Kinderhook Industries will acquire Enhabit in a deal value at approximately $1.1 billion, according to a news release.

Enhabit (NYSE: EHAB), 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.

Upon completion of the transaction, Enhabit’s common stock will cease trading on the New York Stock Exchange, and the company will become a privately held entity.

WestView Capital Partners has made a minority investment in Benefits All In (BAI), according to a news release.

BAI, founded in 2014 and based in Cincinnati, Ohio, is a provider of employee healthcare benefit navigation and risk management solutions to employer groups.

WestView, founded in 2004 and based in Boston, is a growth equity firm focused on the middle market. The firm targets investing $20 to $100 million in companies with revenue of at least $10 million and operating profits between $3 and $25 million in several sectors, including healthcare information technology and outsourcing.

Terms of the investment were not disclosed.

Fifty years ago, the United States had 75 car companies. Today, there are fewer than five. The same consolidation dynamics are reshaping physician practice management, says Ezra Simons, a co-founder and partner at Physician Growth Partners, which has been on the leading edge of consolidation in provider practices nationwide. “I think what we’ll see over the next 10 years of physician practice management is mergers of equals.” Those that separate themselves and grow are those that have unique skills to offer their affiliated practices, he says.

In this conversation with McGuireWoods partner and host Geoff Cockrell, Ezra explores how the provider services M&A landscape has evolved since Physician Growth Partners launched: While dermatology was the huge piece of the market then, the activity today is in urology, orthopedics and cardiology. He looks ahead to the next evolution: philosophical alignment among sponsors and private equity groups. “”I think what we’re starting to see are people trying to figure out engagement and provider alignment first and then where to translate that to.”

Arsenal Capital has sold MaxHealth to CenterWell, according to a news release.

MaxHealth, founded in 2015 and based in Tampa, Florida, is a network of primary care facilities for adults and seniors with over 50 locations throughout Florida.

Arsenal, founded in 2000 and based in New York, is a private equity firm specializing in investments in middle market healthcare and specialty industrials companies. The firm typically makes control investments in businesses that can use $50 million to $300 million of equity capital, including funding for add-on acquisitions.

CenterWell is the healthcare services division of Humana (NYSE: HUM).

Terms of the transition were not disclosed. Bloomberg reported the deal would value MaxHealth at close to $1 billion.

Patient Square Capital will acquire Paradigm from OMERS Private Equity, according to a news release.

Paradigm, founded in 1991 and based in Walnut Creek, California, is a specialty care management organization focused people with complex injuries and diagnoses.

Patient Square, founded in 2020 and based in Menlo Park, California, is a dedicated healthcare investment firm. It seeks investments across several healthcare industry subsectors, including products, services and technologies designed to improve health.

OMERS Private Equity is the private equity investment arm of OMERS, the defined benefit pension plan for more than 600,000 municipal employees in the Province of Ontario, Canada.

 Terms of the transaction, which is expected to close in the first half of 2026, were not disclosed.

Ares’ Private Equity Group (Ares) and DaVita will make a strategic investment in Elara Caring, according to a news release.

Elara, founded in 1975 and based in Dallas, is a provider of home care, offering skilled home health, hospice, personal care services, behavioral health and palliative care in 18 states.

Ares (NYSE: ARES) is a global alternative asset manager. Its private equity group had approximately $25 billion of assets under management as of December 31, 2025.

DaVita (NYSE: DVA) is a global kidney care provider

Terms of the investment were not disclosed. The transaction is expected to occur later this year.

Aquitaine Capital has made a majority investment in KidsChoice, according to a news release.

KidsChoice, founded in 2020 and based in Oklahoma City, Oklahoma, is a provider of autism and pediatric therapy services.

Aquitaine, founded in 2024 and based in New York, is a private equity firm that targets majority investments of $10 million to $200 million in North American, family- and founder-owned companies with $3 million to $30 million in EBITDA.

Terms of the acquisition were not disclosed.

From his perspective as CEO and managing partner at Physician Growth Partners, Michael Kroin sees an “interesting time” where different types of buyers are getting into the provider services sector at the same time that payers are aggressively pursuing independent practices.

“You see payers start to have interest in these private equity-backed groups as well or continue to have interest. So, that provides a number of exit opportunities for these private equity-backed groups that they historically haven’t evaluated,” he explained to host Geoff Cockrell.

Tune in to hear Michael discuss how strategic and financial buyers now coexist in a specialty-specific landscape, how M&A activity is reopening downstream after years of balance sheet constraints and why geography matters due to state-level restrictions on the corporate practice of medicine.