclosed.
Canopy has been a partner in employee mental health and well-being for nearly 50 years. As a pioneer in Everyday Assistance Programs, Canopy offers more than traditional Employee Assistance Programs; it provides customized support across mental health, family care, financial wellness, workplace well-being and digital therapy tools.
ReviveHealth, Inc. is a virtual-first healthcare company delivering accessible and affordable care. Through a subscription-based model, Revive offers access to primary care, urgent care, weight health, mental health support, employee assistance program, pharmacy services and wellness coaching.
M&A
States...
in the PMG sector, largely because many buyers are private equity firms that aren’t obligated to release financial details
The deal with the largest price was McKesson Corporation’s acquisition of PRISM Vision Holdings, LLC for $857 million. McKesson acquired an 80% interest in PRISM, which is a provider of general ophthalmology and retina management services.
To learn more about the market’s conditions and what investors should keep an eye on for the coming months, the Levin HC team spoke with John Tiedmann, Managing Director of Physician Growth Partners
According to Tiedmann, deal volume is up from last year, and there are a plethora of deals under LOI and in the coming pipeline (or even undisclosed/private transactions). This speaks to the idea that deals are taking longer to complete and may not be factored into all statistics, yet.
“There are also several buyers in every specialty, more than enough to create a healthy process and some healthy competition,” he said. “We’re seeing good bidding across the specialties.”
Dental was the most active specialty with 121 transactions. There were an additional five dental service organization (DSO) acquisitions. Combined, the two dental-focused specialties account for nearly 50% of all PMG deals transactions of the first six months.
The high volume of dental activity was not a shock to Tiedmann.
“Dental has been a juggernaut; it’s been around for a while and because it’s so fragmented it seems to have an endless runway,” he said. “There are more platforms in dental than any other specialty. There’s also a huge quantity of single or two-provider practices that are experiencing challenges that a larger platform can help with and simplify their administrative burdens.”
The dental-centric specialties remain a prominent driver of activity in the PMG space, as explained by the factors outlined by Tiedmann. The first six months of 2024 starkly illustrate this dominance: in the first six months of 2024, there were a combined 148 dental/ DSO transactions, representing nearly 55% of the PMG deals in the period. While there were less dental transactions in 2025 than there were in 2024, the specialties are still incredibly active.
Other sectors that showed prominence in the PMG space include dermatology and eye care. In the first six months of 2024, there were 15 dermatology transactions, a 67% increase of 2024 when nine were reported. Deal volume in the eye care space remained consistent year-over-year, with 13 deals in the first half of 2024 compared to 14 in the first half of 2025.
“There’s a high number of strategic platforms and buyers that have done well and continue to drive M&A activity,” said Tiedmann on why specialties like dermatology and eye care have high deal volume.
In the dermatology and eye care sectors, platforms like Leonard Green & Partners’ Epiphany Dermatology (five deals) and Dermatology Partners (two deals), along with LRR Partners’ Eye Health America (three deals) and Chicago Pacific Founders’ SightMD (two deals), have emerged as the most active buyers.
Orthopedics is another specialty that’s interesting to examine because it tends to fluctuate over time. The first half of 2025 was an average year for the orthopaedic space, with 14 reported transactions. In the first six months of 2024, there were 11 orthopaedic transactions and in the first half of 2023, there were 20.
“There’s continued interest because orthopedics is one of those specialties where the capital outlay can be significant, whether it's an MRI, whether it's a surgery center,” said Tiedmann. “For lack of a better term, there are lots of ways to spend money in the specialty so it’s a natural specialty for a capital partner to come in.”
While specific sectors continued to demonstrate substantial transaction.......Read more on LevinPro HC
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Source: LevinPro HC, August 2025
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