Specialty Healthcare Services M&A Update

RESOURCE HIGHLIGHTS

• In Q3, the S&P Healthcare Services Select Industry Index increased by 1.9%, but was outperformed by a 7.9% increase in the S&P over the same period.
• The median EV/EBITDA multiple for reported private equity deals decreased to 11.5x in YTD 2025 from 14.5x in 2024 and decreased for strategic deals to 11.8x from 16.4x in the prior year.
• M&A deal volume in the sector increased 20.8% in Q3 to 238 deals from 197 deals in Q2 and increased 22.7% from 194 deals in Q3 of the prior year.
• North America was the most active region in Q3 with 147 deals. Most notably in North America was United Health Group’s $3.4 billion acquisition of Amedisys, a Louisiana-based provider of home healthcare services, in August 2025.
• Total capital invested in M&A transactions decreased 62.3% in Q3 to $7.2B from $19.1B in Q2 in large part from Aster DM Healthcare’s $8.5B acquisition of CARE Hospitals in April 2025.