Chicago is a top-five US healthcare M&A market. This list covers 12 firms active in 2026 - with deal sizes, sector focus, and what each one does well.
How Chicago healthcare M&A works
Healthcare is Chicago's second-largest M&A sector after industrials. Advisors here close hospital, health tech, pharma services, and behavioral health deals year-round.
The Chicago buyer pool spans national PE firms, hospital systems, and strategic acquirers. Your advisor needs relationships across all three categories to run a real process.
Healthcare deal timelines in Chicago average five to eight months. Regulatory requirements and compliance reviews add time that advisors without sector experience don't anticipate.
Ellty's virtual data room lets you stage HIPAA-sensitive files and compliance docs before buyers start diligence. Organized files reduce delays on day one.
What separates Chicago healthcare advisors
The strongest Chicago healthcare advisors close 8-12 sector transactions per year. Generalists who also cover industrials or consumer won't know your buyer pool.
Healthcare deals require regulatory fluency. Your advisor should understand CON laws, HIPAA compliance reviews, and state licensure transfer requirements before buyers ask.
Health tech acquisitions in 2025-2026 are attracting PE funds new to healthcare. An advisor who can explain your regulatory profile to a non-sector buyer shortens the process.
Ellty's mergers and acquisitions page covers what healthcare buyers expect in a data room. Staging access by buyer type shortens diligence timelines.
| Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|
| William Blair | Both | $50M-$2B+ | Healthcare services, health tech, pharma services, biopharma | williamblair.com |
| Houlihan Lokey | Both | $50M-$5B+ | Healthcare services, health tech, biopharma, hospitals | hl.com |
| Lincoln International | Both | $50M-$1B+ | Healthcare services, pharma services, outsourced healthcare | lincolninternational.com |
| Piper Sandler | Both | $50M-$2B+ | Healthcare services, payors, providers, medtech, biopharma | pipersandler.com |
| Kaufman Hall | Both | $25M-$5B+ | Hospitals, health systems, physician groups, post-acute care | kaufmanhall.com |
| Leerink Partners | Both | $50M-$5B+ | Biopharma, diagnostics, medtech, healthcare services | leerink.com |
| Stout | Both | $10M-$500M | Healthcare services, behavioral health, home health, hospice | stout.com |
| BGL (Brown Gibbons Lang) | Both | $20M-$500M | Healthcare services, behavioral health, dental, veterinary | bglco.com |
| Livingstone Partners | Both | $25M-$500M | Healthcare services, outsourced services, health tech | livingstonepartners.com |
| Harris Williams | Both | $50M-$2B+ | Healthcare services, technology, biopharma, business services | harriswilliams.com |
| Dresner Partners | Both | $15M-$300M | Healthcare services, dental, behavioral health, home health | dresnerpartners.com |
| Raymond James | Both | $25M-$1B+ | Healthcare services, payors, providers, health tech | raymondjames.com |
How to verify an advisor's track record
Ask for a deal list with company names, buyer types, and close dates from the last 24 months. A serious Chicago healthcare advisor closes 6+ sector transactions per year.
Call the CFO or founder of two businesses they've sold - not the references they suggest. Ask whether the senior banker stayed active after the pitch meeting.
Ask the advisor to name five PE funds most active in your sub-sector right now. Vague answers mean they don't know your buyer pool.
Ellty's due diligence workspace tracks which buyers open which files. You'll see who is doing real work before you commit to management presentations.
Read the Chicago M&A advisors overview before narrowing to healthcare specialists.
Chicago healthcare M&A data room
Organize patient data agreements, contracts, and financials before buyers start diligence.
Start free 14-day trialWhat an M&A deal looks like: 6 stages
Chicago healthcare sell-side processes run five to eight months. Regulatory reviews and licensure transfers add time that advisors without sector experience underestimate.
| Stage | What happens | What you need ready | |
|---|---|---|---|
| Preparation | Preparation | Valuation, advisor selection, CIM drafted | 3 years financials, payor mix, licensure docs |
| Advisor engagement | Advisor engagement | Engagement letter signed, buyer list finalized | Engagement letter, org chart, key contracts |
| Marketing | Marketing | Teaser and CIM sent to strategic and PE buyers | Ellty data room with staged access per buyer group |
| LOI | LOI | Buyers submit bids, advisor negotiates shortlist | Updated financials, management deck, cap table |
| Due diligence | Due diligence | Buyer reviews legal, financial, compliance records | Full Ellty room: HIPAA docs, contracts, financials |
| Close | Close | Purchase agreement signed, funds transferred | Board approvals, reps and warranties, escrow |
12 Chicago healthcare M&A advisors in 2026
These firms are active across healthcare services, health tech, pharma services, and behavioral health M&A in Chicago in 2026.
1. William Blair
William Blair has one of the deepest healthcare M&A practices of any Chicago-headquartered firm, covering healthcare services, health tech, and pharma services sell-side processes.
Recent Deals: Acted as exclusive financial advisor to Centauri Health Solutions and Abry Partners in a single-asset continuation fund transaction in 2025. Active through 2026.
LinkedIn: William Blair on LinkedIn
Sector Focus: Healthcare services, health tech, pharma services, biopharma, financial services
Deal Type: Both
Deal Size: $50M-$2B+
Location: Chicago, IL (headquarters, national and global network)
Website: williamblair.com
2. Houlihan Lokey
Houlihan Lokey's Chicago healthcare team covers healthcare services, health tech, and biopharma M&A with a deal-count track record that few advisors match nationally.
Recent Deals: Ranked No. 1 M&A advisor globally for sub-$1B transactions in 2024. Active in Chicago-area healthcare services and health tech M&A through 2025-2026 with a dedicated sector team.
LinkedIn: Houlihan Lokey on LinkedIn
Sector Focus: Healthcare services, health tech, biopharma, hospital systems, business services
Deal Type: Both
Deal Size: $50M-$5B+
Location: Chicago, IL (major office, global network)
Website: hl.com
3. Lincoln International
Lincoln International is headquartered in Chicago and runs a dedicated healthcare M&A practice covering outsourced healthcare services, pharma services, and health tech.
Recent Deals: Advised on the acquisition of 21st Century Healthcare by Grant Avenue Capital in January 2026. Active in healthcare services and pharma services M&A through 2026.
LinkedIn: Lincoln International on LinkedIn
Sector Focus: Healthcare services, pharma services, outsourced healthcare, health tech
Deal Type: Both
Deal Size: $50M-$1B+
Location: Chicago, IL (global headquarters)
Website: lincolninternational.com
4. Piper Sandler
Piper Sandler ranks No. 1 in medtech M&A sell-side deals and has a 20+ year healthcare services practice covering payors, providers, behavioral health, and pharma.
Recent Deals: Completed 60+ healthcare services transactions since 2015. Active in healthcare services, payors, and medtech M&A through 2025-2026 with a Chicago-based team.
LinkedIn: Piper Sandler on LinkedIn
Sector Focus: Healthcare services, payors, providers, medtech, biopharma
Deal Type: Both
Deal Size: $50M-$2B+
Location: Chicago, IL (major office, national network)
Website: pipersandler.com
5. Kaufman Hall
Kaufman Hall is the dominant advisor in hospital and health system M&A in the US, ranked No. 1 in healthcare financial advisory for 21 consecutive years and based in Chicago.
Recent Deals: Active in hospital and health system M&A as Q1 2026 hit a six-year high of 22 announced transactions. Kaufman Hall advised on several major 2025-2026 health system affiliations.
LinkedIn: Kaufman Hall on LinkedIn
Sector Focus: Hospitals, health systems, physician groups, post-acute care, senior living
Deal Type: Both
Deal Size: $25M-$5B+
Location: Chicago, IL (headquarters)
Website: kaufmanhall.com
Chicago healthcare M&A data room
Organize patient data agreements, contracts, and financials before buyers start diligence.
Start free 14-day trial6. Leerink Partners
Leerink Partners is a healthcare-only investment bank with deep biopharma, diagnostics, and medtech M&A expertise - bringing technical fluency generalist banks can't replicate.
Recent Deals: Active in biopharma and medtech M&A through 2025-2026. Leerink advises on transactions where sector-specific technical knowledge drives buyer positioning and valuation.
LinkedIn: Leerink Partners on LinkedIn
Sector Focus: Biopharma, diagnostics, medtech, healthcare services, healthcare IT
Deal Type: Both
Deal Size: $50M-$5B+
Location: Chicago, IL (major office, also New York and Boston)
Website: leerink.com
7. Stout
Stout's healthcare services team covers behavioral health, home health, hospice, and outsourced healthcare M&A with a senior-led deal team in Chicago.
Recent Deals: Active in behavioral health and home health M&A advisory through 2025-2026. Stout covers Chicago-area lower and core middle market healthcare services sell-side processes.
LinkedIn: Stout on LinkedIn
Sector Focus: Healthcare services, behavioral health, home health, hospice, dental
Deal Type: Both
Deal Size: $10M-$500M
Location: Chicago, IL (headquarters)
Website: stout.com
8. BGL (Brown Gibbons Lang)
BGL has a dedicated healthcare services M&A practice covering behavioral health, dental, veterinary, and outsourced healthcare with Midwest buyer relationships that national banks don't always carry.
Recent Deals: Active in behavioral health and dental M&A advisory through 2025-2026. BGL covers Chicago-area healthcare services sell-side processes with sector-specific buyer targeting.
LinkedIn: Brown Gibbons Lang on LinkedIn
Sector Focus: Healthcare services, behavioral health, dental, veterinary, outsourced services
Deal Type: Both
Deal Size: $20M-$500M
Location: Chicago, IL (Midwest office, also Cleveland and Philadelphia)
Website: bglco.com
9. Livingstone Partners
Livingstone Partners covers healthcare services and outsourced healthcare M&A with an international buyer network that reaches European strategic acquirers.
Recent Deals: Active in healthcare services and outsourced services M&A through 2025-2026. Livingstone covers Chicago-area healthcare businesses with buyer access in London and Dusseldorf.
LinkedIn: Livingstone Partners on LinkedIn
Sector Focus: Healthcare services, outsourced services, health tech, business services
Deal Type: Both
Deal Size: $25M-$500M
Location: Chicago, IL (headquarters, also London and Dusseldorf)
Website: livingstonepartners.com
10. Harris Williams
Harris Williams covers healthcare services, health tech, and biopharma M&A with annual transaction volume that gives them live data on what buyers are paying in your sub-sector.
Recent Deals: Active in healthcare services and health tech M&A advisory through 2025-2026. Harris Williams closes 30+ healthcare sector transactions annually with national PE and strategic buyer coverage.
LinkedIn: Harris Williams on LinkedIn
Sector Focus: Healthcare services, technology, biopharma, business services, industrials
Deal Type: Both
Deal Size: $50M-$2B+
Location: Chicago, IL (Midwest coverage, national network)
Website: harriswilliams.com
11. Dresner Partners
Dresner Partners is a Chicago-based middle-market investment bank covering healthcare services, behavioral health, dental, and home health M&A with a senior-led team active through close.
Recent Deals: Active in healthcare services and behavioral health M&A advisory through 2025-2026. Dresner covers mid-market sell-side processes for Chicago-area healthcare businesses.
LinkedIn: Dresner Partners on LinkedIn
Sector Focus: Healthcare services, dental, behavioral health, home health, business services
Deal Type: Both
Deal Size: $15M-$300M
Location: Chicago, IL (headquarters)
Website: dresnerpartners.com
12. Raymond James
Raymond James covers healthcare services, payors, providers, and health tech M&A with a dedicated investment banking team and a national PE and strategic buyer network.
Recent Deals: Active in healthcare services and health tech M&A advisory through 2025-2026. Raymond James covers mid-market healthcare sell-side processes with national buyer coverage.
LinkedIn: Raymond James on LinkedIn
Sector Focus: Healthcare services, payors, providers, health tech, behavioral health
Deal Type: Both
Deal Size: $25M-$1B+
Location: Chicago, IL (major office, national network)
Website: raymondjames.com
Behavioral health M&A in Chicago
Behavioral health is the fastest-growing sub-sector in Chicago healthcare M&A right now. PE consolidation in addiction treatment, mental health, and autism services drove more deals than any other sub-sector in 2025.
Most behavioral health buyers are PE platforms on bolt-on acquisition programs. Your advisor needs relationships with active consolidators - not general healthcare PE.
Regulatory complexity in behavioral health varies by state. Advisors with Illinois-specific deal experience understand CON requirements and licensure transfer timelines.
Ellty's granular permissions lets you share sensitive patient program data only with qualified buyers post-LOI. Behavioral health records require stricter access controls than financial files.
Read the Chicago industrials M&A advisors guide to see how Chicago's two largest M&A sectors compare in deal process and buyer types.
Hospital and health system deals in Chicago
Hospital M&A in Illinois hit a six-year high in Q1 2026 with 22 announced transactions nationally. Illinois-based health systems have been active in regional affiliations and physician group acquisitions.
Kaufman Hall is the dominant advisor in hospital and health system M&A - but boutiques like Stout and BGL cover the lower end of the market.
Health system deals involve state attorney general review in Illinois. Advisors who haven't navigated this process add weeks to close that experienced teams avoid.
Ellty's secure file sharing controls which hospital buyers see your financial and operational records. Share full data only after LOI and exclusivity are agreed.
Read the New York healthcare M&A advisors guide to see how Chicago hospital deal dynamics compare to East Coast health system transactions.
Pharma services and health tech M&A in Chicago
Pharma services M&A in Chicago involves contract research, contract manufacturing, lab services, and specialty distribution businesses. This sub-sector has different buyers than healthcare services.
Health tech acquisitions in 2025-2026 are attracting tech PE buyers who don't know healthcare compliance. Your advisor needs to bridge the gap between tech buyer expectations and regulatory reality.
Lincoln International and William Blair both have active pharma services and health tech practices. Verify their specific transaction history in your exact sub-sector before signing any engagement letter.
Ellty's dynamic watermarking protects proprietary software and IP documentation during health tech diligence. Track which buyer views your technical files before full NDAs are signed.
Read the sell-side due diligence guide before your advisor starts outreach. Health tech buyers request more technical documentation than services buyers.
How Ellty helps you close an M&A deal in Chicago
Build your data room early. Healthcare buyers expect organized compliance files.
- 1.Upload financials and compliance docs securelyAdd HIPAA files and contracts before buyer outreach.
- 2.Set buyer permissions by deal stageControl who sees payor mix and patient data.
- 3.Track document activity to spot serious buyersSee who opens files and follow up with intent.
Common questions about Chicago healthcare M&A advisors
- Healthcare services trade at 7x-12x EBITDA. Behavioral health and health tech multiples vary by growth rate and payor mix.
- Expect five to eight months. Hospital deals with attorney general review can add two to three months.
- Stout, BGL, and Dresner Partners have the strongest behavioral health deal histories among Chicago advisors.
- Use a boutique under $150M for senior attention and local PE access. Use a national firm above $300M.
- Kaufman Hall is the dominant hospital system advisor. Stout and BGL cover smaller health system affiliations.
- Yes. Lincoln International and William Blair both have active pharma services M&A practices in Chicago.
