2025年第一季度医疗服务PE更新（英）2025

INDUSTRY R ESEARCHQ1 2025 HealthcareServices PE Update PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research Institutional Research GroupAnalysis PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Aaron DeGagne, CFASenior Research Analyst,Healthcareaaron.degagne@pitchbook.com Key takeaways DataCollin AndersonSenior Data Analyst •After a muted year for healthcare services deal activity, 2025 appears poised topresent even greater challenges for dealmaking—even before considering the“Liberation Day” tariff announcements and subsequent market convulsions. pbinstitutionalresearch@pitchbook.com •In March, Sycamore Partners announced its take-private acquisition ofWalgreens Boots Alliance, marking the largest healthcare buyout in recentyears. The deal, backed by over $13 billion in debt, is likely to lead to closures ofunprofitable locations and accelerate the ongoing deprioritization of Walgreens’nascent primary care efforts. PublishingDesigned byDrew Sanders Published on April 22, 2025 Contents •While industry contacts have previously downplayed interest rates as a decidingfactor, renewed uncertainty around inflation and broader economic headwindshas brought rates back into focus. Investors are watching for signs of shifting ratepolicies, though rising uncertainty may force the Fed into a holding pattern. Key takeaways1PE update2Appendix5 •Despite the downturn in PE deals, the past three quarters marked the higheststretch of PE exit activity since 2022. We see this as an indication that extendedhold times are forcing sellers’ hands on valuation. Positive momentum fromWaystar’s successful IPO and R1 RCM’s buyout in November may also be spurringexit activity for PE-backed firms. •In Q1, top areas of deal activity were home-based care (18 deals), dental (12deals), and MSK (9 deals). While home-based care and dental have seen ongoingmomentum, MSK made a surprising appearance near the top of the table. Still,we see scope for continued investor interest—MSK remains an underappreciateddriver of overall care costs and could benefit from greater visibility with digitalhealth platform Hinge Health’s planned IPO. PE update Clickhereto download our healthcareservices taxonomy, which includesdefinitions, key investment drivers, and sectorrisks. Download the complete Excel dataset,including deal activity charts for over 60segments and subsegments,here. In case you missed it, explore our otherrecently published reports: Q4 2024 Healthcare ServicesPE UpdateQ4 2024 Healthcare ITPE UpdateQ4 2024 HealthtechVC Trends While we noted our lack of optimism for PE healthcare services dealmaking in lastquarter’s update, Q1 activity fell short of even our very modest expectations, as estimateddeal volume dropped to its lowest level since the pandemic-induced crash in 2020. Evenaccounting for the inherent variability of estimated transactions, it is clear the sectoris off to a sluggish start so far in 2025. Across the healthcare landscape, the “cautiousoptimism” weobserved at the J.P. Morgan Healthcare Conferencehas faded, replaced byrising volatility, macroeconomic uncertainties, and market-roiling tariff announcements.And while this report analyzes Q1 dealmaking, we suspect the second quarter is also offto a difficult start. Market conditions would need to improve significantly for full-yearactivity to exceed 2024 levels, which were already relatively muted. On a more positivenote, nonprofit hospital margins have finally begun to meaningfully recover and now sitabove 2023 levels, though they remain below pre-pandemic benchmarks.1 Although healthcare services dealmaking took a hit in Q1, the sector outperformedmajor indexes, with CVS Health, Alignment Healthcare, The Oncology Institute, andagilon health each posting gains of over 50%, even as the S&P 500 and Nasdaq fell 5%and 10%, respectively. Despite meaningful headwinds for dealmaking, we see potentialfor relative outperformance given the sector’s lower exposure to tariff risks comparedwith more import-dependent industries. That said, challenges remain for hospitals andhealth systems. While labor pressures are finally beginning to ease, tariffs could drivea new round of margin compression. From a valuation standpoint, the gap betweenpreviously premium subsectors—such as value-based care, behavioral health, andhome-based care—has largely closed. These segments now trade in line with broadersector averages, creating more balanced entry points for investors. One of the quarter’s most notable developments was Sycamore Partners’ $10 billiontake-private of Walgreens Boots Alliance, expected to close in Q4. While significantin scale, the deal underscores long-term headwinds in retail pharmacy, spotlighting Walgreens' ongoing operational challenges and failure to diversi