Healthcare Trends

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to National Radiology Solutions in its sale to Premier Radiology, a portfolio company of Grovecourt Capital Partners.

Cain Brothers developed a relationship with the founder, Robb Kolb, and discussed potential transaction alternatives. Collectively, the team decided to run a targeted process due to preemptive interest, with the option to expand into a broad sale if needed.

Premier Radiology is a leading provider of teleradiology solutions in outpatient settings across the United States, delivering fast, accurate, and secure medical image interpretations. Founded in 2006 and headquartered in Deerfield Beach, Florida, the company interprets over three million medical images annually through a network of more than 165 board-certified, fellowship-trained radiologists.

Grovecourt is a private equity firm based in West Palm Beach, Florida, specializing in investments in founder-led and family-owned businesses in the lower middle market business services and healthcare services sectors.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to FHN in its affiliation with Mercyhealth. 

After years of discussion, FHN elected to pursue a change-of-control transaction with the goals of improving the organization’s cost structure and injecting outside capital. Cain Brothers led a competitive process, resulting in two fully negotiated letters of intent. The Board selected Mercyhealth, out of Rockford, Illinois, who committed to contribute a minimum of $100 million over five years. The transaction was signed on September 30, 2025, and closed on December 31, 2025.

FHN is a regional healthcare system serving northwest Illinois and southwest Wisconsin. FHN is headquartered in Freeport, Illinois and consists of a 100-bed full-service hospital known as FHN Memorial Hospital, 16 outpatient sites that treat over 45 specialties, a comprehensive Cardiovascular Center and a leading Cancer Center. Over 1,500 people visit FHN each day, and FHN is one of the leading employers in northwest Illinois.

Mercyhealth is an Illinois not-for-profit system serving northern Illinois and southern Wisconsin. Mercyhealth operates five acute-care hospitals with over 500 beds, a large multi-specialty physician group, over 85 primary and specialty care clinics, a rehabilitation hospital, and a significant home health and hospice business. Mercyhealth was created after the merger of Mercy Health in Janesville, Wisconsin and Rockford Health System in Rockford, Illinois. Mercyhealth produced $1.3 billion in revenue in 2025.

KeyBanc Capital Markets and Cain Brothers successfully closed the syndication of $1.07 billion Senior Secured Credit Facilities for US Fertility Enterprises, LLC, a portfolio company of Amulet Capital Partners and L Catterton Partners. 

Proceeds from the transaction supported the recapitalization of US Fertility, which included a new equity investment led by L Catterton and the Company’s acquisition of Genetics & IVF Institute.  The financing was comprised of a $120 million Revolving Credit Facility, an $825 million Term Loan B, and a $125 million Delayed Draw Term Loan. 

KBCM was selected to serve as Joint Lead Arranger and Administrative Agent based on Cain Brothers’ expertise in the women’s health space, our long-standing relationship with Amulet Capital Partners, and our best-in-class leveraged finance platform.

US Fertility is the largest fertility group in the U.S., offering a broad range of assistive reproductive technology services and ancillary life sciences offerings. Since 2021, the Company has grown from ~85 physicians across 59 locations to the leading IVF platform in the nation with over 200 physicians across 118 treatment locations and 32 embryology labs.

Founded in 2015, Amulet Capital Partners is a middle-market private equity firm focused exclusively on making investments in the broader healthcare industry. They have $2.7 billion in AUM and are currently investing out of their third fund. Amulet partners with strong businesses across high-conviction, high-growth subsectors within the broader life sciences outsourcing, healthcare provider, and payor and payor services ecosystems.

Founded in 1989, L Catterton is the largest consumer-focused private equity firm in the world, with over $38 billion of equity capital across nine fund strategies in 18 offices globally. They have $38 billion in AUM and have extensive experience in consumer healthcare and multi-site service platforms. L Catterton has an operationally focused value creation approach, augmented by a deep operating team with highly differentiated capabilities. 

Cain Brothers, a division of KeyBanc Capital Markets, acted as buy-side advisor to Gauge Capital on its acquisition of Reliable Medical from Seven Hills Capital.

Cain Brothers maintains an ongoing dialogue with Gauge on M&A opportunities and was engaged based on our expertise in the Complex Rehabilitation Technology sector. Cain provided tactical and strategic process-related recommendations and insight, while advising Gauge on valuation and key diligence topics. The mandate further bolsters our credentials in the broader DME sector and as a trusted advisor to private equity firms.

Reliable Medical is a provider of CRT and related mobility and home medical equipment solutions across the U.S. Reliable specializes in the evaluation, fitting, assembly, and service of custom mobility solutions for patients with severe and permanent mobility impairments. The Company has built a strong reputation as a trusted clinical and service partner to patients, referral sources, and payors through its experienced Assistive Technology Professionals and high-touch service model. Reliable was founded in 1989 and is headquartered in Nashville, Tennessee.

Gauge Capital is a middle-market private equity firm based in Southlake, Texas. Gauge invests in five key sectors: business services, food & consumer, government & industrial services, healthcare, and technology. The firm manages more than $3 billion in capital.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, Inc., successfully closed a financing in support of Sevita, a portfolio company of Centerbridge Partners, Madison Dearborn Partners, and The Vistria Group.

Proceeds from the financing were used to acquire BrightSpring Health’s Community Living division and to refinance existing indebtedness. The transaction consisted of a $314 million Revolving Credit Facility, a $875 million Term Loan B, a $375 million Delayed Draw Term Loan B, and $1.275 billion of Senior Secured Notes.

Sevita is a national provider of home and community-based services to specialized, complex patient populations with a range of medical, behavioral, and social needs. Since being founded in 1980, the Company has evolved from a single residential program to a diversified network operating across 40 states with 43,900+ individuals served.

Centerbridge Partners is a New York City-headquartered private investment firm with $18 billion of capital commitments and $38 billion of AUM. Founded in 2005, Centerbridge seeks to back strong management teams to drive operational improvements and other value creation strategies.

Founded in 1992, Madison Dearborn Partners is a Chicago-based private equity firm, with $19 billion of committed capital, focusing on the Basic Industries, Financial Services, Healthcare, and Technology & Government sectors.

Headquartered in Chicago and founded in 2013, The Vistria Group is a private equity firm focused on investing in the Education, Financial Services, and Healthcare sectors with $7 billion of AUM across 40+ portfolio companies.

KeyBanc Capital Markets and Cain Brothers, together with the KeyBank Beach Point Direct Lending Program, successfully closed on $350 million of Senior Secured Credit Facilities for Wedgewood Pharmacy, a portfolio company of Partners Group.

The Credit Facilities supported a refinancing of the Company’s existing debt and consisted of a $40 million Revolving Credit Facility and a $310 million Unitranche Term Loan.

Wedgewood, based in Swedesboro, New Jersey, is the nation’s leading compounding pharmacy dedicated to animal health. Since 1991, it has served veterinarians and animals of all species by providing high-quality, customized medications. The Company operates six compounding and outsourcing facilities across the U.S., along with an analytical testing laboratory, ensuring safe and efficient production of tailored medicines.

Partners Group is one of the largest firms in the global private markets industry, with around 2,000 professionals and over $174 billion in assets under management globally. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. The firm is based in Switzerland with a primary presence in the Americas in Colorado.

Cain Brothers, a division of KeyBanc Capital Markets, acted as exclusive financial advisor to Blue Cross and Blue Shield of Kansas City ("KC") on its pending affiliation with Highmark, Inc ("Highmark"). 

Cain Brothers was engaged to identify an optimal partner that could help achieve efficiencies, add new capabilities, and drive more affordable health care. Through this affiliation, Blue KC will maintain its local leadership, brand, and commitment to accessible and affordable health care, while gaining access to Highmark’s scale, diversified businesses and leading technology capabilities. This affiliation further solidifies Cain Brothers’ managed care franchise and demonstrates its unparalleled experience advising BCBS plans.

Serving members since 1938, Blue Cross and Blue Shield of Kansas City is the largest not-for-profit health insurer in Missouri and the only not-for-profit commercial health insurer in Kansas City.  Blue KC provides health coverage services to more than one million residents in the greater Kansas City area, including Johnson and Wyandotte counties in Kansas and 30 counties in Northwest Missouri. Blue KC's mission: to provide affordable access to healthcare and to improve the health of its members.

An independent licensee of the Blue Cross Blue Shield Association, Highmark, Inc., together with its affiliates, collectively comprise the fifth largest overall Blue Cross Blue Shield-affiliated organization in the country with more than 7 million members in Pennsylvania, Delaware, West Virginia, and western and northeastern New York. Its diversified businesses serve group customer and individual needs across the United States through dental insurance and other related businesses.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Retina-Vitreous Associates Medical Group (“LA Retina”) on its strategic affiliation with Retina Consultants of America (“RCA”), a leading management services organization of retina specialists. Financial terms were not disclosed.

Cain Brothers was engaged to serve as LA Retina’s exclusive financial advisor due to its extensive history of advising physician practices, expertise in ophthalmology and retina, and deep relationships with the relevant buyers. Cain Brothers conducted a competitive marketing process to identify the right partner for LA Retina. This transaction continues Cain Brothers’ strong record in the multi-site physician services sector and is the eighth retina specialty practice Cain Brothers has represented since 2020.

Founded in 1977, LA Retina provides comprehensive medical and surgical care for retinal, macular, and vitreous conditions across Southern California. The practice also offers advanced diagnostic imaging, intravitreal injections, laser treatments, and access to clinical research trials for patients with complex eye diseases. LA Retina’s 11 board-certified and fellowship-trained ophthalmologists take an individualized approach to care that enables patients to receive personalized treatment plans focused on preserving and restoring vision.

RCA is a network of leading retina specialists with the mission of saving sight and improving patient lives through innovation and the highest quality care. Through RCA’s physician-centered practice management model, physicians continue to drive clinical care and practice culture, while benefitting from the business expertise, resources, and shared best practices available through RCA. Physicians across the RCA network conduct more than 2 million visits annually, delivering high-quality care to patients in 23 states. For more information about RCA and its network of practices, please visit www.retinaconsultantsofamerica.com. 

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to ScriptDrop in its sale to GoodRx.

Cain Brothers was engaged to find the optimal buyer and solicited a broad universe of strategic buyers who would value ScriptDrop’s unique business model and proprietary technology. This transaction continues Cain Brothers’ strong track record of representing innovative HealthTech businesses and demonstrates its ability to execute complex transactions.

ScriptDrop partners with retail pharmacies, providers and payors to enable same-day and next-day delivery of medications nationwide. The Company’s technology integrates with major pharmacy management systems to streamline workflows so patients have access to prescription medications and drive improved adherence. The Company aligns incentives by driving value for patients, pharmacies, payors and pharmaceuticals.

GoodRx (NASDAQ: GDRX) is a leading, consumer-focused digital health platform founded to solve the challenges that patients face in understanding, accessing and affording healthcare. The platform offers subscription savings programs, manufacturer-sponsored solutions, and telehealth services – enhancing affordability and convenience across the healthcare journey. Since 2011, GoodRx has helped over 30 million Americans save more than $85 billion.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Tenor Health Foundation in its pending acquisition of three hospitals from affiliates of Community Health Systems, Inc. (NYSE: CYH). Cain Brothers was also engaged to arrange debt financing associated with the transaction.

Tenor Health entered into a definitive agreement to acquire 186-bed Regional Hospital of Scranton and 122-bed Moses Taylor Hospital in Scranton, Pennsylvania and 369-bed Wilkes-Barre General Hospital in Wilkes-Barre, Pennsylvania from Commonwealth Health, a subsidiary of Community Health Systems. Rosemawr Management is providing the acquisition financing.

The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the fourth quarter of 2025. Terms are not being disclosed.

With a mission rooted in advancing equitable and innovative care, Tenor Health Foundation was formed to identify, own, manage, and turn around financially challenged hospitals. They are committed to the needs of a community, providing compassionate care, and delivery quality patient outcomes.

Community Health Systems owns or leases 70 affiliated hospitals in 14 states, with more than 10,000 beds, and operates more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. CHS reported consolidated revenues of $12.6 billion for the last 12 months ending 9/30/2025.

Cain Brothers, a division of KeyBanc Capital Markets, is serving as the exclusive advisor to CommonSpirit Health in its sale of Trinity Health System. CommonSpirit and University of Pittsburgh Medical Center have publicly announced the signing of a non-binding letter of intent to integrate Trinity into the UPMC system.

Cain Brothers was engaged based on our expertise in the hospital and health system sector and strong understanding of the local market.  Cain Brothers engaged with parties interested in continuing Trinity’s mission, leading to a letter of intent with UPMC. Over the next several months, both parties will work towards a definitive agreement, pending customary regulatory review and approvals.

CommonSpirit Health is one of the nation’s largest nonprofit Catholic health systems, delivering over 20 million patient encounters annually across 138 hospital-based locations and 2,300 care sites. Serving 24 states, CommonSpirit Health employs 160,000 team members, including 45,000 nurses and 25,000 physicians.

Trinity Health System, based in Steubenville, Ohio, is a member of CommonSpirit. With a full network of hospitals, physician practices, and specialty services across the Ohio Valley, Trinity Health System is committed to improving community health with excellence and faith-driven service.

UPMC is a leading nonprofit health care provider and insurer headquartered in Pittsburgh. With 100,000 employees and 5,000 physicians, UPMC operates 40 hospitals and 800 outpatient sites across Pennsylvania, New York, Maryland, and overseas. UPMC’s insurance services cover more than 4 million members. UPMC invests nearly $2 billion annually in community benefits, the most of any health system in Pennsylvania.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to HonorHealth in its proposed acquisition of Evernorth Care Group from The Cigna Group.

Cain Brothers advised HonorHealth throughout a competitive process, providing strategic guidance, diligence support, and transaction execution. The transaction expands HonorHealth’s footprint in the Phoenix area and underscores its commitment to delivering coordinated, high-quality care.

HonorHealth is a leading health system with a 100+ year legacy of providing care to the more than 5 million people across the greater Phoenix area. The system operates nine acute care hospitals and a broad network of primary, specialty, and urgent care locations. HonorHealth focuses on expanding access and enhancing care delivery through strategic partnerships and innovation.

Evernorth Care Group provides care to patients in 18 locations across the Phoenix area, serving nearly 200,000 patients. The organization has a 50-year history of providing integrated, high-quality, affordable care and is recognized for its team-based, patient-centered model.  

The Cigna Group (NYSE: CI) is a global health company serving individuals and communities worldwide through its divisions, including Cigna Healthcare and Evernorth Health Services.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, successfully closed the syndication of Senior Credit Facilities for MDVIP, Inc., a portfolio company of Goldman Sachs Asset Management and Charlesbank Capital Partners.

The Credit Facilities consist of a $70 million Revolving Credit Facility and $910 million Term Loan B. Proceeds were used to refinance existing indebtedness and fund a shareholder distribution. KBCM acted as Joint Lead Arranger and Joint Bookrunner.

Founded in 2000, MDVIP is a leading provider of membership-based private healthcare services that offers members highly personalized preventative care and related services through its national network of affiliated physicians. MDVIP provides comprehensive, advanced health screenings and diagnostic tests that are not typically covered by commercial insurance or Medicare. 

GSAM is one of the world’s leading investment managers. With more than 2,000 professionals across 34 offices globally, GSAM delivers investment and advisory solutions to institutional and individual investors. Its strategies span asset classes, industries, and geographies, including fixed income, money markets, public equity, commodities, hedge funds, private equity, and real estate.

Charlesbank, founded in 1998 and based in Boston, Massachusetts, is a private equity firm focused on middle-market investments. The firm targets opportunities across a broad range of sectors, including technology, healthcare, financial services, industrials, consumer, media, and infrastructure, with a geographic focus on the U.S., Canada, Asia, Israel, and the U.K.