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Submission: On November 29 via api from CA — Scanned from CA
Effective URL: https://pitchbook.com/news/articles/private-equity-healthcare-services-Q3-2022
Submission: On November 29 via api from CA — Scanned from CA
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* Request a free trial Log in * Products * Solutions * Data * News & Analysis * About * Blog Log in Request a free trial NEWS & ANALYSIS driven by the PitchBook Platform Articles Research Center All articles All * Venture capital * Private equity * M&A * Tech * Europe * Leveraged loans Research Center Subscribe Healthcare PE CONTINUES TO SNATCH UP HEALTHCARE SERVICES COMPANIES FOR ROLL-UP PLAYS By Madeline Shi November 28, 2022 * Share: * * * * The healthcare services sector has continued to attract private equity investors this year. While opportunities for platform acquisitions have shrunk, relatively steady add-on activity suggests PE investments are still fueling the consolidation trends in this highly fragmented segment. Private equity firms and PE-backed companies struck an estimated 725 healthcare services deals during the first three quarters of 2022, according to PitchBook's latest Healthcare Services Report. That's already higher than 2020's tally, but the pace is unlikely to surpass last year's record, which was an anomaly, said PitchBook PE analyst Rebecca Springer, who authored the report. PE deal activity in healthcare services overall stayed robust. Add-ons, which have always accounted for the largest portion of deal activity in the sector, were in line with historical levels. At the same time, growth investments remained strong, with investors having already completed 73 deals in the first three quarters, according to PitchBook data. However, the number of platform acquisitions fell short of the figures recorded for previous years: Only 43 platform deals were struck through Q3, about 6% of all PE deal activity, PitchBook data shows. PE firms have held back from auctioning their platform companies as they face rising market uncertainties, valuation declines and difficulty in price discovery, Springer said. "A firm isn't going to bring a platform to the market if they don't think that they will get a fair value for it, or if there's a lot of market uncertainty," she said. In contrast, those same market conditions can push small healthcare players to seek buyers. For instance, small, independent medical practices are more motivated to sell themselves to a PE-backed platform when they face margin pressures and operating challenges, Springer said. Looking ahead, cash-rich PE investors are expected to continue to pump money into the healthcare services industry, which is typically considered more recession-resistant. There will be exceptions, though. Certain segments, such as nursing homes, home healthcare and behavioral health, may experience a relatively slowing pace of dealmaking, as they face headwinds ranging from staffing shortages to reimbursement pressures. Investors will take longer to find new valuations amid such factors, Springer said. > Related read: Q3 2022 Healthcare Services Report Featured image by Monster Ztudio/Shutterstock * Share: * * * * Tags: * Healthcare * Private Equity * M&A COMMENTS: Leave a comment Name Business email Website (Optional) Comment THANKS FOR COMMENTING Our team will review your remarks prior to publishing. Please check back soon to see them live. Join the more than 1.5 million industry professionals who get our daily newsletter! First name Last name Business email I agree to receive PitchBook Data's electronic newsletters, updates, promotions and related messages regarding PitchBook Data's products. You can unsubscribe at any time by clicking on the unsubscribe link at the bottom of our emails. Please refer to our privacy policy or contact us for more details. RELATED CONTENT M&A Slump puts more startups on path to acquisition by other startups November 23, 2022 Startups at risk of running out of capital may have no choice but to sell to larger VC-backed companies. Healthcare Exclusive: Grant Avenue Capital launches Helios Clinical Research November 17, 2022 Grant Avenue's roll-up of 20 clinical research sites is the latest example of a PE firm capitalizing on a hyper-fragmented market segment. Global League Tables Global league tables: Q3 2022 November 17, 2022 PitchBook's Q3 2022 Global League Tables in full are below, presented in an interactive format. 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