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NEWS & INSIGHTS
TOP DEALS
HC REAL ESTATE
AUGUST 2026
Monthly Highlights Q2 Report Published
Check out our recently published report covering the deals and trends from the second quarter of 2026.... Read more on LevinPro HC
Notable Private Equity Activity of H1 2026 Read our round-up of all the top deals from private equity firms in the first half of 2026... Read more on LevinPro HC
Table of Contents Lead Story.................................................Page 1 Top Stories...............................................Page 5 Health System News........................... Page 10
HEALTH SYSTEMS
PRIVATE EQUITY
STATISTICS & ANALYSIS
Behavioral Health M&A Report Agenda Health’s Role Amid Surging Demand
T
he Behavioral Health Care (BHC) M&A market has remained active into 2026 following a strong year of dealmaking in 2025. There have been 50 BHC deals announced so far in 2026 (as of July 31), with the most active specialty being Counseling & Psychiatric Care with 19 deals. Autism Spectrum Disorder Treatment Providers ranked second with 11 deals, followed by Substance Use Disorder Treatment with 10 deals and Intellectual and Developmental Disability (IDD) Care with nine deals. Agenda Health, an Austin, Texas-based M&A advisory firm specializing in healthcare, has been highly active in the sector. The firm advised on 13 behavioral health transactions closed between January 2025 and mid-July 2026. These deals spanned ABA/autism therapy, IDD care and counseling/mental health services. Aggregate disclosed and estimated transaction value across the 13 deals totaled more than $115 million, with average deal sizes generally falling in the $8 million to $10 million range. The median was higher, Continued on page 2
Private Equity News............................. Page 10 Healthcare Real Estate News............. Page 11 Top Deals................................................ Page 13 Stat of the Month.................................. Page 14 Monthly Chart........................................ Page 15
July Healthcare M&A Wrap-Up Deal activity slids amid headwinds
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ealthcare M&A activity slowed in July 2026, with deal volume falling to 148, down from the 176 reported in June and from the 175 recorded in July 2025. The deal volume in July brings the yearly total to 1,161 deals, a decrease from the 1,237 transactions announced in the first seven months of 2025.
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Throughout July, the sector with the most activity was Physician Medical Group (PMG) with 38 transactions, or nearly 27% of the deal volume. This marks an increase from June, when PMG accounted for 18% of the monthly transactions (31 deals); however, it is a decrease from the 48 reported in July 2025 (27%). While deal volume was down, the sector still attracts investor interest due to its fragmented nature, ability to scale and patient demand. This is particularly true in heavy private-pay specialties such as.....Read more on LevinPro HC
NEWS & INSIGHTS
into the teens, reflecting a mix of smaller tuck-in acquisitions and a few larger platform transactions. Among the notable completed BHC transactions advised by Agenda Health were: •
• • • • • •
Already Autism Health’s acquisitions of C.A.B.S. Autism and Behavior Specialists and Commonwealth ABA Regency ABA’s acquisition of Magnolia Behavior Therapy Active Day’s acquisition of PremierCare Consulting Alongside ABA’s acquisition of San Diego ABA DOMA’s acquisition of MPA Services Abound Health’s acquisition of Heartspring IDD US Pediatric Partners’ acquisition of Hope Services
In addition to those completed transactions, Agenda Health also shared with the LevinPro HC team that it was involved in five unannounced deals. One of the larger unannounced transactions involved a multi-location IDD provider in the Southwest that sold to a private
ISSN#: 2375-7612 Published monthly by: Irving Levin Associates LLC P.O. Box 1117, New Canaan, CT 06840 Phone: 800-248-1668 Fax: 203-846-8300 info@levinassociates.com www.levinassociates.com Editor: Dylan Sammut Associate Editor: Avery Swett Analyst: Kate Humphrey Advertising: Cristina Blazek-Hearty The full, annual subscription includes 51 weekly e-newsletters, 12 monthly issues, four quarterly reports ©2026 Irving Levin Associates, LLC All rights reserved. Reproduction or quotation in whole or part without permission is forbidden. This publication is not a complete analysis of every material fact regarding any company, industry or security. Opinions expressed are subject to change without notice. Statements of fact have been obtained from sources considered reliable but no representation is made as to their completeness or accuracy.
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equity-backed home care and IDD platform in a multieight-figure deal. Other unannounced transactions included deals in Florida and Ohio with private equitybacked platforms, as well as a transaction in Illinois with a group early on in its M&A activity. On market conditions, Alex Veach, Partner at Agenda Health, pointed to rising diagnosis rates and easing interest rates as key tailwinds. “Mental health diagnosis trends have risen 40% since 2019. Autism diagnosis trends in particular have risen exponentially. We’re now at one in 31 children in the country that are going to be diagnosed as autistic,” said Veach. While diagnosis trends and improving capital conditions have supported deal activity, Veach also pointed to several ongoing challenges facing the sector, particularly around Medicaid and staffing. “Medicaid scrutiny and volatility is not good for dealmaking in the space,” Veach noted. “Several states, like Indiana and Colorado, have been hit with rate cuts - for owners in those states, sometimes the best counsel I can offer is to wait. For us, it’s not a deal at all costs. It’s the right deal at the right time.” Looking ahead to the remainder of 2026 and into 2027, Veach expects Agenda Health’s activity in ABA and IDD to remain strong. According to Veach, 2025 was the firm’s best year to date in those specialties and he anticipates an even stronger year in 2026, supported by continued buyer interest. “Our job as a firm is to provide actionable and conservative guidance and counsel for business owners. We’re not going to be the group that tries to pin a really, really high target in hopes that we’ll get 70% of the way there and the business owner will be okay with that. That’s not our practice,” Veach added. Agenda Health’s recent behavioral health activity highlights its growing role as a specialized advisor across post-acute and community-based care services, particularly in lower-middle-market transactions where rising
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clinical need, platform expansion and regional consolidation continue to drive dealmaking.
USOSM, to discuss the company’s recent M&A activity as well as the overall state of the OMS market.
Top Stories of August 2026
According to data captured in the LevinPro HC database, 280 Physician Medical Group transactions have been reported since the start of 2026, with 126 in the dental specialty. Of those, there have been nine dental transactions reported in New York.
Behind the Deal: A Conversation with U.S. Oral Surgery Management's CEO Doug Drew U.S. Oral Surgery Management (USOSM) has reported its second acquisition of 2026 with the purchase of Hudson Valley Oral Surgery, an oral and maxillofacial surgery (OMS) practice. Operating out of three locations in New York (Fishkill, Yorktown Heights and Newburgh), Hudson Valley Oral Surgery is is run by Dr. Ali Payami and Dr. Randall G. Wiston. USOSM, a portfolio company of Oak Hill Capital Partners, is a management services organization focused on OMS, including providing operational, financial and administrative support services to its network. Founded in 2017, it has partnered with surgeons across 31 states. The LevinPro HC team spoke with Doug Drew, CEO of
Earlier in 2026, USOSM partnered with Hidemi Oka, DMD, an independent dentist based in California. Additionally, throughout 2025, USOSM added 18 practices to its network, solidifying its place as one of the more active dental M&A buyers, especially in the OMS space. In Drew’s perspective, Hudson Valley Oral Surgery stood out as a partnership candidate because the practice had “built an outstanding reputation for clinical excellence, patient care, and community trust” which are all qualities that USOSM values. With the addition of Hudson Valley Oral Surgery to its network, Drew noted that USOSM now owns four practices in New York. While Drew is pleased that this expands their presence in the state, especially in the southern region, he said that, when partnering with HealthCareMandA
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practices, geography does not play a large role in USOSM’s strategy. This is because USOSM is more focused on finding partners that work well within the network and have growth opportunities, rather than filling out a map.
“Dental and OMS practices continue to attract significant interest because of their strong clinical demand, favorable demographic trends, and opportunities for growth,” he said, emphasizing the notion that many dental industries will always attract investor interest.
The transaction took approximately 60 days to close, after signing a letter of intent, which is typical for USOSM. There were no regulatory or policy challenges that prolonged the process. In Drew’s perspective, USOSM’s ability to close partnerships quickly adds to their appeal as buyers because they are so efficient and have experience handling difficult transactions.
Finally, Drew touched on USOSM’s use of AI. When LevinPro HC last spoke with him, he noted that it would be unrealistic to partner only with practices already using AI as part of their services. Instead, he said that USOSM was piloting several AI programs to integrate into its established network and that these would be a key feature to help grow practices.
However, Drew did point to “mini-HSR laws and material change notification requirements [that have] increased complexities across healthcare” which can extend timelines and require additional diligence. This sentiment, that the overtime timeline of transactions may be prolonged due to increased diligence, has been echoed by multiple industry experts and is often a top topic at healthcare conferences.
“We believe AI has significant potential to improve efficiency, streamline administrative processes, and enhance the overall patient experience,” he noted. “Rather than adopting technology for technology’s sake, we’re focused on identifying solutions that can meaningfully improve efficiency, support clinical decision-making, enhance the patient experience, and reduce administrative burden for our teams.”
Another topic affecting the healthcare landscape, Drew touched on was the One Big Beautiful Bill. Initially, when the bill was introduced, there were reservations across the industry due to concerns that it could drastically alter how healthcare is delivered and stifle M&A activity, especially in rural communities.
Healthpeak and Brookfield Form $2.1 Billion Joint Venture
Drew is not worried about its impact, noting that it has not significantly changed USOSM’s partnership strategy because access to oral surgery care in rural communities was already a challenge. “In oral surgery, access is often dependent on the strength of the broader dental ecosystem, including preventative and restorative care providers,” he said. “While many of our surgeon partners generously support underserved communities through volunteerism and charitable care, addressing access challenges at scale will require meaningful collaboration between healthcare providers, policymakers, and community organizations.” Additionally, while there are access challenges, Drew noted that the strength of the OMS market, and its deal volume, lay in its desirability.
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Healthpeak Properties, Inc. and Brookfield Asset Management Inc. have entered into a strategic joint venture involving an 86-property medical outpatient building (MOB) portfolio valued at approximately $2.1 billion. The MOB portfolio spans 5.6 million square feet across 11 states, including Kentucky, Indiana, Pennsylvania, Arkansas, Illinois, Minnesota, New Jersey and New York. Operating with strong fundamentals, the portfolio is currently 95% leased with a weighted average remaining lease term of six years. Brookfield is a Canadian-American alternative asset manager with more than $900 billion of assets under management, much of which is workers’ deferred income from global public pension funds. Brookfield is making the acquisition through its private equity business. Healthpeak Properties (formerly known as HCP, Inc.) is one of the largest healthcare REITs in the country, with investments across the healthcare spectrum, including hospitals, seniors housing, life sciences and MOBs.
NEWS & INSIGHTS
Under the agreement, Brookfield acquired a noncontrolling 49% interest in the joint venture. Healthpeak retains a controlling 51% majority stake and serves as the managing member, responsible for day-to-day asset management, leasing and property management operations. Newmark acted as the financial advisor and Kirkland & Ellis LLP served as legal counsel to Brookfield during the transaction. The recapitalization highlights ongoing institutional demand for scaled, high-occupancy outpatient healthcare infrastructure.
Vertex to Acquire Crinetics for $10 Billion Vertex Pharmaceuticals will acquire Crinetics Pharmaceuticals for $85 per share in cash, for a total equity value of approximately $10 billion. The deal expands Vertex’s rare disease portfolio. The transaction was unanimously approved by both boards of directors and is expected to close in the third quarter of 2026. Vertex plans to finance the deal using cash on hand and debt, supported by $4.5 billion of committed bridge financing from Bank of America and Morgan Stanley Senior Funding. Crinetics Pharmaceuticals is a San Diego, Californiabased biopharmaceutical company that discovers and develops novel oral therapeutics for rare endocrine diseases and related tumors. Its leading product is Palsonify, a recently launched oral pill used to treat adults with acromegaly. According to its most recent annual filing, Crinetics reported total revenue of $7.7 million for the full year 2025, and its EBITDA was a loss of $513 million. Vertex Pharmaceuticals is an American biopharmaceutical company based in Boston, Massachusetts. The company invests in scientific innovation to create transformative medicines for people with serious diseases. Vertex was one of the first biotechnology firms to use an explicit strategy of rational drug design rather than combinatorial chemistry. According to its full year 2025 financial report, Vertex Pharmaceuticals' annual revenue for 2025 was $12 billion.
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Morgan Stanley and Lazard are acting as financial advisors to Vertex, with Kirkland & Ellis LLP as legal counsel. J.P. Morgan Securities LLC and Leerink Partners LLC are acting as financial advisors to Crinetics, with Paul, Weiss, Rifkind, Wharton & Garrison LLP and Morrison Foerster LLP as legal counsel.
HCA Healthcare Revises 2026 Guidance as Payer Mix Pressures Weigh on Earnings HCA Healthcare announced earlier this month its preliminary financial and operating results for the second quarter of 2026. It expects to report revenue of approximately $20.23 billion, up from $18.61 billion a year earlier, while net income is projected to increase to roughly $1.70 billion and adjusted EBITDA to $4.03 billion. Same-facility admissions, equivalent admissions and emergency department visits all increased during the quarter, though inpatient and outpatient surgery volumes declined. The company said higher uninsured patient volumes, resulting from losses in health insurance exchange coverage, reduced second-quarter pretax income by an estimated $400 million. That impact was partially offset by approximately $400 million in incremental Medicaid Supplemental Payment Program benefits, primarily tied to Florida. Based on first-half of the year results, HCA Healthcare narrowed its 2026 revenue guidance to $77.0 billion to $79.5 billion but lowered its forecasts for net income, adjusted EBITDA and diluted earnings per share. The company also increased its estimate of the financial impact from payer mix changes while raising its expected benefit from Medicaid supplemental payment programs. Capital expenditure guidance remained unchanged at $5.0 billion to $5.5 billion. According to data captured in our LevinPro HC platform, the company has announced two acquisitions this year, including the purchase of an SCA Health outpatient surgery center.
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AMSURG Expands North Carolina Presence with Acquisition of Five Endoscopy Centers AMSURG has acquired five North Carolina-based endoscopy centers. The newly acquired centers span eastern and central North Carolina, providing patients with a team-based approach to managing acute and chronic gastrointestinal conditions. Financial terms of the deal were not disclosed. The centers include Wake Forest Endoscopy Center, Wake Endoscopy – Cary, Wake Endoscopy – Raleigh, Clayton Endoscopy Center and Wilson Endoscopy Center. They are staffed by 15 board certified gastroenterologists and hepatologists offering diagnostic and therapeutic care, colonoscopy, endoscopy and small bowel capsule imaging procedures. AMSURG is a leader in ambulatory surgery center services, operating a network of more than 250 surgery centers nationwide. In partnership with physicians and health systems, the organization delivers patient care across a diverse spectrum of medical specialties, including gastroenterology, ophthalmology and orthopedics. "These partnerships reflect our continued commitment to collaborating with centers and physicians who share our values and vision for providing patient-focused outpatient surgical care," said Dina Palmisano, Vice President, Development at AMSURG. "Each of these centers has built a strong reputation in its respective community, and we look forward to supporting their continued growth."
Dentalcorp Enters U.S. Market with Acquisition of Northstar Dental Partners Dentalcorp has entered the United States dental market through the acquisition of Northstar Dental Partners. Financial terms of the deal were not publicly disclosed. Northstar Dental Partners is a private, dentist-led group supporting 21 dental practices headquartered in Boca Raton, Florida. The target organization provides comprehensive practice management and operational support across its network of Florida clinics.
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Dentalcorp is Canada's largest and one of North America's fastest-growing networks of dental practices, backed by private equity firm GTCR. Dentalcorp provides administrative, backend and strategic growth services to its affiliated practices, having reported fullyear fiscal 2025 revenues of CAD $1.66 billion (approximately $1.17 billion USD). Dentalcorp retained an advisory team consisting of McDermott Will & Schulte LLP as legal counsel, Plante Moran as financial advisor and Baker Tilly, KPMG and Marwood as tax, commercial and regulatory advisors, respectively. Additional corporate legal counsel for Dentalcorp was provided by Weil, Gotshal & Manges LLP, Goodmans LLP and Latham & Watkins LLP. Northstar Dental Partners was advised legally by Greenberg Traurig and Galvan Messick.
SpinSci Acquires Dialog Health to Strengthen AI-Powered Patient Engagement SpinSci has acquired Dialog Health, a HIPAA-compliant patient and staff engagement platform built for healthcare. The deal expands SpinSci’s AI-powered patient access platform by adding two-way texting and rich communication services. Financial terms of the deal were not disclosed. Dialog Health offers an enterprise-grade conversational messaging platform that helps healthcare organizations automate and personalize communications across the care continuum, including referrals, orders, appointment readiness, recall campaigns, billing follow-up, surveys and staff engagement. SpinSci Technologies provides AI-enhanced patient access and engagement solutions that automate complex healthcare workflows. The company offers AI agents with real-time integrations to electronic health records and contact center platforms to handle scheduling, referrals, billing, pharmacy requests, notifications and clinical communications between patients, providers and contact centers. "From the start, Dialog Health has been singularly focused on helping healthcare organizations connect
NEWS & INSIGHTS
with their patients through two-way texting, real conversational engagement, and doing it better than anyone in the space," said Andy Asava, CEO of SpinSci. "Their platform is trusted by some of the largest health systems in the country, and the results they have delivered speak for themselves. We are honored to welcome this talented team to SpinSci." “We have spent more than a decade proving that the right message, at the right time, drives patient action, improves experiences, and protects revenue," said Sean Roy, CEO of Dialog Health. "Joining SpinSci allows us to extend that impact across a broader patient journey while continuing to deliver the trusted engagement solutions and exceptional service our clients rely on every day. We are honored to join a team that has built such impressive capabilities in patient access and healthcare AI. Together, we have an incredible opportunity to help healthcare organizations create a more connected experience for patients and staff.”
Beach Point Exits Smile America Partners Through Sale to Kaltroco Kaltroco Ltd. has acquired Smile America Partners, one of the largest school-based mobile dental programs, from Beach Point Capital Management. Financial terms of the transaction were not disclosed. Farmington Hills, Michigan-based Smile America provides portable and mobile dental services through school-based programs in partnership with affiliated dental practices. It was founded in 1997. In 2025, the organization served more than 370,000 children across more than 8,000 schools in 20 states. Kaltroco is a family-owned investment company focused on long-term investments in healthcare and other industries. It is based in Jersey, Channel Islands. The acquisition follows Beach Point's five-and-a-halfyear investment in the company, which began as a structured financing during the COVID-19 pandemic before evolving into a majority ownership position. During Beach Point's ownership, the company expanded beyond its pre-pandemic footprint through geographic growth and new service offerings, including the establishment of operations in Florida. The existing
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management team, led by CEO Steve Higginbotham, will continue to oversee the business following the acquisition. The transaction marks the exit of Beach Point's Hybrid Solutions investment strategy, which initially provided capital to support Smile America's recovery from pandemic-related school closures before increasing its investment through an equity position.
Beach Point Exits Smile America Partners Through Sale to Kaltroco Southeast Neurology & Pain Management has entered into a strategic partnership with Summit Spine & Joint Centers, a pain management platform backed by Revelar Capital. Financial terms of the transaction were not disclosed. Southeast Neurology, founded by Dr. Roland Jones and led by CEO Brett Allen, operates multiple locations across the Florida Panhandle and South Georgia, including Tallahassee, Panama City and Thomasville. It provides neurology and interventional pain management services for patients with chronic pain and neurological conditions. Lawrenceville, Georgia-based Summit Spine & Joint Centers operates a network of 21 ambulatory surgery centers and 55 clinics across Georgia, North Carolina, South Carolina and Tennessee. The partnership extends Summit's footprint into the Florida Panhandle and South Georgia while broadening its physician network and service offerings in the Southeast. The Bloom Organization served as exclusive financial advisor to Southeast Neurology & Pain Management. Bob Pierce of Ausley McMullen represented the physician group as legal counsel, while Carson M. Lamb of Smith Gambrell Russell advised Summit Spine & Joint Centers. The transaction follows Summit's continued expansion through physician practice partnerships and acquisitions, including its January 2026 acquisition of Savannah Pain Management and Savannah Pain Center.
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RN Enterprises Acquires Helping Hands Home Healthcare to Expand Florida Presence RN Enterprises has acquired Helping Hands Home Healthcare, a Florida-based home healthcare provider. Patients currently receiving services will continue to receive uninterrupted care. Financial terms of the deal were not disclosed. Helping Hands Home Healthcare offers skilled nursing, therapy services, personal care assistance and support programs designed to help patients maintain independence, recover from illness and achieve improved health outcomes. RN Enterprises is a national healthcare services organization specializing in home infusion nursing, clinical staffing, patient support programs and healthcare workforce solutions. It operates in more than 40 states with more than 16 office locations, a network of more than 550 registered nurses and more than 20 years of experience. The company partners with specialty pharmacies, healthcare providers, manufacturers and health systems to deliver clinical care and support services across the United States. The entire Helping Hands Home Healthcare team will remain in place and become part of the RN Enterprises family. Existing referral relationships and service commitments will remain in place, ensuring a seamless transition for patients, families, physicians, hospitals and healthcare partners.
ARC Health Partners with The Waverly Group to Expand Pediatric Care in Connecticut
psychotherapy, psychological testing, speech-language pathology, educational support, executive-function coaching and nutrition counseling. The transaction marks ARC Health’s second partner practice in Connecticut and its fourth in the greater New York metropolitan area. Under the terms of the agreement, The Waverly Group will retain its brand identity, clinical leadership and individualized care model while gaining access to ARC Health's centralized administrative, operational and technology infrastructure. According to data captured in the LevinPro HC database, this deal marks ARC Health's second acquisition of 2026; in April it purchased North Carolina Mental Health & Psychiatry Group, based in North Carolina.
ARC Health Partners with The Waverly Group to Expand Pediatric Care in Connecticut Lilly has agreed to acquire AtaiBeckley in a deal that includes $6.75 per share in cash upon closing, representing an aggregate equity value of approximately $2.8 billion. AtaiBeckley is a clinical-stage biopharmaceutical company developing rapid-acting neuroplastogens, including multiple clinical-stage programs and a discovery pipeline of next-generation compounds. The lead asset, BPL-003 (mebufotenin benzoate), is a synthetic form of 5-MeO-DMT administered intranasally for treatmentresistant depression. The company’s second most advanced program, VLS-01, is a buccal film formulation of DMT advancing in a Phase 2b study.
ARC Health Partners, a portfolio company of private equity firm Thurston Group, has partnered with The Waverly Group, a multidisciplinary pediatric practice located in Old Greenwich, Connecticut. Financial terms of the transaction were not disclosed.
Lilly is an American pharmaceutical company headquartered in Indianapolis, Indiana, with offices in 18 countries. The company discovers, develops, manufactures and sells pharmaceutical products worldwide. Its products are sold in 125 countries. In fiscal year 2025, Lilly generated revenue of $65.2 billion and EBITDA of about $27.7 billion.
The Waverly Group provides coordinated pediatric assessments and therapeutic services for children, adolescents and families. Its care model spans applied behavior analysis, occupational therapy, physical therapy,
The acquisition adds a pipeline of rapid-acting neuroplastogens to Lilly’s portfolio in mental health. Goldman Sachs is acting as exclusive financial advisor and Ropes & Gray is acting as legal counsel to Lilly. Moelis
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& Company LLC and Centerview Partners LLC are acting as financial advisors and Latham & Watkins is acting as legal counsel to AtaiBeckley. Citi also provided financial advice to the AtaiBeckley Board of Directors.
Strive Physical Therapy and Sports Rehabilitation Acquires Northeast PT Associates Strive Physical Therapy and Sports Rehabilitation has completed the acquisition of Northeast PT Associates. Financial terms of the private transaction were not publicly disclosed.
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15,000 providers supporting skilled nursing, senior living and long-term care, life planning communities and home health and hospice care. MatrixCare was acquired by Resmed in November 2018. Frazier Healthcare Partners is a provider of growth capital to healthcare companies. Since its inception, Frazier has raised more than $11 billion of capital for private funds and co-investment opportunities and has invested in more than 200 companies over 35 years. Frazier is headquartered in Seattle, Washington, with an office in New York City, and invests broadly across the United States, Canada and Europe.
Northeast PT Associates is a private, therapist-owned physical therapy practice operating three outpatient clinics in Pennsylvania. The practice serves the regional communities of Hazleton, Drums and Shenandoah.
“This divestiture is aligned with Resmed’s 2030 strategy with a focused approach to portfolio management,” said Mick Farrell, Chairman and CEO of Resmed. “We’re confident that Frazier Healthcare is an excellent steward for our MatrixCare team members and solutions.”
Strive Physical Therapy and Sports Rehabilitation is a privately owned and operated physical therapy practice that maintains a network of clinics across New Jersey and the Greater Philadelphia area.
Groups Recover Together Completes First Acquisition with Better Life Partners
Throughout the transaction process, Northeast PT Associates was advised by Martin Healthcare Advisors. The strategic acquisition allows Strive Physical Therapy to extend its geographical reach deeper into Pennsylvania, combining operational resources while maintaining dedicated localized care across Northeast PT’s existing communities.
Frazier Healthcare Partners to Acquire MatrixCare Frazier Healthcare Partners has entered into a definitive agreement to acquire MatrixCare, Inc., a provider of electronic health record systems to the long-term post-acute care industry. The transaction includes MatrixCare and related software offerings historically sold under the MatrixCare brand, including Healthcare First, Citus and home health and hospice solutions. The proposed transaction is expected to close during the third quarter of 2026, subject to customary closing conditions. Financial terms of the deal were not disclosed. MatrixCare provides software solutions to more than
Groups Recover Together has acquired Better Life Partners, an addiction treatment organization specializing in opioid and alcohol use disorders. The transaction closed on March 31 and marks Groups’ first acquisition. Financial terms of the deal were not disclosed. Founded in 2018, Better Life Partners provides sameday virtual and in-person medical care, supportive counseling and community-based recovery services. The company uses a non-punitive, harm-reduction approach to treatment. Groups Recover Together is an outpatient addiction treatment provider focused on helping people recover from opioid use disorder through medication-assisted treatment, weekly group therapy and peer support. The deal deepens Groups Recover Together’s resources throughout New England and doubles the number of patients it serves more than 6,000 weekly. Better Life Partners will operate as “Better Life Partners: Part of Groups Recover Together.” Its leadership team has integrated into Groups Recover Together’s larger leadership team, with other operational integrations ongoing.
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HEALTH SYSTEMS
Health System News & Activity June was a slow month for health systems in the healthcare M&A market, with only four transactions announced, including two deals in the Hospital market. The largest deal was Surgery Partners, Inc.'s divestment in its stake in two hospitals in Idaho Falls, Idaho, Mountain View Hospital and Idaho Falls Community Hospital. The transaction values the combined Idaho Falls facilities at approximately $1.15 billion, but total consideration to Surgery Partners is approximately $795 million. Mountain View Hospital is a physician-owned, multispecialty acute care facility with 38 beds. In 2025, it generated more than $535 million in net patient revenue, with a vast majority (approximately 90%) of that coming from outpatient services, according to an analysis of cost report data. Idaho Falls Community Hospital a 24/7 acute care general medical and surgical facility that provides comprehensive healthcare services to Southeast Idaho. That hospital has 88 beds and generated roughly $137 million in net patient revenue in 2025. Intermountain Health, the Utah-based, not-for-profit system, will be taking over both hospitals following the close of this transaction. In Wisconsin, UW Health added Marshfield Medical Center–Beaver Dam to its network. Marshfield Medical Center–Beaver Dam is a fully integrated medical campus that includes a hospital, a skilled nursing facility and independent senior living apartments. In addition to services offered on the main campus, it operates two assisted living facilities and primary care clinics in Columbus, Horicon and Waupun. The hospital has 43 beds and generated $89.8 million in net patient revenue in 2025. UW Health is the integrated health system affiliated with the University of Wisconsin–Madison, serving more than 867,000 patients each year across the Upper Midwest and beyond. With more than 2,000 physicians and 26,500 dedicated staff, it provides care through six main hospitals and more than 105 outpatient locations.
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Two deals from health systems were for physician groups. Akron Children's in Ohio purchased Stark Women’s Center, an OB-GYN practice employing six physicians and two nurse practitioners based in Canton, Ohio. Over in South Dakota, Avera Health added The Center for Neurosciences, Orthopaedics & Spine, a physician-owned, multispecialty medical group, to its network. The acquisition is scheduled to be finalized on January 1, 2027.
Private Equity News & Activity Private equity (PE) activity in healthcare M&A slowed further in July 2026, with PE buyers and/or their portfolio companies involved in 39 deals out of 148 total healthcare transactions, representing 26% of overall volume. This marks a decline from June’s 48 PE deals out of 175 and is significantly lower than July 2025, which recorded 66 PE deals out of 175 total. As usual, Physician Medical Group (PMG) remained the most active sector for PE buyers in July. There were 18 PE transactions announced during the month out of 38 total PMG deals, a marked increase from the 13 PE-backed PMG deals in June. Dental was the leading specialty, with 10 PE-backed deals announced across the sector. The most active acquirers were SALT Dental Partners and Smile Doctors, LLC, each announcing two deals. eHealth and Behavioral Health Care (BHC) tied for second place with four PE-backed deals each. In eHealth, the transactions spanned the revenue cycle management, electronic health record and analytics specialties. On the BHC side, the deals covered counseling and psychiatric care, intellectual and developmental disability care and substance use disorder treatment. The Other Services and Medical Outpatient Building (MOB) sectors each recorded three PE deals during the month. Within Other Services, activity included deals in the infusion services, urgent care and healthcare product distributor specialties. Medical Devices had two PE deal announcements. The transactions included Reinsberg Group’s acquisition of Tedisel Medical and EQT Partners’ acquisition of Corza Medical’s biosurgery business unit.
HEALTHCARE REAL ESTATE
Home Health & Hospice, Life Sciences R&D and Healthcare Staffing each saw one PE deal announcement. Overall, July delivered one of the quieter months for PE activity so far in 2026. Deal volume declined both month-over-month and year-over-year, with fewer sectors seeing meaningful participation beyond PMGs. We will continue tracking activity closely on LevinPro HC as the second half of the year unfolds.
Healthcare Real Estate News & Activity After a sharp incline in Medical Outpatient Building (MOB) deal activity in June 2026, when 25 transactions were announced, deal volume has declined. In July 2026, 12 MOB transactions were reported, a 52% decrease from the previous month and a 33% decrease from the 18 announced in July 2025. July’s figure is more consistent with other months such as April (14 deals) and May (13 deals). While deal volume declined, large portfolio transactions propelled total square footage and capital deployment to lofty highs. Square footage totaled more than 8.03 million across 137 facilities, up from 1.51 million in the previous month. However, this is likely an outlier rather than the start of a new trend, as most deals still only target single facilities rather than large portfolios. The first was a 5.6-million-square-foot joint acquisition by Brookfield Asset Management and Healthpeak Properties. The portfolio, which comprises 86 facilities, was sold for $1.025 billion, or $183 per square foot. Brookfield acquired a 49% non-controlling stake in the portfolio while Healthpeak retained a 51% controlling interest and will continue to manage the assets. The portfolio spans 5.6 million square feet across 11 states and is 95% leased with a weighted average remaining lease term of six years. The second was TPG Real Estate’s $456 million acquisition of a 33-facility portfolio in Germany and the Netherlands that comprises 1.9 million square feet. Disclosed spending was also inflated because of the Brookfield Asset Management and Healthpeak
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Properties transaction, totaling more than $1.587 billion across seven deals with prices. While deals varied greatly in terms of prices, disclosed spending throughout 2026 has averaged roughly $50.8 million per deal. For the second month in a row, Montecito Medical Real Estate was the only buyer to report more than one deal; it announced two transactions, which is down from its six in June. For $8.8 million ($824 per-square-foot) it purchased the Cardiovascular Specialty Care Center, a 10,690 square foot MOB in Covington, Louisiana. Marcus & Millichap announced the sale and acted as an advisor. It also purchased a 162,000-squarefoot MOB in Eugene, Oregon that is occupied by PeaceHealth Medical Group. The financial terms were not disclosed. With these transactions, Montecito has completed 23 transactions in 2026, adding more than 1.33 million square feet and 36 facilities to its portfolio. Throughout 2025, Montecito completed 29 transactions, so the company is on track to outperform last year if activity continues at a similar pace. Following the June acquisition of Tennessee Oncology Proton Center, Remedy Medical Properties and Kayne Anderson Real Estate announced another joint acquisition with the purchase of Singing River Cancer Center, a 45,904-square-foot MOB in Florence, Alabama. The joint venture has now announced three deals in 2026, comprising more than 187,180 square feet. Real estate investment firms accounted for four of the transactions, down from 13 in June 2026 and from eight in July 2025. REITs and private equity accounted for two, each. For the first time in several months, July’s advisor activity was not dominated by CBRE. In fact, the company reported no transactions. Instead, JLL Capital Markets was the busiest advisor with three announcements. Luk Real Estate Group, Newmark and Hanley Investment Group Real Estate Advisors also reported transactions.
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TOP DEALS
Top Deals July 2026 TARGET
Hospitals LISTING
2 Idaho Falls hospitals Private Idaho Falls, ID
ACQUIRER
LISTING
DATE
PRICE
Intermountain Health Salt Lake City, UT
Not-For-Profit
7/24/2026
$795,000,000
In Brief: Surgery Partners, Inc. is selling its stake in two hospitals in Idaho Falls, Idaho: Mountain View Hospital and Idaho Falls Community Hospital. Mountain View Hospital is a physician-owned, multi-specialty acute care facility, and Idaho Falls Community Hospital is a 24/7 acute care general medical and surgical facility that provides comprehensive healthcare services.
Top Deals July 2026 TARGET
Medical Outpatient Building LISTING
Europe-based portfolio N/A Germany; Netherlands
ACQUIRER
LISTING
DATE
PRICE
TPG Real Estate New York, NY
Private
7/1/2026
$456,000,000
In Brief: The sale includes a portfolio of medical outpatient properties located across Germany and the Netherlands. The sale includes 30 properties across more than 180,000 square meters (approximately 1.9 million square feet), serving more than 400 healthcare tenants in key regions including Berlin, Hamburg and the Randstad. 86 building portfolio N/A KY; IN; PA; AR; IL; MN; NJ; NY
Brookfield; Healthpeak Toronto, Canada; Denver, CO
NYSE: BAM; NYSE: PEAK
7/20/2026
$1,025,000,000
In Brief: The portfolio comprises 86 medical outpatient buildings (MOBs) and 5.6 million square feet. It is diversified across 11 states, including Kentucky, Indiana, Pennsylvania, Arkansas, Illinois, Minnesota, New Jersey and New York, and is 95% leased with a weighted average remaining lease term of six years.
Top Deals July 2026 TARGET
Other Services LISTING
First Choice Healthcare Solutions OTCBB: Melbourne, FL FCHS
ACQUIRER
LISTING
DATE
PRICE
Westin Acquisition Corp. Singapore
NASDAQ: WSTN
7/22/2026
$650,000,000
In Brief: First Choice Healthcare Solutions (fka Medical Billing Assistance) is engaged in providing healthcare services through developing and operating functional health, longevity and regenerative medicine clinics and related healthcare businesses.
Top Deals July 2026
Biotechnology & Pharmaceuticals
TARGET
LISTING
ACQUIRER
LISTING
DATE
PRICE
Crinetics Pharmaceuticals San Diego, CA
NASDAQ: CRNX
Vertex Pharmaceuticals Boston, MA
NASDAQ: VRTX
7/6/2026
$10,000,000,000
In Brief: Crinetics Pharmaceuticals is a San Diego, California-based biopharmaceutical company that discovers and develops novel oral therapeutics for rare endocrine diseases and related tumors. Its leading product is Palsonify, a recently launched oral pill used to treat adults with acromegaly. AtaiBeckley Inc. New York, NY
NASDAQ: ATAI
Eli Lilly and Co. Indianapolis, IN
NYSE: LILLY
7/16/2026
$2,800,000,000
In Brief: AtaiBeckley is a clinical-stage biopharmaceutical company developing therapeutics for mental health conditions. AtaiBeckley is advancing a pipeline of rapid-acting neuroplastogens, including multiple clinical-stage programs and a discovery pipeline of nextgeneration compounds.
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STATISTICS & ANALYSIS
Hospitals and Beds Acquired, 2026 vs. 2025* Beds Acquired, 2026 vs. 2025 2026
11,069
2025
10,926
10,850
10,900
10,950
11,000
11,050
11,100
Hospitals Acquired, 2026 vs. 2025 2026
93
2025
82
76
78
80
82
84
Source: LevinPro HC, August 2026 *Through July 31 for each respective year
Editor's Commentary: In our LevinPro HC Stat of the Month, we're highlighting two different datasets we track in the Hospital sector each year, the number of beds acquired and the number of hospitals acquired. This statistic is useful because it reveals a key trend in Hospital M&A market: the amount of hospitals undergoing new ownership and the average size of the hospitals being exchanged. In 2026, a total of 11,069 beds have been acquired through July 31, a difference of only about 1%. But there were fewer deals in 2025, so the average size of an acquired hospital was much higher last year (405 in 2025 and 369 in 2026). In addition to some large transactions in Europe and Asia, there were some significant mergers in the United States in 2025, including
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the acquisition of Central Maine Healthcare by Prime Healthcare Services and Grand View Health by St. Luke’s University Health Network in Pennsyvania. However, through July 2026, 93 hospitals have been acquired, compared with 82 in the same period last year. That's in part to some deals like Freeman Health System's acquisition of four hospitals in Arkansas from Community Health Systems for $110 million. There was also LifePoint Health's acquisition of eight hospitals (774 beds total) from ScionHealth. Many of the deals this year has been the result of large systems trying to balance their portfolio and shed assets in non-core markets. There have also been some notable transactions abroad as well, including Blue Owl Capital's and Moor Park Capital Partners acquisition of 12 hospitals operated by Spire Healthcare Group in the United Kingdom.
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STATISTICS & ANALYSIS
Technology
Services
Deal Volume, July 2026 vs. June 2026 and July 2025 Sector
July 2026
Share
June 2026
Change
July 2025
Change
Behavioral Health Care
8
5%
5
60%
9
-11%
Healthcare Staffing
3
2%
1
200%
0
—
Home Health & Hospice
6
4%
8
-25%
6
0%
Hospitals
3
2%
8
-63%
6
-50%
Labs, MRI and Dialysis
8
5%
9
-11%
14
-43%
Managed Care
2
1%
2
0%
5
-60%
Medical Outpatient Building
13
9%
25
-48%
18
-28%
Outpatient Surgery Center
1
1%
2
-50%
1
0%
Physician Medical Groups
38
26%
31
23%
48
-21%
Rehabilitation
5
3%
2
150%
3
67%
Specialty Pharmacy
1
1%
2
-50%
0
—
Other Services
12
8%
13
-8%
14
-14%
Biotech & Pharma
17
11%
23
-26%
13
31%
eHealth
17
11%
26
-35%
21
-19%
Life Science R&D
4
3%
7
-43%
9
-56%
Medical Devices
10
7%
11
-9%
8
25%
148
100%
175
-15%
175
-15%
Grand Total
Technology
Services
Deal Value*, July 2026 vs. June 2026 and July 2025 Sector
July 2026
Share
June 2026
Change
July 2025
Change
Behavioral Health Care
$0.0
0%
$0.0
—
$0.0
—
Healthcare Staffing
$0.0
0%
$0.0
—
$0.0
—
Home Health & Hospice
$0.0
0%
$0.0
—
$1.6
-100%
Hospitals
$795.0
4%
$0.0
—
$778.9
2%
Labs, MRI and Dialysis
$193.6
1%
$11,468.9
-98%
$18,224.7
-99%
Managed Care
$0.0
0%
$0.0
—
$36.4
-100%
Medical Outpatient Building
$1,587.4
7%
$116.7
1260%
$109.5
1350%
Outpatient Surgery Center
$0.0
0%
$0.0
—
$0.0
—
Physician Medical Groups
$29.6
0%
$0.0
—
$2,275.6
-99%
Rehabilitation
$0.0
0%
$28.4
-100%
$62.9
-100%
Specialty Pharmacy
$0.0
0%
$16.6
-100%
$0.0
—
Other Services
$652.8
3%
$0.0
—
$12.0
5340%
Biotech & Pharma
$17,815.0
81%
$27,289.1
-35%
$11,970.2
49%
eHealth
$509.8
2%
$215.0
137%
$1,281.9
-60%
Life Science R&D
$0.0
0%
$0.0
—
$0.0
—
Medical Devices
$358.0
2%
$3,112.1
-88%
$730.0
-51%
$21,941.3
100%
$42,246.7
-48%
$35,483.6
-38%
Grand Total Source: LevinPro HC, August 2026 *=in millions
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