Ampersand Capital Partners has announced the closing of a new fund.

The fund, Ampersand 2026 Limited Partnership, is Ampersand’s twelfth primary fund since 1992. It closed with $1.5 billion in limited partner commitments and was oversubscribed.

Ampersand, founded in 1988 and based in Wellesley, Massachusetts, is a middle market private equity firm with a focus on growth equity investments in the healthcare sector within North America, Europe and the Asia–Pacific region. The firm typically pursues majority or minority positions in companies generating between $10 million and $200 million in revenue and positive EBITDA.

Align Capital Partners (ACP) has announced the acquisition of Heritage Imaging.

Heritage, founded in 1989 and based in Boise, Idaho, is a provider of mobile diagnostic imaging services to hospitals and healthcare facilities.

ACP, founded in 2016 and based in Shaker Heights, Ohio, is a growth-oriented private equity firm focused on making control investments in lower middle market companies across North America with up to $15 million of EBITDA. 

Terms of the acquisition were not disclosed.

Frazier Healthcare Partners has acquired Altruix from WindRose Health Investors, according to a news release.

Altruix, founded in 2005 and based in Hunt Valley, Maryland, is a behavioral health pharmacy platform serving patients with severe mental illness, substance use disorders, and intellectual and developmental disabilities (IDD). 

Frazier, founded in 1991 and based in Seattle, is a provider of private equity capital to healthcare companies. The firm prefers to make more substantial investments from a dollars perspective and pursues a wide range of investment types, including company creation and venture capital to buyouts of profitable lower-middle market companies.

WindRose, founded in 2000 and based in New York, pursues equity investments in healthcare companies. The firm invests in a broad range of industry segments, including outsourced services to payors and health systems, technology-enabled services, healthcare providers and value-added distribution.

Terms of the transaction were not disclosed.

McGuireWoods partner and host Geoff Cockrell invites colleague Amy Cassalia — whose practice is heavily weighted on life sciences transactions — to share insights about the post-closing period of these complex deals. The wide-ranging conversation covers the dynamics of “contingent consideration,” investor risk and buyers’ leverage.

Amy explains why she sees high-level use of contingent payments in life sciences deals and why the term “commercially reasonable” often becomes critical when a deal spirals into litigation. Stay tuned as she unpacks leading trends. Top among them? The increasing use of earn-outs.

In this episode of the Becker Private Equity and Business Podcast, Amber Walsh, Partner at McGuireWoods, discusses the structure and scale of the Veterans Health Administration, the growing role of private providers and contractors within the VA system, and the policy and procurement dynamics shaping veteran healthcare today.

McGuireWoods has released its “HCPE 2026 White Paper: Private Equity in Healthcare and Life Sciences — An Updated Review of 20+ Select Subsector Investment Areas.”

The white paper examines investment trends, opportunities, and challenges across more than 20 healthcare and life sciences subsectors, including behavioral health, cardiology, women’s health, revenue cycle management, ancillary services, and life sciences infrastructure.

Key topics include the role of AI as a value-creation lever, the ongoing shift toward outpatient and home-based care, and the impact of regulatory and reimbursement pressures on deal activity.

Request your copy of the McGuireWoods white paper.

Bregal Sagemount has made a strategic growth investment in LSPedia, according to a news release.

LSPedia, founded in 2013 and with its U.S. headquarters in Farmington Hills, Michigan, is a provider of compliance, traceability and supply chain software to the pharmaceutical industry.

Sagemount, founded in 2012 and based in New York, is a growth-focused private equity firm that invests in healthcare IT and services and several other sectors. The firm seeks to invest $20 million to $400 million per equity transaction into control and non-control positions, typically as the lead investor.

Terms of the investment were not disclosed.

Albaron Partners has announced the close of its flagship fund.

The fund, Albaron Healthcare Opportunities I, closed with $185 million. It was oversubscribed.

Albaron, founded in 2017 and based in New York, is a lower middle market private equity firm. The firm focuses on investing in North American healthcare and healthcare services companies generating between $1 million and $10 million in EBITDA.

Salt Creek Capital has announced the acquisition of MML Diagnostics Packaging.

MML, founded in 1964 and headquartered in Troutdale, Oregon, is a contract manufacturer and packager of in-vitro diagnostic devices and single-use medical devices.

Salt Creek, founded in 2009 and based in Woodside, California, is a private equity firm that invests in the lower middle market across healthcare and other industries. The firm pursues a variety of investment types in U.S. and Canadian companies with EBITDA or annual cash flow greater than $750,000 and up to $20 million.

Terms of the acquisition were not disclosed.

Kinderhook Industries has completed its acquisition of Enhabit, according to a news release.

The deal was valued at approximately $1.1 billion.

Enhabit, founded in 2022 when it was spun off from Encompass Health Corp. and based in Dallas, is a national home health and hospice provider.

Kinderhook, founded in 2003 and based in New York, is a middle market private equity firm. The firm specializes in management buyouts of entrepreneurial-owned businesses operating in healthcare services and a few other sectors.

With the transaction completed, Enhabit’s common stock has ceased trading on the New York Stock Exchange and the company has become a privately held entity.