As anticipated by advisors and industry professionals, deal activity in the healthcare M&A market began to accelerate in April 2025. According to data captured in the LevinPro HC database, there were 184 healthcare transactions reported in April. This is up 34% from March 2025 when 137 acquisitions were announced, and 8% from April 2024, which saw 170 deals. With the conclusion of April, there have been a total of 687 healthcare deals announced since January 1, 2025, compared with 677 transactions announced during the first four months of 2024.
The most active sector was Physician Medical Groups (PMG) with 41 transactions in April, marking a slight decrease from the 44 PMG deals reported in April 2024. PMG deal volume during April is consistent with the PMG deal volume of March 2025. It is not unexpected that PMG was the most active sector, as its fragmented nature continues to attract strong investor interest and many willing sellers.
Within the PMG sector, dental saw the most acquisitions, accounting for 40% of the sector’s activity with 24 deals. This is on par with March 2025, which also saw 24 dental acquisitions. The dental investors who reported the most transactions throughout April were Straine Dental Management (SDM) and Imagen Dental Partners, with two deals each.
SDM is a dentist-owned, dentist-led dental services organization based in Sacramento, California and has more than 35 affiliated practices. Imagen Dental Partners is a dental partnership organization founded in 2020 that joins with dental practices, invests in them and supports their growth.
The second most active sector was Other Services, totaling 41 transactions. This is a notable increase from March 2025, which saw 19 Other Services deals. The health clinics specialty saw the most activity within the sector, accounting for seven acquisitions. There were also six contract development manufacturing organization transactions announced, as well as five healthcare product distributor deals. Proactive MD, a value-based care provider based in Simpsonville, South Carolina, reported three Other Services acquisitions (two health clinics and one primary & value-based care).
Medical Outpatient Buildings (MOBs), which have been included in Other Services until recently separated into their own sector on the LevinPro HC platform, were also active with a total of 19 transactions. This marks a jump from the 11 MOB deals reported in March, and the eight announced in April 2024. The largest MOB deal, in terms of square footage, was RX Health & Science Trust and Transwestern Investment Group’s acquisition of a Gilbert, Arizona building that comprises 93,262 square feet.
The MOB acquirers who announced the most transactions in April were Elliott Bay Capital Trust and Pantheon Ventures who, as a joint venture, completed three deals. Elliott Bay Capital Trust is a real estate investment company based in Seattle, Washington. Pantheon Ventures is a private equity, infrastructure, real assets and debt investor that has partnered with more than 650 clients. Together, the companies purchased more than 105,580 square feet of medical real estate in Pennsylvania and Georgia throughout April. The joint venture was also the most active buyer of the month, regardless of sector.
There were 17 Biotechnology/Pharmaceutical transactions, 12 Laboratories, MRI and Dialysis deals and nine Home Health & Hospice deals announced during April 2025.
Private equity (PE) firms and their portfolio companies were responsible for 26% of the completed transactions in April (47 deals), making PE the most active investor group for the month. This is consistent with prior months, as PE has remained one of the leading investor types over the past five years, accounting for an average of 30–35% of announced transactions annually.
Several PE groups announced multiple transactions: TPG Capital and Cencora (formerly known as AmerisourceBergen) announced two deals as a joint venture; Hildred Capital Management, LLC and New Mountain Capital also reported two acquisitions. Other PE firms that made announcements in April were Audax Private Equity, Bain Capital, Lee Equity Partners, Thurston Group and Webster Equity Partners.
Real estate investment firms (REIFs), also a typically active buyer type, announced 12 transactions. Two REIF deals had a disclosed price: Alliance Consolidated Group of Companies’ $9.67 million acquisition of a Delray Beach, Florida MOB and Crown MedRealty Partners’ $2.5 million purchase of a Dayton, Ohio MOB.
There were eight transactions with Health Systems as the buyer during April, which is up from the six reported in March 2024. The largest deal in terms of purchase price in this market was Ascension’s acquisition of Cedar Park Regional Medical Center, a 126-bed short-term acute care hospital, for $575 million. Ascension is one of the largest nonprofit health systems in the United States with more than 150 hospitals and more than 50 senior living facilities.
Disclosed spending totaled nearly $13.5 billion across 29 transactions. This is down from March when more than $29.1 billion in announced spending was reported across 25 acquisitions.
The largest purchase price in April was Siemens AG’s acquisition of Dotmatics for $5.1 billion. The seller was Insight Partners, a venture capital and private equity firm. According to the press release, the acquisition increases Siemens’ industrial software total addressable market by $11 billion.
Siemens AG is a German multinational technology conglomerate. It is focused on industrial automation, distributed energy resources, rail transport and health technology. Dotmatics is a leader in R&D scientific software connecting science, data and decision-making.
Overall, April 2025 marked a clear turning point for the healthcare M&A market. The increase in activity aligns with expectations from advisors and industry professionals, who anticipated a slow start to the year followed by a rebound in activity. The boost in activity was driven by investors adapting to the evolving regulations and the current interest rate environment.
