Specialty Healthcare Services M&A Update

RESOURCE HIGHLIGHTS

• In Q1 2026, the S&P Healthcare Services Select Industry Index decreased by 8.0%, which was outperformed by the S&P 500 which saw a 7.1% decrease over the same period.
• The median EV/EBITDA multiple for reported private equity deals in the Specialty Healthcare Services sector increased to 15.4x in Q1 2026 from 11.5x in 2025.
• M&A deal volume in the sector decreased 8.4% in Q1 to 197 deals from 215 deals in Q4, and decreased 1.5% from 200 deals in Q1 of the prior year.
• North America was the most active region in Q1 with 122 deals. Most notably in North America was GTCR’s $2.4 billion acquisition of Dentalcorp Health Services, a Toronto-based holding company of dental service providers, in January 2026.
• Total capital invested in M&A transactions decreased 71.2% in Q1 to $4.0B from $13.9B in Q4, primarily due to multiple large-cap
  transactions in the previous quarter, including Cencora’s $7.4B acquisition of OneOncology, in December 2025.