Healthcare Services Acquisitions in Canada

Funds affiliated with GTCR LLC completed a C$11.00-per-share all-cash acquisition of dentalcorp Holdings Ltd., valuing the company at approximately C$2.2 billion equity (C$3.3 billion enterprise value). The deal results in the delisting of dentalcorp from the TSX; founder Graham Rosenberg and CFO Nate Tchaplia rolled a portion of their equity into the new GTCR-affiliated ownership structure while LC8 DCC Investment Borrower, L.P. (managed by L Catterton) exchanged its subordinate voting shares for cash.

United BioSource LLC (UBC) has acquired Vancouver-based Evidinno Outcomes Research Inc., adding real-world evidence (RWE), epidemiology, evidence synthesis and HEOR capabilities to UBC's evidence-generation platform. Evidinno will operate as a wholly owned subsidiary of UBC; Fairmount Partners served as exclusive financial advisor to Evidinno.

FluidAI Medical acquired Emmetros Limited, the developer of the SparxConnect patient engagement platform, to integrate its capabilities into FluidAI's Stream Inara offering. The deal strengthens FluidAI's RISE surgical recovery suite by expanding patient education, continuous engagement, and post-discharge monitoring to support earlier discharge and improved recovery outcomes.

DoseMe, a portfolio company of Fairlong Capital, has acquired Firstline, a Vancouver-based clinical decision support platform. The acquisition combines Firstline's infectious disease guidance and antimicrobial stewardship capabilities with DoseMe's model-informed precision dosing software to create an end-to-end clinical decision support solution for hospitals and health systems.

Frontline Healthcare Partners, a private equity firm focused on distributed healthcare businesses, has acquired a controlling interest in Integracare Inc., a private-pay home care provider headquartered in Toronto, Ontario. Frontline will partner with Integracare’s president and CEO Lee Grunberg to grow the business organically and via a dedicated acquisition strategy across Ontario and beyond.

PharmaCorp Rx Inc. (TSXV: PCRX) completed the purchase of a 100% interest in an independent pharmacy located in Western Canada for CAD 2,400,000, funded with cash on hand. The deal is the company's fourth completed pharmacy acquisition and is being executed in conjunction with its strategic alliance with PharmaChoice Canada to grow PharmaCorp's network of bannered community pharmacies.

Doximity has acquired Montreal-based Pathway Medical Inc., a startup specializing in AI-powered clinical reference and decision support. The deal closed July 29, 2025 for $26 million in cash plus up to $37 million in equity grants (total consideration up to $63 million), bringing Pathway's physician-led AI team and datasets into Doximity's clinical product suite.

WELL Health Technologies Corp. completed two acquisitions of clinics in British Columbia on July 1, 2025 — a personalized/ longevity-focused clinic in Vancouver and a large primary care and specialty clinic in Burnaby. The acquisitions are expected to add over C$12 million in annual revenue and roughly C$3 million in Adjusted EBITDA, supporting WELL's continued expansion of its Canadian clinics platform.

VitalHub Corp. has acquired Novari Health Inc., a Kingston-based provider of patient flow and referral management software, for total up-front consideration of $43.6 million plus potential performance-based consideration (up to $5.0 million earnout). The acquisition strengthens VitalHub's patient-flow and referral management capabilities and is expected to accelerate Novari's international expansion leveraging VitalHub's footprint, particularly in the UK.

MDBriefCase, a Think Research subsidiary, has acquired Postcall, a fast-growing Canadian newsletter for physicians founded in 2023 by Eric Wu and Ziming Yang. The acquisition expands MDBriefCase's content offerings and audience reach across the medical community by adding Postcall's concise, weekly physician-focused newsletter.

Fullscript, a healthcare platform powering whole-person care, announced an expanded investment from private equity firms HGGC and Snapdragon Capital Partners, supported by a continuation vehicle led by Leonard Green & Partners as sole lead investor. The financing provides liquidity options to existing investors while supplying capital to support Fullscript's next phase of growth and further development of its provider-facing platform and fulfillment capabilities.

Mable Health, a national orthotics and prosthetics platform backed by SeaFort Capital, has acquired Winnipeg-based Anderson Orthopedics, expanding Mable's presence into Manitoba. Shareholders of Anderson Orthopedics will become shareholders of Mable Health and will continue operating clinics in Winnipeg and Brandon.

Clario has acquired NeuroRx, a Montreal-based imaging analysis provider specializing in neuroimaging for clinical trials, to strengthen Clario's neuroscience capabilities. NeuroRx founder Douglas Arnold will join Clario as Senior Scientific Advisor as the company integrates NeuroRx's imaging expertise to support drug development in CNS indications.

WELL Health Technologies completed seven acquisitions since December 2024 that together add approximately $100 million of annualized revenue, financed in cash. The deals include the acquisition of Jack Nathan Health (72-clinic network), physician recruitment platform Physicians For You, two primary care clinics (Lonsdale Clinic and HealthPark), two WELLSTAR technology assets (a regional EMR and a healthcare technology services business), and a 65% interest in Atlanta-based Harmony Anesthesia Staffing through its US subsidiary CRH.

Myant Corp., a textile-computing and connected-health company based in Canada, has acquired mmHg Inc., a physician-led digital health firm specializing in remote blood pressure monitoring and cardiovascular risk management. The acquisition adds clinical-grade remote monitoring and cardiovascular analytics to Myant's offerings and expands Myant's market reach into the United States through mmHg's existing customer relationships and device partnerships.

Trive Capital and 808 Capital Partners have invested in Crunch Canada Holdings Inc., the primary Crunch Fitness master franchisee in Canada headquartered in Cambridge, Ontario. The capital will support Crunch Canada’s club development and expansion plans across Ontario and Alberta and enable selective acquisitions to grow membership and footprint.

WELL Health Technologies Corp. completed the acquisition of the Canadian clinical assets of Jack Nathan Medical Corp., adding a portfolio of owned and licensed clinics (rebranded as WELL Health Medical Centres) and rights to operate clinics in Walmart Canada locations. The deal expands WELL’s national clinic footprint (72 clinics in total per WELL’s release), adds physician capacity, and is expected to drive immediate synergies and EBITDA-positive performance in 2025.

VitalHub Corp. has acquired Strata Health Solutions Inc., a Canada-based provider of patient flow and electronic referral software, for total up-front consideration of C$32.3 million plus potential performance-based consideration. The deal expands VitalHub’s healthcare software capabilities into the electronic referral and transitions-of-care market and adds Strata Health’s global customer footprint and recurring revenue base.

Move Health Holdings Corp. has acquired Fountain Wellness, a multidisciplinary healthcare clinic and medical spa serving Delta and Surrey in the Lower Mainland of British Columbia. The acquisition brings med-spa and longevity services into Move Health’s portfolio and expands its in-person allied health and aesthetic service offering.

INTEGRAcare Inc., a Toronto-based private home healthcare provider, has acquired the Living Assistance Services franchise that operates in Burlington and Oakville, Ontario. The acquisition expands INTEGRAcare's geographic footprint in the Greater Toronto Area and brings additional in-home nursing and personal care services under its platform.

PharmaCorp Rx Inc. (TSXV: PCRX) completed the acquisition of a 100% interest in a pharmacy business, including the associated land and buildings, located in Atlantic Canada for an aggregate purchase price of $15,377,013. The transaction was financed with $15,177,013 in cash and $200,000 in common shares and expands PharmaCorp’s roll-up of independent PharmaChoice Canada-affiliated pharmacies.

Better Choice Company Inc. (NYSE American: BTTR) signed a definitive all-stock agreement to acquire SRx Health Solutions Inc. for approximately $125 million. The deal would combine Better Choice's pet health business (Halo) with SRx's Canadian specialty pharmacy network, creating a broader health and wellness company and unlocking operational synergies and geographic/vertical expansion.

North York LTD., the owner of the BitcoinBlack membership platform, has acquired Ask The Doctor, a telemedicine and virtual-care platform. The acquisition will integrate Ask The Doctor's private telemedicine services and cryptocurrency payment capability into BitcoinBlack's member benefits.

DAS Health Ventures (a Sheridan Capital Partners portfolio company) acquired the North American Digital Health division of an established Canadian digital transformation provider, giving DAS Health a footprint in Canada and expanding its senior care-focused health IT capabilities. The division adds managed IT, cybersecurity, cloud hosting, integrations, and revenue cycle management services to DAS Health's offerings as an add-on to its existing platform.

CPS Capital, through an affiliate, completed a court-approved plan of arrangement to acquire all outstanding common shares of CloudMD Software & Services Inc., taking the company private for C$0.04 per share. The transaction will result in CloudMD being delisted from the TSX Venture Exchange as CPS Capital assumes ownership to pursue growth and operational objectives outside the public markets.

Quest Diagnostics has agreed to acquire LifeLabs from Canadian pension fund OMERS for approximately CAN$1.35 billion (approximately USD $985 million), including net debt. LifeLabs will retain its brand, Toronto-area headquarters, and management, and Quest expects the acquisition to expand its diagnostic footprint in Canada while enhancing service offerings and data security.

HEALWELL AI Inc. has agreed to acquire VeroSource Solutions Inc. for total consideration of approximately $24.5 million in a two-step transaction (initial ~51% on July 1, 2024 and remaining ~49% expected about January 1, 2025), payable in cash, HEALWELL subordinate voting shares and a performance-based earn-out. VeroSource, a Canadian health-data interoperability and digital-front-door platform serving provincial health clients, is expected to generate over $8 million in 2024 with strong recurring revenue and margins and will expand HEALWELL's population-health and AI-driven capabilities.

Mable Health Inc., a Halifax-based healthcare platform backed by SeaFort Capital, has acquired Kingston-based V2 Innovations Ltd., extending Mable Health's orthotics and prosthetics operations into Ontario. V2 shareholders will become shareholders of Mable Health and the V2 team will continue providing prosthetics, orthotics, assistive devices and related care from their existing locations as Mable builds a national healthcare platform.

Radformation, a provider of automation solutions for radiation therapy, has acquired Limbus AI, a Canada-headquartered developer of AI-driven automated contouring software for radiation therapy. The acquisition combines Radformation’s broad clinical treatment planning footprint with Limbus AI’s automated contouring technology to accelerate product innovation and expand AI capabilities in cancer care.

HEALWELL AI Inc. agreed to acquire Intrahealth Systems Limited from WELL Health Technologies Corp. for approximately $24.2 million, primarily paid in HEALWELL shares. The acquisition adds a mature, SaaS-based EHR platform supporting ~15,000 clinicians (expected >$12M revenue in 2024, >80% gross margins) and will be integrated with HEALWELL's AI tools to create an AI-powered EHR.

NeuPath Health Inc. (TSXV: NPTH) has closed the acquisition of the assets of SIBI Medical Inc., which operates as the London Spine Institute in London, Ontario. The asset purchase adds back, neck and spine specialists to NeuPath's clinic network, expanding its specialist capabilities and presence in the London, Ontario market.

INTEGRAcare Inc., a Toronto-based private home healthcare provider, has acquired Living Assistance Services, a Toronto personal support and homecare provider founded in 2000. The acquisition expands INTEGRAcare's footprint in the Greater Toronto Area and aims to strengthen service offerings and caregiver retention for seniors and family-funded home care clients.

Mable Health Inc., a Canadian orthotics, prosthetics and mobility-aids platform formed in partnership with SeaFort Capital, has acquired Whitby-based Design Prosthetics and Orthotics Inc. (DP&O). DP&O shareholders will roll into Mable Health and DP&O will continue operating from its Whitby location as Mable expands its Ontario presence along the 401 corridor.

Sun Life Financial Inc. has entered into an agreement to acquire Dialogue Health Technologies Inc. for C$5.15 per share, representing approximately C$365 million in total equity value. Dialogue will continue to operate as a standalone, Montreal-based virtual care platform with Dialogue management retaining a minority stake; the acquisition expands Sun Life's digital health capabilities for its group benefits and client offerings.

The Riverside Company has invested in Montreal-based liV Inc. as an add-on to its portfolio company Clinical Education Alliance (CEA). liV, a provider of evidence-based medical education and medical communications for pharmaceutical medical affairs teams, will help CEA expand its medical communications capabilities and establish a foothold in the Canadian market.

Premier Health of America Inc. has signed a binding agreement to acquire 100% of Solutions Staffing Inc., a British Columbia–based healthcare staffing agency, for up to C$25 million (C$21M cash plus deferred consideration tied to EBITDA). The acquisition will make Solutions Staffing a wholly owned subsidiary of Premier Health and expand the buyer's national presence and travel nurse operations across Canada.

GraceMed, a North American consolidator in plastic surgery, dermatology and medical aesthetics, has acquired the Canadian Dermatology Centre, a clinic based in the Greater Toronto Area. The acquisition is an add-on to GraceMed's platform to expand its geographic footprint and broaden patient access to dermatology and medical aesthetic services.

Genesis Drug Discovery & Development (GD3), a member of Genesis Global Group (GGG), has acquired Montreal-headquartered JSS Medical Research to expand GD3's clinical services and create a more vertically integrated drug research and development platform. The acquisition adds JSS's clinical trial management, biostatistics, data management, medical writing and safety services to GD3/GGG's existing discovery and development capabilities, supporting broader geographic reach and enhanced end-to-end offerings for pharmaceutical, biotechnology and medical device clients.

Dynacare, a Labcorp subsidiary, has agreed to acquire Valley Medical Laboratories effective May 1, 2023. The acquisition adds Valley Medical’s network of 14 patient service locations and more than 150 staff in the Okanagan Valley, expanding Dynacare’s diagnostic and community laboratory presence in British Columbia.

Novacap-backed Canada Diagnostic Centres (CDC) has acquired Women's Ultrasound Clinic (WUC), a two-location women's ultrasound provider in Ottawa. The acquisition marks CDC's entry into Ontario and expands its women's imaging capabilities as it integrates WUC's team of doctors, sonographers and support staff into its national diagnostic imaging network.

Canada Diagnostic Centres (CDC), a Novacap-backed medical imaging platform, acquired Guardian Radiology and The Ultrasound Centre to expand its footprint in Saskatchewan and reinforce its presence in Alberta and British Columbia. The transactions are add-on acquisitions to CDC’s national expansion strategy, increasing access to diagnostic imaging services across Western Canada.

HID Global has acquired GuardRFID, a Vancouver-based provider of real-time location services (RTLS) hardware and software for healthcare, to expand HID’s healthcare and active RFID/RTLS offerings. GuardRFID will be integrated into HID’s Identification Technologies business and IoT unit to broaden patient safety, staff duress, asset-tracking and infant-security solutions for healthcare providers.

Medline Canada acquired Calgary-based STAT Healthcare Corporation, a provider and distributor of medical and laboratory supplies with expertise in clinic set-ups. STAT will operate as a division of Medline Canada to expand Medline’s footprint and capabilities in western Canada and broaden its portfolio across acute, long-term and primary care markets.

FYihealth Group has completed a merger of its Medical Aesthetics division with Functionalab Group; the combined business will operate under the Functionalab Group name as the largest premium aesthetic medicine network in Canada across 68 clinics. The transaction is supported by investors and strategic partners L Catterton and L'Oréal, positioning the merged company for scale and expanded consumer-facing aesthetic services nationwide.

The Best You (TBY), a network of medical aesthetic clinics in Ontario, has completed the acquisition of Bay Street Salon and Spa in Embrun, Ontario. The acquisition expands TBY's service offerings and geographic footprint in the Greater Ottawa area while adding salon, spa and laser-based aesthetic treatments to its portfolio.

FGC Health has completed the acquisition of Lorimer Pharmacy and Health-Hub Medical Clinic, marking the company's entry into the Manitoba physician and pharmacy market. The deal expands FGC's portfolio of retail pharmacies and medical clinics and strengthens its integrated care capabilities in the province.

Ironbridge Equity Partners has completed the sale of Back in Motion Rehab Inc. to an entity controlled by Yorkville Asset Management Inc. Financial terms were not disclosed. Back in Motion is a Metro Vancouver-based provider of rehabilitation, physiotherapy and employment services with over 300 staff; Ironbridge said it supported the company's program and geographic expansion during its hold period.

123Dentist has entered into a merger with Altima Dental and Lapointe Group to create one of the largest dental support organizations in Canada, combining nearly 350 supported practices and expanding national scale. The transaction is financed by equity from 123Dentist's existing sponsor Peloton Capital Management alongside new investors KKR and Heartland Dental, while Sentinel Capital Partners (Altima's prior sponsor) will retain a minority stake.

Innovaderm Research Inc., a Montreal-based full-service CRO specializing in dermatology, has acquired Excelsus Statistics, a Montreal biostatistics and SAS programming firm. The acquisition expands Innovaderm's biometrics capacity and integrates Excelsus's statistical expertise (including adaptive trial design) into Innovaderm's broader CRO service offering.

WELL Health Technologies Corp. has entered into an asset purchase agreement to acquire the assets of INLIV Inc., a Calgary-based provider of primary care, preventative and corporate/executive health services. INLIV generated approximately CAD 7.3M in revenue for the 12 months ended April 30, 2022, has more than 50 staff and derives over 85% of revenue from recurring membership fees; the transaction consideration includes CAD 1,609,195 at closing plus a CAD 240,375 holdback and is expected to close in Q3 2022.