Healthcare Services Acquisitions in 2024

NavaDerm Partners, a dermatology platform backed by BelHealth Investment Partners, sold its Bronx-based practice Dermatology and Surgery Associates (DSA) to Schweiger Dermatology Group. The transaction represents an exit of DSA from the NavaDerm platform, which was formed in 2018.

Cinven announced an agreement under which funds advised by Elliott Advisors (UK) Limited will sell Elliott’s existing stake in SYNLAB AG to Cinven-controlled Ephios Bidco GmbH and reinvest the proceeds into Ephios Holdco S.à r.l., resulting in Elliott becoming an indirect minority shareholder in SYNLAB. Following the transaction, Cinven will reduce its indirect shareholding but remain the majority shareholder, alongside other existing shareholders including Labcorp and Qatar Holding LLC. The deal is subject to regulatory approvals and is expected to close in early 2025.

Cloudbreak Health, a healthcare-focused video remote interpretation services company, acquired tech-enabled language services provider Voyce and rebranded the combined business as Equiti. The deal brings together Voyce’s language services with Cloudbreak’s Martti video remote interpretation platform to expand interpreter capacity, improve connection times, and broaden language coverage across North America.

Attune Wellness Med Spa acquired Greenwich-based med spa Burton Young in late August. The deal expands Attune’s footprint in the Northeast and adds a turnkey location in Greenwich, Connecticut. Burton Young’s location at 43 Greenwich Avenue is set to reopen as Attune Wellness Med Spa on September 9, with continuity of care for existing clients.

Lightview Capital announced the sale of Array, a content engagement and tech-enabled services provider for life sciences events, to WCG. Array has been part of Lightview Capital’s portfolio since 2019, during which time it expanded its proprietary technology and virtual/hybrid meeting capabilities. The acquisition positions Array to continue supporting clinical research and life sciences event engagement under WCG’s ownership.

Cardiovascular Associates of America (CVAUSA), a Florida-based private equity-backed cardiology management group, has acquired Novolink Health, an at-home care organization focused on high-risk, high-cost patients. Deal terms were not disclosed. Following the transaction, Novolink will operate as an official division of CVAUSA.

Consello Capital, the private equity arm of Consello, has acquired EHE Health, a national provider network focused on employer-based preventive healthcare. EHE Health partners with mid- and large-sized employers and delivers comprehensive preventive care exams through a nationwide network of more than 200 clinics and physician practices. The acquisition is intended to support EHE Health’s continued growth and expansion.

Knack Global acquired Merrick Management, Inc., a provider of revenue cycle management (RCM), practice management, accounting, and tax services focused on anesthesia providers. The deal expands Knack Global into the anesthesia RCM market and establishes a new Anesthesia Services division in which Merrick’s management team will continue in leadership roles. LKCM Headwater is cited as Knack’s investment partner.

Tulip Hill Healthcare acquired majority ownership of Tennessee Detox Center and Live Again Detox, detox facilities located in La Vergne and Nashville, Tennessee. The transaction marks Tulip Hill Healthcare’s first acquisition since its formation from the merger of Tulip Hill Recovery, Louisville Addiction Center, and Lexington Addiction Center, expanding its behavioral health footprint in Tennessee and Kentucky.

BelHealth Investment Partners has completed the sale of VFP Pharmacy Group, one of the largest independent national fertility pharmacies in the United States. Financial terms were not disclosed. BelHealth originally acquired VFP in August 2015 and expanded the business through three add-on acquisitions and organic growth.

VitalHub Corp, a Toronto-based healthcare software company, agreed to acquire clinical decision support firm MedCurrent and its core product OrderWise for up to $24.5 million. The consideration includes about $8.7 million in cash at closing plus up to about $15.8 million in performance-based earn-outs over three years, with closing expected by early September pending approvals.

EnableComp acquired ANI Healthcare Solutions, LLC, a San Francisco-based denial management and revenue cycle company serving hospitals nationwide. The deal expands EnableComp’s denial management capabilities and enhances its E360 RCM intelligent automation platform within its specialty revenue cycle management offering. EnableComp and Welsh, Carson, Anderson & Stowe (WCAS) worked with Greenberg Advisors as exclusive M&A advisor on the transaction.

Behavioral Framework acquired Behavior Consultation & Psychological Services (BCPS), a provider of clinic-, home-, and school-based ABA therapy and autism diagnostic services for children in North Carolina. The partnership expands Behavioral Framework’s reach and diagnostic capabilities across Maryland, Virginia, North Carolina, and the District of Columbia, with BCPS founder Jason Cone continuing to lead clinical operations in North Carolina.

The University of Virginia Health System (UVA Health) agreed to acquire Piedmont Family Practice, a private family medicine clinic based in Warrenton, Virginia, with closing expected later this summer. The deal adds Piedmont’s related service lines—including urgent care, a bariatric/weight loss center, and a medical laboratory—to UVA Health’s expanding statewide primary care network, and all current staff are expected to be retained.

RadNet Inc. acquired nine outpatient imaging centers through two tuck-in transactions totaling $14 million, as disclosed in an SEC filing. The company bought Antelope Valley Imaging for $3.53 million (five centers in Lancaster and Palmdale, California) and acquired Grossman Imaging Centers for $10.5 million (four centers in Oxnard and Ventura, California).

Varian, a Siemens Healthineers company, acquired Aspekt Solutions (formerly Medical Physics Holdings), a provider of medical physics, dosimetry, and strategy consultation services. The deal represents L2 Capital’s exit from its 2017 investment in the company; financial terms were not disclosed.

Kain Capital LLC announced an investment in Essen Health Care, the largest independent healthcare provider in the Bronx. The funding will support Essen’s expansion through new clinics and enhanced analytics capabilities via Kain’s newly formed Kain Analytics team to aid its transition to value-based care.

Medical Informatics Engineering (MIE) received a significant growth investment from Serent Capital. The investment will support expansion of MIE’s Enterprise Health occupational health software platform, including scaling operations, go-to-market initiatives, and product enhancements.

Avesi Partners made an investment in First Steps Recovery (FSR), a provider of substance use disorder treatment services. Avesi will partner with FSR’s existing management team to support continued growth and expansion of its continuum of care offerings across California and potentially nationwide.

SnapCare, a healthcare workforce solutions provider, announced the acquisition of Medecipher, Inc., a cloud-based predictive analytics staffing platform. The deal expands SnapCare’s workforce management offering by adding AI-driven scheduling and forecasting to help healthcare organizations optimize staffing, reduce labor costs, and improve safety outcomes.

Waud Capital Partners has acquired Senior Helpers, a national provider of in-home senior care and wellness services. Bow River Capital’s Private Credit Team provided financing to support Waud Capital Partners’ acquisition.

HCAP Partners, alongside healthcare executives Anthony DeSena and Roy Leitstein, announced the acquisitions of Behavioral Medicine Associates (BMA), Workers Compensation Psychological Network (WCPN), and Reservoir Health, which will be merged under a new platform, PAX Health. Hamilton Lane joined HCAP Partners as a co-investor; financial terms were not disclosed. The combined business will expand behavioral health service delivery (telehealth and in-person) across the Northeastern United States.

Patient Care America (PCA) has completed the acquisition of Lyfebulb Holdings Inc., a digital platform focused on education, innovation, and connectivity for people living with chronic illnesses. Lyfebulb will continue operating its platforms (including TransplantLyfe.com and CancerLyfe.com), and its management team led by co-founder Karin Hehenberger will remain in place; financial terms were not disclosed.

DarioHealth has acquired digital health company Twill in a transaction valued at $22.4 million. The consideration included $10 million in cash and approximately 10 million shares of common stock issued as pre-funded warrants intended for the benefit of Twill’s debt and equity holders. DarioHealth expects the acquisition to significantly expand its digital platform for chronic conditions and materially increase revenue.

Parkway Capital announced an investment in Comprehensive Prosthetics and Orthotics (CPO), partnering with Northcreek Mezzanine and the company’s senior management team. The transaction was structured as a recapitalization to support CPO, a Midwest-based prosthetics and orthotics care provider headquartered in Peoria, Illinois.

Varsity Healthcare Partners (VHP) has completed the sale of Angels of Care (AOC) to Nautic Partners, with financial terms not disclosed. Angels of Care is a McKinney, Texas-based provider of pediatric home health services for patients with complex medical conditions.

Four Northeast-based ENT practices—Pinnacle ENT, Providence ENT, BergerHenry ENT, and Greenwich ENT—have partnered to form Align ENT + Allergy, a physician-led ENT and Allergy management services organization. Align will provide non-clinical practice management services while allowing the practices to retain clinical autonomy. The new platform is backed by Zenyth Partners and includes operations across Pennsylvania and Connecticut.

General Catalyst’s health system-focused company, Health Assurance Transformation Corp. (HATCo), signed a non-binding letter of intent to acquire Akron, Ohio-based Summa Health. Upon completion (subject to due diligence and regulatory approvals), Summa Health would become a wholly owned subsidiary of HATCo and convert from a nonprofit to a for-profit structure. The parties expect to finalize a definitive agreement in the coming months and aim to close before the end of 2024.

Craftsman Capital Partners (CCP) has acquired Lytle Medical Technologies (LMT), a provider of white-glove durable medical equipment rentals for patients recovering at home following orthopedic surgery. Angle Advisors served as the exclusive investment banking advisor to LMT’s shareholders, and the Lytle founders will remain involved and invested in the company post-transaction.

Acentra Health announced it has acquired EAP Consultants, LLC, which operates Espyr-branded employee assistance and workplace mental health programs. The transaction expands Acentra Health’s portfolio of EAP solutions and services for government and commercial clients, combining clinical expertise with technology enablement and data analytics. The combined company will maintain Acentra Health’s headquarters in McLean, Virginia.

Renovus Capital Partners announced an investment in Behavioral Framework, a provider of applied behavior analysis (ABA) therapy and autism diagnostic services for children with autism spectrum disorder. Behavioral Framework, founded in 2017 and headquartered in Rockville, Maryland, plans to use Renovus’s support to accelerate growth and expand services across its markets.