The provider services M&A market is probably approaching 50% of peak deal volume — well below historical norms — yet J. Kyle Brown sees real momentum building. Kyle is managing director and lead of the provider services group at Brown Gibbons Lang & Company.

In this conversation with McGuireWoods partner and host Geoff Cockrell, Kyle unpacks how, after holding over a hundred private equity provider services assets for six years, demand finally feels different — the first real shift since early 2023.

They examine the evolution from TopCo MSO equity to near-term incentive structures and discuss which subsectors — ASCs, infusion, ENT and interventional pain — are drawing the most investor attention. 

TELEO Capital Management has announced it has acquired SmartFactory Rx from Applied Materials.

SmartFactory Rx is a pharmaceutical manufacturing intelligence platform.

TELEO, founded in 2018 and based in Boise, Idaho, is a private equity firm targeting opportunities in healthcare IT, software and technology, business services and industrial sectors. The firm prefers to invest $10 million to $30 million per platform in companies with $10 million to $100 million in revenue.

Applied Materials (NASDAQ: AMAT), founded in 1967 and based in Santa Clara, California, is a global supplier of semiconductor manufacturing equipment.

Terms of the transaction were not disclosed. SmartFactory has been rebranded as Modersys as part of the transaction.

In this episode of the Becker Private Equity & Business Podcast, Amber Walsh, Partner at McGuireWoods, discusses how AI is reshaping the legal and healthcare industries, the leadership skills organizations need to navigate rapid change, and why clear communication and decisive action are critical for long-term success.

In this episode of the Becker Private Equity & Business Podcast, Holly Buckley, chair of the McGuireWoods’ healthcare department, discusses the current state of the healthcare private equity market, why alignment is critical to closing successful deals, and how leadership, culture, and AI adoption are shaping organizations built to last.

Incline Equity Partners has announced an investment in West Physics.

West Physics, founded in 2002 and based in Atlanta, is a provider of medical and health physics testing and consulting services.

Incline, founded in 2011 and based in Pittsburgh, Pennsylvania, .is a private equity firm that invests across the middle market in services, value-added distribution, software and technology, and specialized light manufacturing companies. The firm generally pursues buyouts, corporate divestitures and minority recapitalizations in U.S. and Canadian companies with enterprise values of $25 million to $750 million.

Terms of the investment were not disclosed.

TA Associates has made a growth investment in AIRS Medical, according to a news release.

AIRS Medical, founded in 2018 and headquartered in Seoul, South Korea, with a U.S. office in Schaumburg, Illinois, is a global provider of AI solutions for medical imaging.

TA, founded in 1968 and based in Boston, considers a range of investment types, from minority to majority investments. The firm invests in healthcare and several other sectors.

Terms of the investment were not disclosed.

Compliance is no longer a fire drill to be ignored. Wiks Moffat, founder and CEO of Calyx Compliance with 30 years of healthcare compliance experience, says the enforcement environment has accelerated, with AI now helping regulators spot outliers.

In conversation with McGuireWoods partner and host Geoff Cockrell, Wiks explains how most companies still aren’t doing enough self-assessment, how billing and coding is almost always where scrutiny begins, and how compliance can generate a clear ROI by surfacing missed revenue opportunities post-acquisition.

Tune in for guidance on compliance staffing thresholds and why sellers should start due diligence 18 months ahead.

Cleargate Capital Partners has invested in Fellow Health Partners, according to a news release.

Fellow, founded in 2017 and based in Great River, New York, is a provider of revenue cycle management services to physician groups, ambulatory surgery centers and healthcare organizations.

Cleargate, founded in 2025 and based in Chicago, is a healthcare-focused private equity firm that targets founder-led, lower middle market businesses in the U.S. and Canada. The firm seeks to make investments between $10 million to $40 million, prefers majority buyouts or recapitalization, and will consider minority growth capital investments

Terms of the investment were not disclosed.

In this episode of the Becker Private Equity & Business Podcast, Amber Walsh, Partner at McGuireWoods LLP, explores why infusion services have become a magnet for private equity investment, using the SinglePoint acquisition of Helix Infusion Services to illustrate the broader trends shaping the space.

Arlington Capital Partners has announced it has agreed to sell Riverpoint Medical to Novanta.

Riverpoint, founded in 2008 and based in Portland, Oregon, designs, develops and markets medical devices for the healthcare and veterinary markets. The company specializes in the production of surgical solutions — including fiber-based, polymer and bioabsorbable devices and structures — critical to life-saving medical procedures.

Arlington, founded in 1999 and based in Washington, D.C., is a private equity firm specializing in government-regulated industries, including healthcare.

Novanta (NASDAQ: NOVT), founded in 1968 and based in Bedford, Massachusetts, designs and manufactures components and subsystems for medical, life science and industrial applications, with a strong focus on photonics, vision systems and precision motion technologies. 

Arlington is selling Riverpoint to Novanta for a total enterprise value of $1.45 billion, comprised of upfront cash consideration of $1.2 billion and a milestone payment of $250 million in the first quarter of 2027.