Tracked deals
21
21 tracked deals across 2026.
Healthcare Services Recapitalizations in 2026
Buyer mix
Mixed buyer set
19 pe · 6 investor
Top trend
Volume peaked in 2021
48 tracked deals announced in 2021.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Abry Partners | 1 | Private equity firm focused on leveraged buyouts and grow... | PE |
| Alantra Private Equity | 1 | Independent global financial services firm with private e... | PE |
| AltamarCAM Partners | 1 | Investment manager focused on private markets including p... | Investor |
| Amulet Capital Partners | 1 | Middle-market private equity focused exclusively on the h... | PE |
| Apollo S3 (Apollo's Sponsor and Secondary Solutions business) | 1 | Apollo’s sponsor and secondary solutions arm investing al... | Mixed |
| Arboretum Bidco LLC | 1 | Bidco entity established by AYR’s senior secured notehold... | Investor |
| Arboretum Investments LLC | 1 | Ultimate parent entity that owns 100% of Arboretum equity... | Investor |
| Arboretum Virginia LLC | 1 | State-level acquisition entity receiving AYR’s Virginia o... | Investor |
| BNP Paribas Asset Management | 1 | Institutional asset manager of the BNP Paribas group offe... | Investor |
| BT DE Investments Inc. (subsidiary of British American Tobacco p.l.c.) | 1 | Subsidiary of British American Tobacco that participates ... | Strategic |
Acquisition Volume in Healthcare Services Recapitalizations in 2026 by Year
Last 10 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
September 14, 2026
- Buyer
- Amulet Capital Partners, StepStone Group
- Target
- US Fertility
- Industry
- Healthcare Services
- Location
- United States
- Type
- Recapitalization
Amulet Capital Partners closed a recapitalization of US Fertility through a new continuation vehicle to support the fertility services platform’s continued growth. StepStone acted as the sole lead investor, with other existing and new investors participating. Financial terms were not disclosed.
-
September 14, 2026
- Buyer
- Medtronic plc
- Target
- MiniMed
- Industry
- Healthcare Services
- Type
- Recapitalization
Medtronic plc has announced an exchange offer that would allow MiniMed to become fully autonomous, with Medtronic shareholders exchanging Medtronic ordinary shares for MiniMed common stock. After the exchange offer (including related transactions) is effectuated, Medtronic expects it will no longer hold an equity stake in MiniMed.
-
August 19, 2026
- Buyer
- Seacoast Capital
- Target
- Aarista
- Industry
- Healthcare Services
- Location
- Washington, United States
- Type
- Recapitalization
Seacoast Capital announced a non-control growth capital investment in Aarista to support a balance sheet recapitalization. The firm provided subordinated debt to help recapitalize certain existing indebtedness and provide working capital for Aarista’s continued growth.
-
- Buyer
- Blackstone, KKR & Co.
- Target
- Affordable Care, LLC
- Seller
- Harvest Partners, Berkshire Partners
- Industry
- Healthcare Services
- Location
- North Carolina, United States
- Type
- Recapitalization
Affordable Care, LLC, a national dental support organization (DSO), completed a sweeping debt restructuring that removes more than $1 billion of debt and injects $75 million in fresh capital. Under the terms, the former private equity sponsors are wiped out and the reorganized company is owned by its direct lenders, including Blackstone and KKR & Co.
-
- Buyer
- Health Catalyst Capital (HCC)
- Target
- Midwest psychiatric care provider (leading practice serving elderly and disabled adults)
- Industry
- Healthcare Services
- Location
- United States
- Type
- Recapitalization
Health Catalyst Capital (HCC), a New York-based private equity firm, acquired a leading Midwest provider of psychiatric care for elderly and disabled adults. MidCap Advisors served as the exclusive financial advisor and the practice plans to expand its regional footprint with HCC’s healthcare network and operational expertise.
-
- Buyer
- leading middle market healthcare private equity fund
- Target
- The Skin Center
- Seller
- Footbridge Partners, ALZA Capital Partners
- Industry
- Healthcare Services
- Location
- United States
- Type
- Recapitalization
The Skin Center, a portfolio company of Footbridge Partners and ALZA Capital Partners, was sold to a leading middle market healthcare private equity fund. Mesirow served as the exclusive financial advisor to The Skin Center, with the transaction described as a recapitalization aimed at accelerating growth across its med spa and cosmetic surgery locations.
-
July 23, 2026
- Buyer
- Warburg Pincus Capital Solutions Founders Fund (WPCS FF), Goldman Sachs Alternatives, Sixth Street
- Target
- Paradigm Oral Health
- Seller
- BlackRock Long Term Private Capital (BlackRock LTPC)
- Industry
- Healthcare Services
- Location
- Nebraska, United States
- Type
- Recapitalization
Paradigm Oral Health announced a buyback of BlackRock Long Term Private Capital’s ownership stake, returning majority control to its surgeons and management. The buyback is backed by an investment led by Warburg Pincus, in partnership with Goldman Sachs Alternatives and Sixth Street.
-
July 9, 2026
- Buyer
- TCW Steel City, Brightwood, CIFC, CalSTRS
- Target
- Lone Peak Dental Group
- Industry
- Healthcare Services
- Location
- Colorado, United States
- Type
- Recapitalization
TCW Steel City acted as lead arranger and administrative agent on the $170 million recapitalization of Lone Peak Dental Group. The financing includes a term loan, revolver, and delayed draw term loan intended to support Lone Peak’s future acquisitions and continued growth of its pediatric dental network.
-
- Buyer
- Abry Partners, Neuberger Private Markets, Apollo S3 (Apollo's Sponsor and Secondary Solutions business)
- Target
- Centauri Health Solutions
- Industry
- Healthcare Services
- Location
- Arizona, United States
- Type
- Recapitalization
Abry Partners closed a $780 million continuation vehicle to extend its partnership with Centauri Health Solutions, a healthcare technology platform serving U.S. health plans with data-driven solutions. Neuberger Private Markets and Apollo’s Sponsor and Secondary Solutions business co-led as additional committed investors to provide liquidity to existing limited partners while supplying long-term growth capital.
-
June 2, 2026
- Buyer
- HPS Investment Partners, Capital One
- Target
- Discovery Behavioral Health
- Seller
- Webster Equity Partners
- Industry
- Healthcare Services
- Location
- California, United States
- Type
- Recapitalization
Discovery Behavioral Health (DBH) entered a major restructuring after defaulting on roughly $280 million of debt, following a dispute over its debt-to-earnings calculations. Lenders led by HPS Investment Partners and Capital One seized control, ousting the board and CEO and effectively converting debt into ownership, with a new CEO (Pete Clarke) introduced in the subsequent announcement.
-
- Buyer
- Goldentree Asset Management
- Target
- Quorum Health
- Seller
- Community Health Systems
- Industry
- Healthcare Services
- Location
- Tennessee, United States
- Type
- Recapitalization
Goldentree Asset Management became the majority owner of Quorum Health in 2024 as the hospital chain emerged from bankruptcy. Quorum announced plans to shift from a private-equity-backed for-profit structure to a nonprofit model managed by QKA Health Corporation (doing business as Healthside Partners), subject to regulatory approval and expected to be finalized in Fall 2026.
-
- Buyer
- H.I.G. Bayside Capital Europe
- Target
- Lifeways Group
- Industry
- Healthcare Services
- Location
- United Kingdom
- Type
- Recapitalization
H.I.G. Bayside Capital Europe provided a £90m unitranche term loan to refinance Lifeways Group’s existing debt. The five-year facility supports Lifeways’ continued growth strategy in high-acuity support services across the United Kingdom.
-
- Buyer
- Arboretum Bidco LLC, Arboretum Virginia LLC, Arboretum Investments LLC
- Target
- AYR Wellness Virginia operations
- Seller
- AYR Wellness Inc.
- Industry
- Healthcare Services
- Location
- Virginia, United States
- Type
- Recapitalization
AYR Wellness Inc. announced the initial closing of transferring its Virginia operations into Arboretum Virginia LLC, a wholly owned subsidiary of Arboretum Bidco LLC (the entity set up by AYR’s senior secured noteholders). The company also closed and funded a new $275 million senior secured delayed draw exit facility with Arboretum as part of previously announced restructuring transactions, including rollovers of portions of existing bridge debt and satisfaction of senior secured notes via equity in Arboretum Investments LLC.
-
April 10, 2026
- Buyer
- Crux Capital
- Target
- Ivybrook Academy
- Seller
- Jennifer McWilliams, Drew McWilliams
- Industry
- Healthcare Services
- Location
- North Carolina, United States
- Type
- Recapitalization
Crux Capital invested in Ivybrook Academy, a franchised half-day preschool operator, recapitalizing the early childhood education platform to support its next phase of national expansion. The founders, Jennifer and Drew McWilliams, will retain meaningful ownership and continue to lead alongside the existing management team.
-
- Buyer
- Havencrest Capital Management
- Target
- OFFOR Health
- Industry
- Healthcare Services
- Location
- Ohio, United States
- Type
- Recapitalization
Havencrest Capital Management has completed a majority recapitalization of OFFOR Health, a provider of office-based anesthesia services for complex pediatric dental procedures. The investment supports OFFOR’s next phase of growth and aims to expand access to pediatric care in dental office settings across the United States.
-
March 31, 2026
- Buyer
- BT DE Investments Inc. (subsidiary of British American Tobacco p.l.c.), British American Tobacco p.l.c.
- Target
- Charlotte's Web Holdings, Inc.
- Industry
- Healthcare Services
- Location
- Colorado, United States
- Type
- Recapitalization
Charlotte’s Web Holdings has closed a transaction with BT DE Investments Inc., a subsidiary of British American Tobacco (BAT), involving the amendment and conversion of BAT’s C$75.3 million convertible debenture into Charlotte’s Web common shares and a concurrent US$10 million private equity investment. The combined transaction converts approximately US$65 million of principal plus accrued interest into equity and provides additional cash to support Charlotte’s Web’s medical channel initiatives, including an anticipated CMMI Medicare pilot program.
-
March 31, 2026
- Buyer
- United Surgical Partners International, Inc, Tenet Healthcare (via USPI)
- Target
- Lync Health Partners
- Seller
- MSouth Equity Partners
- Industry
- Healthcare Services
- Location
- United States
- Type
- Recapitalization
Lync Health Partners, an orthopedic ambulatory surgery center and management services organization, entered a majority recapitalization backed by United Surgical Partners International. Citizens Capital Markets advised Lync Health Partners on the deal; financial terms were not disclosed.
-
March 12, 2026
- Buyer
- Synergy IOM LLC
- Target
- NIHG Services, LLC
- Industry
- Healthcare Services
- Location
- United States
- Type
- Recapitalization
Synergy IOM LLC, backed by Monument MicroCap Partners, recapitalized NIHG Services, LLC. NIHG provides administrative and operational support services to healthcare providers, including credentialing, contracting, and payor enrollment.
-
- Buyer
- Alantra Private Equity, Hayfin Capital Management, Mérieux Equity Partners, BNP Paribas Asset Management, AltamarCAM Partners
- Target
- Health in Code
- Seller
- Existing investors in Alantra Private Equity Fund III
- Industry
- Healthcare Services
- Location
- Spain
- Type
- Recapitalization
Alantra Private Equity closed a €155 million single-asset continuation vehicle, led by Hayfin Capital Management, to increase and retain its stake in clinical genomics platform Health in Code. As part of the recapitalization Mérieux Equity Partners joined as a c.20% minority investor while existing investors in Alantra Private Equity Fund III received liquidity; the new capital and a reorganized debt facility are intended to accelerate international expansion and add-on M&A across Europe.
-
January 26, 2026
- Buyer
- Main Post Partners, HomeWell existing management team
- Target
- HomeWell Franchising Inc.
- Industry
- Healthcare Services
- Location
- Texas, United States
- Type
- Recapitalization
Main Post Partners has acquired HomeWell Franchising Inc., the franchisor of HomeWell Care Services, in a transaction alongside the company’s existing management team. The partnership will recapitalize the franchisor to accelerate franchise growth, expand geographic reach, and enhance support for franchise owners and caregivers; Boxwood Partners served as exclusive sell-side advisor.
-
January 5, 2026
- Buyer
- Gauge Capital
- Target
- Reliable Medical
- Seller
- Seven Hills Capital
- Industry
- Healthcare Services
- Location
- Tennessee, United States
- Type
- Recapitalization
Gauge Capital has partnered with Reliable Medical's management to provide growth capital and complete a recapitalization, acquiring the Nashville-based provider of Complex Rehabilitation Technology (CRT) from prior sponsor Seven Hills Capital. The investment will support Reliable Medical's expansion of clinical capabilities, geographic footprint, and continued focus on high-touch post-delivery services for patients with severe mobility impairments.
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