Healthcare Services Acquisitions in Illinois

RevSpring, a Frazier Healthcare Partners portfolio company, has acquired TrustCommerce, a payments and gateway provider previously owned by Waud Capital Partners and part of the Sphere family. The deal expands RevSpring's integrated payments footprint and EHR gateway connectivity to provide greater payment visibility, routing flexibility, and simplified reconciliation across provider and payer revenue cycles.

FineLine Technologies has acquired Digi-Trax Corp., a provider of healthcare labeling and identification solutions that support safety, traceability and compliance in the blood and cell-therapy supply network. Digi-Trax will operate as FineLine's Healthcare Division, and Digi-Trax owner Jeff Kriozere will remain with the business.

Luma Health has acquired Tonic Health from R1 to expand its patient intake, e-consent, and patient-reported outcomes capabilities and deepen its integrations with Oracle Health EHRs. The deal broadens Luma's reach to more than 1,000 health systems and about 100 million patients while aiming to reduce manual coordination and improve patient readiness and follow-up workflows.

ElevateOS has acquired RightFit Personal Training, a national marketplace that connects residents with certified personal trainers, to expand wellness programming across multifamily properties. The deal increases ElevateOS’s trainer network and operational scale and brings RightFit CEO Matthew Kornblatt into ElevateOS as Vice President of Fitness Operations.

Endeavor Health has acquired Diamond Headache Clinic and will operate it as the Endeavor Health Diamond Headache & Migraine Center, expanding access to specialized headache and migraine care across the Chicago area and broader Midwest. The acquisition strengthens Endeavor's Neurosciences Institute by adding Diamond's multidisciplinary clinical services and research capabilities.

VONA Case Management, an NMS Capital portfolio company, has acquired Custom Case Management, a Batavia, Illinois-based provider of nurse case management for workers' compensation in Illinois, Indiana, and Wisconsin. Founder Tracey Bilut will remain as Managing Director of Custom Case Management within VONA as the combined organization expands clinical capabilities and geographic coverage to better serve employers, insurers, and TPAs.

Duly Health and Care, through DuPage Medical Group, has acquired a minority ownership interest in Valley Ambulatory Surgery Center (Valley ASC) in St. Charles, Illinois, in partnership with Surgery Partners. The transaction expands Duly's outpatient surgery footprint across the Chicagoland area and strengthens access to multispecialty ambulatory surgical services.

Duly Health and Care (DuPage Medical Group, Ltd. dba Duly) has acquired Woodridge Clinic, a long-standing primary care provider with locations in Woodridge, Lemont and Lombard, Illinois. The acquisition brings Woodridge Clinic's physicians and care providers into Duly’s network, expanding access to physician-led primary care, diabetes management, and occupational therapy across Chicago's western suburbs.

The IMA Group (IMA Clinical Research), a PE-backed national clinical research platform, has acquired Chicago Research Center (CRC), an independent clinical research site in Chicago specializing in CNS and sleep disorder trials. The deal expands IMA's geographic footprint and capabilities—marking its first dedicated sleep research site—and will keep CRC's leadership and staff in place to support Phase I–IV trials.

ELMC Rx Solutions Inc. acquired Caribou Systems Inc., a pharmacy analytics and PBM audit technology firm, with the transaction supported by strategic investment from Frontline Healthcare Partners. The deal expands ELMC's suite of PBM point solutions and integrates Caribou's proprietary audit engine and analytics to enhance pharmacy benefit transparency, compliance, and cost containment for plan sponsors.

Sycamore Partners, in partnership with Stefano Pessina and his family, completed the acquisition of Walgreens Boots Alliance, taking the company private and separating its businesses to operate as standalone companies. Following the closing, Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD will operate independently to pursue focused growth under private ownership.

EVERSANA announced a merger with Waltz Health to combine EVERSANA’s end-to-end pharmaceutical commercialization services with Waltz’s AI-driven prescription routing and payer-facing marketplace technology. Mark Thierer, co-founder and CEO of Waltz Health, will serve as CEO of the combined organization as the companies integrate capabilities to improve drug affordability, payer connectivity and patient access for specialty and high-cost therapies.

Singlepoint Healthcare, a portfolio company backed by DFW Capital Partners, has acquired IV Solutions, LLC, a provider of clinical pharmacy and home infusion services headquartered in Wood Dale, Illinois. The acquisition expands Singlepoint’s integrated care model by adding clinical pharmacy and home infusion capabilities; The Braff Group served as exclusive financial advisor to IV Solutions.

Keystone Capital Management has formed Gillson Sciences, a laboratory testing, monitoring and advisory platform focused on pharmaceuticals, biopharma, medical devices, healthcare and environmental sciences, by acquiring Azzur Labs (now Gillson Testing) and Micro Measurement Laboratories. Jason Fischer has been named CEO to lead the build-up strategy; terms were not disclosed.

Argosy Healthcare Partners completed a recapitalization and strategic partnership with O.R. Staffing Solutions, a clinician-led provider of operating room staffing based in the Chicago area. Argosy will support ORSS’s growth and geographic expansion—particularly into the ambulatory surgery center (ASC) market—while ORSS continues to deliver specialized perioperative clinicians to hospitals and ASCs.

ATI Physical Therapy, Inc. was taken private in a merger led by a consortium of existing stockholders headed by Knighthead Capital Management and Marathon Asset Management. The consortium, which held over 90% of voting shares, will acquire remaining shares for $2.85 per share in cash; ATI will remain headquartered in Downers Grove, Illinois and continue operating under its current brand and management while focusing on long-term growth and clinic expansion.

Premier Radiology Services, a Grovecourt Capital Partners-backed teleradiology platform, has acquired MetisMD, a Chicago-based teleradiology provider with deep expertise in musculoskeletal imaging. The add-on expands Premier's subspecialty coverage and national reach, giving MetisMD access to Premier's administrative infrastructure, technology and broader clinical network; terms were not disclosed.

Viemed Healthcare, Inc. completed the acquisition of Illinois-based Lehan's Medical Equipment for a base purchase price of $26.0 million plus estimated contingent payments of $2.2 million. Lehan, a multi-location provider of home medical equipment (including CPAP rental/resupply and breast pumps), generated approximately $25.7 million of revenue and $7.4 million of Adjusted EBITDA in 2024 and will expand Viemed's geographic footprint and fulfillment capabilities in Northern Illinois.

MRO Corp. has acquired Q-Centrix Corp., an enterprise clinical data management platform, from TPG Growth. The transaction is supported by Parthenon Capital, which made a new investment in MRO to back the combined company's growth; financial terms were not disclosed.

ENT Partners, LLC, a physician practice management company, has acquired ENT Specialists, Ltd, an otolaryngology practice based in Clarendon Hills, Illinois. The deal expands ENT Partners' Midwest footprint and will enable the practice to broaden services (including allergy treatments, audiology and in‑office CT) while joining a larger physician network.

Duly Health and Care has acquired Alliance Clinical Associates, a behavioral and mental health practice based in Wheaton, Illinois. The deal adds more than 30 providers to Duly's network to expand its integrated behavioral and mental health services across the Chicagoland area.

Netsmart has acquired Substance Abuse Medication Management Systems (SAMMS) Healthcare Group to integrate SAMMS' billing and medication-management capabilities into its CareFabric platform and Methasoft EHR, enhancing support for medication-assisted treatment (MAT) providers. Netsmart said it will continue to support the existing SAMMS solution while developing a next‑generation, multi‑tenant SaaS EHR with improved dosing and billing for MAT providers.

ENT Partners, a physician practice management company, has acquired Currence Physician Solutions, a medical billing and revenue cycle management provider. The deal will integrate Currence's RCM platform and analytics into ENT Partners' services to improve operational efficiency and expand business development for physician practices.

Waud Capital Partners, through its newly formed home care holding company Altocare, has acquired MedTec Healthcare, an Illinois-based provider of in‑home care and adult day services. MedTec will join Altocare's Senior Helpers platform and continue to operate under its existing brand and leadership as Waud builds a scaled home-based care platform serving private‑pay and Medicaid clients.

Valor Healthcare, a Dallas-based federal healthcare services provider, has acquired Mission Critical Psychological Services (MCPS), a Chicago-based telehealth behavioral health provider that serves federal agencies, government contractors and first responder populations. The acquisition expands Valor’s behavioral health capabilities—adding pre- and post-deployment psychological assessment, trauma-informed care, and in-mission crisis intervention services to its federal healthcare platform for clients such as the VA, DOD, DHA and DHS.

AIM Equity Partners has made a majority-control growth investment in AMOpportunities to accelerate the company’s product innovation and expand its clinical-education platform into new specialties. The funding will support AMO’s technology and services that manage clinical rotations for schools, providers and health systems as the company scales nationwide from its Chicago headquarters.

An affiliate of Peak Rock Capital has completed the acquisition of BrightStar Group Holdings, Inc. (BrightStar Care) in partnership with founder Shelly Sun Berkowitz. Peak Rock said it will support the franchisor’s growth by investing in technology, marketing, and other initiatives to expand access to clinically led home care and medical staffing services across the BrightStar franchise network.

Charlotte-based Already Autism Health acquired C.A.B.S Autism & Behaviour Specialists, a clinic operator headquartered in Itasca, Illinois that provides applied behavior analysis (ABA) services in Illinois and Georgia. Terms were not disclosed; the deal is an add-on to Already’s recently PE-backed platform following a majority investment led by Triton Pacific Healthcare Partners.

Akkodis, the global digital engineering company of the Adecco Group, has acquired US-based Raland Compliance Partners, a specialist provider of quality and regulatory compliance services for the life sciences industry. The acquisition, which closed earlier this month, strengthens Akkodis's life sciences consulting capabilities and expands its US footprint to better serve pharma, biotech and medical device clients.

D1 Training has made a strategic investment in Strive Village, a four-unit strength and conditioning concept in the Chicago area. The partnership will integrate Strive Village into D1's franchise network to accelerate D1's nationwide expansion and enhance its athletic training offerings.

Northlane Capital Partners has acquired United States Drug Testing Laboratories (USDTL), a Des Plaines, Illinois-based forensic toxicology laboratory, in a transaction in which NCP invested alongside USDTL's management and founders Veronica and Doug Lewis. NCP will partner with management to expand USDTL's niche forensic testing capabilities and has appointed Albert Berger as CEO to lead the company's next phase of growth.

Empower Physical Therapy has combined with Doctors of Physical Therapy (DPT) to create a larger outpatient and industrial physical therapy network. The deal, which closed in December 2024, brings DPT's more than 100 locations and 300+ practitioners into Empower's platform (backed by Sheridan Capital Partners) and will be supported going forward by Sheridan Capital Partners and SV Health Investors; Aaron Kraai (founder of DPT) will serve as CEO of the combined company.

Flexpoint Ford has made a minority growth equity investment in Apollo Care through Flexpoint Fund V. The capital will be used to accelerate Apollo Care's technology and commercial solutions—expanding its patient copay, hub solutions, data warehousing, and commercial analytics offerings; Flexpoint principals Jonathan Oka and Elliot Lauzen will join Apollo Care’s board.

Shore Capital Partners completed a recapitalization of Point C, a Chicago-based third-party administrator of medical benefits, through its Healthcare Advantage Fund in November 2024. The investment will support Point C’s continued growth, enable further investment in the business, and help pursue a pipeline of add-on acquisition opportunities.

Safecor Health has agreed to acquire the U.S. unit‑dose packaging business of Viatris Inc., formerly known as Unit Dose Laboratories (UDL). The deal, expected to close in the first half of 2025, adds UDL's Rockford, Illinois operations and experienced leadership team to Safecor's portfolio and expands its selection of generic unit‑dose medicines and packaging capabilities; Safecor is a portfolio company of Vesey Street Capital Partners.

bswift LLC has acquired Evive Health, LLC and integrated its data-driven personalized engagement platform into bswift’s benefits administration suite. The acquisition brings Evive’s predictive analytics and behavioral-science-driven communications capabilities to bswift’s cloud-based benefits technology to boost member engagement and improve health outcomes for employer and health-plan clients.

CuraLinc Healthcare, backed by Lightyear Capital, has acquired Marquee Health, a provider of corporate wellness and health coaching services. The deal expands CuraLinc's offerings by integrating Marquee's physical wellness and coaching capabilities with CuraLinc's mental health platform to deliver a comprehensive employee wellbeing solution.

Enlitic, an AI-driven healthcare company, has acquired LAITEK, a medical imaging data migration and PACS services provider. The deal — funded in part by a A$22.5m equity raise — is intended to combine Enlitic’s data-standardisation AI with LAITEK’s migration expertise to improve clinical workflows, archived-data utility and accelerate development of AI-powered imaging tools.

Havencrest Capital Management’s home-care platform, Avid Health at Home, completed the tuck-in acquisition of Central Illinois Care Services (CICS), a provider of personalized home care serving Central and Southern Illinois. The deal expands Avid’s footprint in Illinois and across the Midwest; the seller was reported as M&T Group.

H.I.G. Capital, through an affiliate, completed the acquisition of SkinCure Oncology Intermediate LLC, a Burr Ridge, Illinois–headquartered provider of image-guided superficial radiation therapy (IG-SRT) for nonmelanoma skin cancer. SkinCure's executive team, led by CEO Kerwin Brandt, will remain in place and significant shareholders; Marathon Asset Management provided a senior-secured credit facility to finance the transaction. The investment aims to support expansion of the GentleCure platform across existing and new dermatology and Mohs practice partners nationwide.

Relevate Health Group, LLC has purchased the pharma and life sciences division of Level Ex Games from Munich-based Brainlab. The deal — supported by a senior credit facility arranged by Monroe Capital — will rebrand the unit as Level Ex Games Powered by Relevate Health and expand Relevate's game-based learning and omnichannel HCP engagement capabilities for pharmaceutical and life science clients.

Funds managed by Blackstone will acquire a majority stake in Chartis, a US-based healthcare advisory firm, with continued equity participation from Audax Private Equity. The investment will support Chartis' expansion of strategic, digital, clinical, and financial transformation capabilities and accelerate the firm's buy-and-build growth; the transaction is expected to close by the end of 2024 and terms were not disclosed.

Water Street Healthcare Partners has made an equity investment in MedSpeed, a national provider of same‑day logistics services for the health care sector. The partnership will provide capital and resources to expand MedSpeed's hub network, broaden service offerings for specimen, pharmaceutical and supply delivery, and accelerate growth into new customers and markets.

Lightyear Capital completed a strategic growth investment in CuraLinc Healthcare to support the company's next phase of growth. CuraLinc is a Chicago-based provider of employee assistance and workforce/student mental health programs serving roughly 9 million employees and students across more than 4,200 clients; terms were not disclosed.

Vizient, Inc. has completed its acquisition of Kaufman Hall, combining Vizient's provider-driven performance improvement services with Kaufman Hall's advisory, finance and analytics capabilities. The deal brings together complementary consulting, data and analytics capabilities to expand Vizient's advisory services for hospitals, health systems and other healthcare providers.

Fitness International, operator of the LA Fitness family of brands, has acquired XSport Fitness' 35 locations and assumed operations effective immediately. The deal expands Fitness International's presence in the Chicagoland, New York and Virginia markets and preserves existing XSport membership agreements while offering members access to LA Fitness locations.

Versant Diagnostics, a physician services platform backed by Iron Path Capital, has acquired Associate Pathologists of Joliet, Ltd., a multi-specialty pathology practice based in Joliet, Illinois. The deal expands Versant’s nationwide pathology network and increases its presence in the Midwest while enabling additional services and collaboration through Versant’s digital pathology resources.

Eye Physicians of Libertyville (EPOL) has acquired Northern Illinois Eye Clinic, effective March 28, 2024; EPOL doctors will assume care for the Mundelein practice's patients. The acquisition expands EPOL's geographic reach and patient base and augments its comprehensive ophthalmology and optometry services, including cataract and laser vision correction.

Parkway Capital and Northcreek Mezzanine (Northcreek Mezzanine Fund IV) partnered with CPO's senior management to lead a recapitalization of Comprehensive Prosthetics and Orthotics (CPO). Headquartered in Peoria, Illinois, CPO operates 24 clinics and 10 satellite locations across Illinois, Iowa, Missouri and Indiana; financial terms were not disclosed and Dresner Partners served as financial advisor.

Spectrum Science has acquired Continuum Clinical from Blue Chip Worldwide to strengthen its clinical trial recruitment (CTR) capabilities. Continuum will merge into Spectrum’s CTR strategic pillar—bringing its MERIS technology, a large client roster, and leadership under Neil Weisman—creating a combined team of more than 130 clinical solutions specialists; financial terms were not disclosed.