Q2 2024

Specialty Healthcare Services M&A Update

In Q2, the S&P Health Care Services Select Industry Index declined 4.1% and was outperformed by the S&P 500, which increased 4.1% over the same period.
The median EV/EBITDA multiple for reported PE deals was 8.1x in 1H 2024, a decrease from 8.8x in 2023, while reported EV/EBITDA multiples on strategic buyer deals rose from 8.0x to 16.4x in the same period.
M&A deal volume decreased 1.0% in Q2 2024 to 189 deals from 191 in Q1, and decreased 35.1% from 291 in Q2 of the prior year.
Total capital invested in M&A deals in the Specialty Healthcare Services sector decreased 8.7% in Q2 to $2.1B from $2.3B in Q1, and decreased 88.0% from $17.5B in the same period of the prior year.
North America was the most active region in Q2 with 130 deals. Most notably in the North American market was a $772.5MM investment in Radiology Partners in June 2024 led by Australia Future Fund.