Tracked deals
18
18 tracked deals across 2019-2026.
Healthcare Services Buyers & Acquisitions in Rhode Island
Buyer mix
Mixed buyer set
15 pe · 12 strategic
Top trend
Volume peaked in 2022
5 tracked deals announced in 2022.
Primary Insight
What Stands Out
- Platform investment and capability expansion: Tech-enabled pharma services (SVHI + EpiVax) and testing/analytics expansion (Millstone + Ethide Laboratories) show recurring “add capabilities” priorities.
- Provider network growth in-state: Physical therapy and outpatient delivery expand via regional partnerships and multi-clinic platform strategies (Bay State + Rhode Island Rehab Physical Therapy).
- Home and community care is a recurring target theme: Acquisitions include skilled home health (Elara Caring + Assisted Daily Living) and in-home senior care (HouseWorks + A Caring Experience Nursing Services).
- Nonprofit conversion among hospital transactions: Centurion Foundation completed acquisition of safety-net hospitals Roger Williams Medical Center and Our Lady of Fatima Hospital, converting them from prior for-profit status to nonprofit organizations.
| Deal focus theme | Examples from Rhode Island activity |
|---|---|
| Home/community care | Elara Caring (Assisted Daily Living); HouseWorks Holdings (A Caring Experience Nursing Services) |
| Provider networks | Bay State Physical Therapy + Rhode Island Rehab Physical Therapy |
| Tech-enabled pharma & analytics | SV Health Investors + EpiVax; Millstone Medical Outsourcing + Ethide Laboratories |
| Hospital & nonprofit transformation | Centurion Foundation + Roger Williams Medical Center; Our Lady of Fatima Hospital |
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| APDerm | 1 | Physician-led network of dermatology practices in New Eng... | Strategic |
| Arlington Capital Partners | 1 | Middle-market private equity firm focused on healthcare, ... | PE |
| Atlantic Street Capital | 1 | Private equity firm investing in lower middle-market comp... | PE |
| Bay State Physical Therapy | 1 | Regional provider of outpatient physical therapy, chiropr... | Strategic |
| Behavioral Health Group | 1 | Largest network of Joint Commission‑accredited outpatient... | Strategic |
| Blue Venture Fund | 1 | Venture / investment fund (existing investor in healthcar... | PE |
| Centurion Foundation | 1 | Nonprofit organization that supports and enables mission-... | Family Office |
| Elara Caring | 1 | Multi-state provider of home-based care (skilled home hea... | Strategic (PE-backed) |
| GenieRx Holdings LLC | 1 | Joint platform backed by Milrose Capital and Integro Asse... | PE |
| Heritage Group | 1 | Healthcare-focused investment firm making majority and mi... | PE |
Acquisition Volume in Healthcare Services in Rhode Island by Year
Last 7 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
- Buyer
- GenieRx Holdings LLC
- Target
- Omnicare, LLC
- Seller
- CVS Health (via Omnicare, LLC)
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Divestiture
CVS Health’s subsidiary Omnicare received U.S. Bankruptcy Court approval to sell its business to GenieRx Holdings LLC in a transaction valued at $250 million. GenieRx is a joint partnership between Milrose Capital LLC and Integro Asset Management LLC (doing business as Integro Healthcare Services). The transaction is expected to close later in 2026, subject to regulatory approval and customary closing conditions.
-
April 2, 2026
- Buyer
- SV Health Investors
- Target
- EpiVax, Inc.
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
SV Health Investors (SVHI) announced the acquisition of EpiVax, a Providence, Rhode Island-based bioanalytical CRO specializing in immunogenicity risk assessments for pharmaceutical and biotech companies. The deal is positioned as SVHI’s new platform investment to expand SVHI’s tech-enabled pharma services offering, with EpiVax planning new computational tools, cell-based assay applications, and expanded analytical consulting services.
-
- Buyer
- HouseWorks Holdings, LLC, InTandem Capital Partners
- Target
- A Caring Experience Nursing Services, Inc.
- Seller
- Dean Denuccio (Founder and CEO of A Caring Experience)
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
HouseWorks Holdings, LLC acquired A Caring Experience Nursing Services, Inc., a Rhode Island-based provider of in-home senior care services. The deal expands HouseWorks’ footprint in New England and strengthens its ability to deliver home care to seniors across the region, with A Caring Experience’s local presence and caregiver training school supporting the integration.
-
March 6, 2026
- Buyer
- Centurion Foundation
- Target
- Roger Williams Medical Center, Our Lady of Fatima Hospital
- Seller
- Prospect Medical Holdings
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
Centurion Foundation, a Georgia-based nonprofit, completed the acquisition of two Rhode Island safety-net hospitals: Roger Williams Medical Center (Providence) and Our Lady of Fatima Hospital (North Providence). The transaction converts the hospitals from Prospect Medical Holdings’ prior for-profit status to nonprofit organizations and is intended to preserve essential health care services, protect jobs, and maintain patient access.
-
March 4, 2025
- Buyer
- Wellvana
- Target
- CVS Health's MSSP business (CVS Accountable Care)
- Seller
- CVS Health, CVS Accountable Care
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Divestiture
Wellvana has acquired the Medicare Shared Savings Program (MSSP) business of CVS Accountable Care (part of CVS Health) in an all-stock transaction that gives CVS Health a strategic minority ownership in Wellvana. The deal expands Wellvana's ACO footprint and capabilities — broadening its provider network and technology while integrating CVS MSSP talent to support approximately 1 million Medicare patients across 40 states.
-
August 22, 2023
- Target
- QualityMetric
- Seller
- Vesey Street Capital Partners
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Divestiture
Vesey Street Capital Partners completed the full sale of its portfolio company QualityMetric on August 18, 2023; the buyer was not disclosed in the announcement. Under VSCP's ownership QualityMetric expanded its patient-reported outcomes, real-world evidence and analytics capabilities (including the acquisition of HealthActCHQ) and grew its commercial and scientific teams. Piper Sandler acted as financial advisor to VSCP and Kirkland & Ellis served as legal counsel.
-
July 10, 2023
- Buyer
- Elara Caring
- Target
- Assisted Daily Living, Inc.
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
Elara Caring has acquired Assisted Daily Living, a 50-person skilled home health provider based in Warwick, Rhode Island. The acquisition gives Elara entry into Rhode Island and expands its Northeastern footprint, enabling deployment of its value-based home health, hospice and behavioral health platform into adjacent Connecticut and Massachusetts markets.
-
December 6, 2022
- Buyer
- NMS Capital
- Target
- Surplus Solutions LLC
- Seller
- Company management, Joe D'Alton
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Recapitalization
NMS Capital has partnered with Surplus Solutions’ management in a recapitalization of Surplus Solutions LLC; terms were not disclosed. The investment will support geographic and inventory expansion, strategic M&A, and investments in infrastructure and operations to drive the company's next phase of growth; Twin Brook Capital provided debt financing.
-
November 14, 2022
- Buyer
- Millstone Medical Outsourcing, Arlington Capital Partners
- Target
- Ethide Laboratories
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Addon
Millstone Medical Outsourcing, an Arlington Capital Partners portfolio company, acquired Ethide Laboratories on November 14, 2022. The acquisition adds Ethide's regulatory testing capabilities (EO residual, microbiology, sterility, package integrity) to Millstone's post-manufacturing service offering, broadening testing services and customer footprint.
-
- Buyer
- Lab Logistics Management, Atlantic Street Capital
- Target
- The Allied Group
- Seller
- Compass Group Equity Partners
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Addon
Lab Logistics Management, a portfolio company of Atlantic Street Capital, has acquired The Allied Group from Compass Group Equity Partners. The Allied Group, a Cranston, Rhode Island–based provider of printing, kitting, assembly and fulfillment services for healthcare and life sciences (250+ employees), will expand Lab Logistics' product, kitting and international fulfillment capabilities; terms were not disclosed.
-
- Buyer
- Bay State Physical Therapy
- Target
- Rhode Island Rehab Physical Therapy
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Addon
Bay State Physical Therapy has partnered with Rhode Island Rehab Physical Therapy, bringing the Rhode Island practice into Bay State’s regional network and rebranding the clinics under the Bay State name. The partnership expands Bay State’s outpatient physical therapy footprint across Greater Providence and eastern Rhode Island, enabling shared resources, continued local clinical leadership, and expanded patient access to Bay State’s care and education programs.
-
- Buyer
- Rallyday Partners
- Target
- Performance Physical Therapy
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Growth capital
Denver-based private investment firm Rallyday Partners made a strategic growth investment in Performance Physical Therapy, a Providence, Rhode Island-based multi-clinic physical therapy platform. The capital will be used to support Performance's expansion across New England, invest in systems and infrastructure, and recruit and develop clinical and operational talent.
-
- Buyer
- VillageMD, Village Medical
- Target
- Ocean State Healthcare
- Seller
- New Harbor Capital
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
VillageMD, through its Village Medical subsidiary, has acquired Ocean State Healthcare from private equity firm New Harbor Capital. Ocean State Healthcare — a Rhode Island primary care network with 68 clinical providers across 12 locations serving ~200,000 patients annually — will become part of Village Medical as VillageMD expands its value-based primary care footprint in the state.
-
- Buyer
- Heritage Group, Noro-Moseley Partners, Blue Venture Fund, Windham Ventures
- Target
- Upward Health
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Growth capital
Upward Health, a Providence-based in-home medical group focused on high-risk, high-need populations, raised a growth equity financing led by Heritage Group with participation from existing investors Noro-Moseley Partners, the Blue Venture Fund and Windham Ventures. The capital will support Upward Health’s continued growth and national expansion of its risk-bearing, in-home care model integrating physical, behavioral and social services.
-
November 12, 2020
- Buyer
- Vesey Street Capital Partners, LLC
- Target
- QualityMetric
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Recapitalization
Vesey Street Capital Partners completed a recapitalization of QualityMetric, a provider of patient-reported outcome (PRO) surveys, enabling technology and health outcomes analytics. VSCP funds provided equity while First Eagle Alternative Credit and Morgan Stanley Credit Partners provided debt financing to support QualityMetric’s next phase of growth; terms were not disclosed.
-
November 5, 2020
- Buyer
- Spiro Health Services, Upstream Capital, NewSpring Capital Mezzanine
- Target
- Absolute Respiratory Care
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Addon
Spiro Health Services, a PE‑backed home medical equipment and respiratory care platform, has acquired Absolute Respiratory Care (ARC), a Johnston, Rhode Island-based provider of sleep therapy solutions and respiratory equipment. The add-on expands Spiro’s geographic footprint across eight New England states and the District of Columbia and brings ARC’s wireless monitoring and telehealth capabilities into Spiro’s platform.
-
October 2, 2020
- Buyer
- Behavioral Health Group (BHG)
- Target
- Center for Treatment & Recovery (CTR), LLC
- Seller
- Center for Treatment & Recovery (CTR), LLC, Wendy Looker (co-founder of CTR)
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
Behavioral Health Group (BHG) has acquired the Center for Treatment & Recovery (CTR), LLC in Pawtucket, Rhode Island; the clinic will operate as BHG Pawtucket Treatment Center. The outpatient opioid treatment program employs 23 clinicians and staff and expands BHG's network (now 71 locations across 15 states) to Rhode Island to increase access to Medication Assisted Treatment and behavioral health services.
-
November 20, 2019
- Buyer
- APDerm
- Target
- Dermatology Professionals, Inc.
- Industry
- Healthcare Services
- Location
- Rhode Island, United States
- Type
- Buyout
APDerm, a physician-led dermatology group based in Acton, Massachusetts, has acquired Dermatology Professionals, Inc., adding DPI's headquarters in East Greenwich, Rhode Island and a second location in North Attleboro, Massachusetts. The deal expands APDerm's footprint across New Hampshire, Massachusetts and Rhode Island and increases its network to 24 locations and 69 providers.
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Frequently Asked Questions
Which healthcare services subsectors show up most often in Rhode Island deals?
Home and community-based care (skilled home health and in-home senior care), outpatient provider networks (including physical therapy), and tech-enabled healthcare services (bioanalytical CRO work and regulatory/testing capabilities) all appear across the listed transactions.
Do these transactions include both acquisitions and other deal structures?
Yes. The page includes acquisitions (e.g., HouseWorks, Elara Caring, Millstone Medical Outsourcing) as well as a recapitalization (NMS Capital + Surplus Solutions LLC) and a deal tied to a government program business (Wellvana acquiring CVS Accountable Care’s MSSP business).
Are there any notable hospital transactions in Rhode Island?
Yes. Centurion Foundation acquired Roger Williams Medical Center and Our Lady of Fatima Hospital, converting the hospitals from Prospect Medical Holdings’ prior for-profit status to nonprofit organizations with an emphasis on preserving essential services and patient access.
How do CVS-related transactions show up in this Rhode Island healthcare services activity?
CVS-related activity appears in two ways: CVS Health’s subsidiary Omnicare is selling its business to GenieRx Holdings (expected to close later in 2026), and Wellvana acquired CVS Accountable Care’s MSSP business in an all-stock transaction with CVS Health taking a strategic minority ownership position.
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