Specialty Healthcare Services M&A Update

RESOURCE HIGHLIGHTS

• In Q2 2026, the S&P Healthcare Services Select Industry Index increased by 7.4%, but was outperformed by the S&P 500 which saw a 14.0% increase over the same period.
• The median EV/EBITDA multiple for reported private equity deals in the Specialty Healthcare Services sector increased to 19.0x in 1H 2026 from 11.5x in 2025.
• M&A deal volume in the sector decreased 6.6% in Q2 to 184 deals from 197 deals in both Q1 and Q2 of the prior year.
• North America was the most active region in Q2 with 99 deals. Most notably in North America was Ascension’s $3.9 billion acquisition of AmSurg, a Nashville-based ambulatory surgery center, in June 2026.
• Total capital invested in M&A transactions increased 112.5% in Q2 to $8.5B from $4.0B in Q1, primarily due to multiple large-cap transactions including the AmSurg deal, mentioned above.