Revelstoke Capital Partners announced in April 2025 a recapitalization of AOM Infusion, with the transaction having closed on March 19, 2025. This investment marks the ninth from Revelstoke Capital Partners Fund III. Ridgemont Equity Partners, which previously owned AOM Infusion, will retain a minority equity position following this recapitalization. Financial terms of the deal were not disclosed. This report analyzes the transaction in the context of the rapidly growing specialty infusion market, which is experiencing significant private equity interest due to the shift toward home and ambulatory care settings, an aging population and expanding pipeline of infusible therapies.
About AOM Infusion
Founded in 1994, AOM Infusion (formerly known as American Outcomes Management, L.P.) is headquartered in Fort Worth, Texas. The specialty infusion provider is focused on chronic therapy management. The company provides patients with Intravenous Immunoglobulin (IVIG), biologics and other therapies, addressing more than 80 different chronic conditions, with long-term treatment administered by skilled infusion nurses. The company also provides support services, including skilled infusion nursing administration, pharmacy services, referral management, insurance verification and patient education and training. AOM Infusion holds pharmacy licenses in all 50 states and provides care in patients’ homes and infusion centers.
About Revelstoke Capital Partners
Revelstoke Capital Partners is a private equity firm based in Denver, Coloardo that specializes in the healthcare and business services sectors. It has approximately $5.1 billion of assets under management and has completed 191 acquisitions since its inception in 2013, including 28 platform companies and 163 add-on acquisitions.
Founded in 2013, Revelstoke has approximately $5.2 billion of assets under management as of January 2025. The firm focuses on control and minority investments in healthcare and related business services sectors.
Since its founding, Revelstoke has completed 195 acquisitions, comprising 30 platform companies and 165 add-on acquisitions. Other recent investments by Revelstoke include MediQuant (August 2024), NakedMD (November 2024), Omega Systems Consultants (January 2025) and CareMax (February 2025).
Previous Ownership
Ridgemont Equity Partners acquired AOM in February 2022. In March 2025, Revelstoke Capital Partners recapitalized AOM Infusion. Ridgemont is a Charlotte-based middle-market buyout and growth equity investor.
Transaction Advisors
Guggenheim Securities, LLC and Houlihan Lokey served as financial advisors and McGuireWoods LLP served as legal counsel to Revelstoke. Jefferies LLC and Moelis & Company served as financial advisors to AOM.
Market Size and Growth
The overall U.S. infusion market is valued at more than $100 billion. The U.S. home infusion market, a segment of the overall market, was valued at $13 billion. The global ambulatory infusion centers market is projected to reach $52.3 billion by 2035, growing at a CAGR of 8.9% from 2025 to 2035. The global infusion therapy market was valued at $38.9 billion in 2025 and is expected to reach 96.4 billion by 2034, at a CAGR of 10.6%.
Market Drivers
There’s a significant shift from traditional hospital settings to alternative sites like ambulatory infusion centers and home infusion. This is driven by lower costs, patient preference for comfort and convenience and technological advancements.
The rising prevalence of chronic diseases like cancer, autoimmune disorders, and neurological conditions, coupled with an aging population, is a major growth driver. A significant portion of new drugs, especially biologics and specialty medications, require infusion. Advancements in treatments for conditions like Alzheimer’s, Parkinson’s, and multiple sclerosis are expected to further fuel demand.
Key drivers for M&A activity in this sector include:
- A move away from hospitals to less expensive and more convenient settings like homes and ambulatory infusion centers
- An aging population, increasing prevalence of chronic diseases, and a robust pipeline of new infusible and specialty drugs are fueling demand
- Home and alternate site infusion therapy can be significantly more cost-effective than hospital-based care
- Patients generally prefer receiving care at home or in comfortable, convenient ambulatory centers
- A significant portion of new drugs require intravenous delivery
- The market is still highly fragmented, offering opportunities for consolidation and platform building by private equity firms
Market Outlook
The outlook for the infusion services sector in 2025 includes:
- M&A activity is expected to remain strong
- Private equity firms are anticipated to continue pursuing tuck-in strategies to build scale and create more comprehensive offerings
- There’s a growing interest in ambulatory infusion centers (AICs) and home-based infusion companies
- Experts predict increased deal volume as interest rates potentially lower and labor costs stabilize
- The market is seeing high valuations, and both buyers and sellers are active
- While there’s a focus on healthcare IT and administrative support services, ambulatory care operators like infusion centers are still attracting investor interest
- The development of new biologic drugs and biosimilars is expected to further expand the demand for infusion services
- Payor and consumer pressure to move infusions out of hospital settings will likely continue to drive growth in alternative sites
- Increased regulatory scrutiny at the federal and state levels is a factor to watch
Challenges and Risks
Key challenges in the specialty infusion market include:
- Labor costs and shortages: Staffing shortages, particularly of skilled nurses, are an ongoing concern. This can lead to longer patient wait times
- Reimbursement complexities: Navigating complex reimbursement processes and ensuring proper documentation and coding can be challenging
- High costs: The initial costs of infusion equipment and therapies can be significant. Specialty drugs, in particular, come with high price tags
- Regulatory complexities: Adhering to Medicare and accreditation guidelines, as well as regulations surrounding medical device approvals, adds complexity
