Specialty Healthcare Services M&A Update

RESOURCE HIGHLIGHTS

• In Q4, the S&P Healthcare Services Select Industry Index increased by 5.5%, outperforming the S&P 500 which saw a 2.0% increase over the same period.
• The median EV/EBITDA multiple for reported private equity deals in the Specialty Healthcare Services sector decreased to 11.5x in 2025 from 14.5x in the prior year, and decreased for strategic deals to 11.8x from 16.4x in 2024.
• M&A deal volume in the sector decreased 9.7% in Q4 to 215 deals from 238 deals in Q3, but increased 4.4% from 206 deals in Q4 of the prior year.
• North America was the most active region in Q4 with 110 deals. Most notably in North America was Cencora’s $7.4 billion acquisition of OneOncology, a Tennessee-based operator of hospital and clinical networks managing independent oncology practices, in December 2025.
• Total capital invested in M&A transactions increased 93.1% in Q4 to $13.9B from $7.2B in Q3, primarily due to the OneOncology deal mentioned above. Comparatively, the largest deal in Q3 was United Health’s $3.4 billion acquisition of Amedisys.