It has been a busy spring for private equity (PE) firms, with nearly 100 deals announced since the start of the second quarter and 45 in May. PE investors are still focused on the usual verticals, such as physician groups (16 deals in May), but our data shows varying degrees of interest in other sectors. Let’s dive into the top PE days for May to see what investors have been targeting this month.
PE-Backed Qualtrics buys Press Ganey Forsta
In a $6.75 billion transaction, Qualtrics has acquired Press Ganey Forsta, showcasing the high demand for AI-services in healthcare. Press Ganey Forsta is an AI-powered experience management and data analytics platform. More than 41,000 healthcare facilities rely on Press Ganey Forsta measurement systems, including the majority of U.S. hospitals. It was formed when healthcare performance company Press Ganey acquired the global market research technology firm Forsta.
Qualtrics is a cloud-based software platform for collecting, organizing, and analyzing feedback data. It runs a corporate platform focused on Experience Management that handles everything from customer experience and product experience to employee experience and so on. These tools can integrate with major corporate ecosystems, including Salesforce, Tableau and various healthcare analytics platforms. The company was founded in 2002 but was acquired by private equity firm Silver Lake and the Canada Pension Plan Investment Board (CPP Investments) in June 2023.
According to the press release, the acquisition “expands the world’s largest proprietary human Experience Management AI & data platform with the scale and depth of the world’s largest healthcare experience dataset.”
Knox Lane takes Cross Country Healthcare private
Knox Lane announced early this month it was buying Cross Country Healthcare, Inc., one of the largest staffing firms in the healthcare industry, for $437 million. Upon completion of the transaction, Cross Country will become a privately held platform company in Knox Lane’s portfolio and will cease trading on the NASDAQ.
Cross Country Healthcare provides healthcare staffing and workforce solutions in the United States. Based in Boca Raton, Florida, Cross Country Healthcare provides healthcare staffing and workforce solutions to more than 3,000 healthcare facilities in the United States and the Caribbean. According to its most recent annual report, Cross Country had revenues of more than $1.05 billion during 2025 and EBITDA of $26.8 million. However, in its recently released Q1:26 report, the company reported a 17.8% year-over-year decline in revenue to $241.1 million.
In 2024, the company attempted to merge with Aya Healthcare, Inc. in a $615 million deal. But in December 2025, the merger was called off because the companies were unable to meet the HSR Act waiting period due to the 43-day government shutdown.
The Carlyle Group snaps up two revenue cycle management firms
Announced in the first week of May, The Carlyle Group purchased two revenue cycle management firms, Knack RCM and EqualizeRCM. Headquartered in Austin, Texas, EqualizeRCM provides revenue cycle management services to physicians, hospitals, ambulatory surgery centers, labs, and other healthcare providers and investors throughout the United States. Knack RCM is based in New Jersey and has a workforce of nearly 6,000 employees. Its client base includes physician groups, durable medical equipment suppliers, and surgical and ambulatory care centers. Knack was sold by LKCM Headwater Investments/
Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners VI and Carlyle Asia Partners Growth II.
Amid payer complexity, constant regulatory changes, and financial pressure, healthcare organizations rely on revenue management firms to stabilize their finances, making these firms a strong draw for investors.
ArchiMed buys Esperion Therapeutics, Inc.
Esperion Therapeutics, a publicly traded biotechnology company based in Ann Arbor, Michigan, was purchased by Archimed in a $1.1 billion deal. The biotech firm focuses on the discovery and development of therapies that use high-density lipoprotein, or good cholesterol, to treat cardiovascular disease. Esperion reported full-year 2025 revenue of $403.1 million.
ArchiMed is an independent private equity investment firm focused exclusively on the healthcare industry. It has directly managed and invested in more than 80 companies with a combined value of $50 billion. Its mix of operational, medical, scientific and financial expertise allows the ArchiMed team to serve as a strategic and financial partner to European and North American small and middle-market businesses.
The upfront cash consideration represents a 58% premium over Esperion’s closing share price on April 30, 2026.
Following completion of the transaction, Esperion will become a privately held company and its common stock will no longer be listed on the NASDAQ.
