Texas led US healthcare M&A with 69 deals in the 12 months ending Q1 2026. This list covers 14 active healthcare M&A advisors in Dallas in 2026 - deal sizes, sector focus, and verified recent transactions across physician practices, home health, behavioral health, DME, and health IT.
Dallas healthcare M&A in 2026
Texas is the most active state for healthcare M&A outside California, driven by favorable demographics, growing DFW population, and a large base of founder-owned physician practices, home health agencies, and behavioral health providers. PE firms completed 79 physician practice deals in Q1 2025 alone - dermatology, cardiology, orthopedics, and behavioral health are the most active sub-sectors in Texas.
Physician medical groups captured 46% of Q1 2026 healthcare deal volume, up from 37% in Q1 2025. Year-over-year deal count grew 18% in physician practice M&A. Recapitalization transactions for PE-backed physician practice management platforms are returning in force in 2026 after a three-year absence.
Set up an Ellty data room before your first advisor conversation. Healthcare buyers check payor mix, compliance documentation, and physician employment agreements before they submit a term sheet.
Use Ellty's secure file sharing to share your confidential information memorandum with trackable links. You'll see which PE buyers and health systems actually open your materials before you invest time in management meetings.
| Advisor | Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|---|
| VERTESS | VERTESS | Sell-side | $1M-$100M | Behavioral health, IDD, ABA, home health, hospice, DME, pharmacy, urgent care, dental | vertess.com |
| Houlihan Lokey (Dallas Healthcare) | Houlihan Lokey | Both | $50M-$5B+ | Physician services, behavioral health, retail health, health IT, medical products | hl.com |
| Provident Healthcare Partners | Provident Healthcare Partners | Both | $20M-$300M | Physician practices, home health, specialty pharmacy, infusion, behavioral health | providenthp.com |
| Stoneridge Partners | Stoneridge Partners | Both | $1M-$100M | Home health, home care, hospice, behavioral health | stoneridgepartners.com |
| American Healthcare Capital | American Healthcare Capital | Both | $1M-$100M | Home health, hospice, behavioral health, DME, pharmacy, long-term care | americanhealthcarecapital.com |
| Harris Williams (Healthcare) | Harris Williams | Both | $50M-$2B+ | Healthcare services, health IT, medical products, value-based care | harriswilliams.com |
| Pinecrest Capital Partners | Pinecrest Capital Partners | Both | $10M-$150M | Healthcare services, home services, consumer, industrials, managed IT | pinecrestcap.com |
| Lincoln International (Healthcare) | Lincoln International | Both | $50M-$1B+ | Healthcare services, life sciences, pharma outsourcing, medtech, health IT | lincolninternational.com |
| Piper Sandler (Healthcare) | Piper Sandler | Both | $50M-$2B+ | Healthcare services, health IT, pharma, biotech, medical devices | pipersandler.com |
| Raymond James (Healthcare) | Raymond James | Both | $25M-$1B+ | Healthcare services, physician groups, home health, specialty pharma | raymondjames.com |
| William Blair (Healthcare) | William Blair | Both | $50M-$2B+ | Healthcare services, health IT, medical technology, pharma outsourcing | williamblair.com |
| Kratos Capital (Healthcare) | Kratos Capital | Both | $25M-$300M | Healthcare services, technology, business services, industrials, consumer | kratoscapital.com |
| FOCUS Investment Banking (Healthcare) | FOCUS Investment Banking | Both | $5M-$250M | Healthcare services, provider services, pharmacy, diagnostics, health technology | focusbankers.com |
| Telos Capital Advisors | Telos Capital Advisors | Both | $5M-$100M | Business services, healthcare services, technology, manufacturing | teloscap.com |
How to verify a Dallas healthcare advisor's track record
Ask for a closed deal list with named buyers, deal sizes, and healthcare sub-sectors from the last 24 months. A credible Dallas healthcare M&A advisor closes 5+ healthcare transactions per year with named PE and strategic buyers. Generic aggregate deal counts without named transactions are not enough.
Check whether the advisor has sold to both PE platforms and Texas hospital systems. Selling a physician practice to a PE roll-up is structurally different from a health system acquisition. Texas PE buyers run different diligence than Baylor Scott & White or Methodist Health System.
Confirm the advisor's team has specific experience in your healthcare sub-sector. Behavioral health advisors understand different buyer pools than physician practice advisors. Don't assume a general healthcare boutique knows your specific sub-sector's buyer landscape.
Use Ellty's document analytics to track which buyers review your payor contracts and compliance records. Read more about due diligence to understand what Texas healthcare buyers check before making a binding bid.
Running a healthcare M&A process in Dallas?
Organize your payor contracts and compliance records before buyers start diligence.
Start free 14-day trialWhat a Dallas healthcare M&A deal looks like: 6 stages
Dallas healthcare sell-side processes run five to eight months. Texas Medicaid CHOW notifications and payor credentialing assignments can add 60-90 days to physician practice and home health transactions.
| Stage | What happens | What you need ready | |
|---|---|---|---|
| Stage 1 | Preparation | Valuation, advisor selection, CIM drafted | 3 years financials, payor mix report, compliance records |
| Stage 2 | Advisor engagement | Engagement letter signed, buyer list built | Engagement letter, NDA template, physician org chart |
| Stage 3 | Marketing | Teaser and CIM sent to PE and strategic healthcare buyers | Ellty data room with CIM and teaser, staged buyer access |
| Stage 4 | LOI | Buyers submit bids, advisor shortlists top two to three | Updated financials, physician employment agreements, LOI draft |
| Stage 5 | Due diligence | Buyer reviews compliance, payor contracts, licenses, HR | Full Ellty data room: licenses, payroll, payor contracts, compliance |
| Stage 6 | Close | Purchase agreement signed, CHOW filed, payor credentialing assigned | Board approvals, CHOW notice, payor assignment letters |
14 Dallas healthcare M&A advisors in 2026
These firms are active in physician practices, home health, behavioral health, DME, pharmacy, health IT, and hospital services M&A in Dallas and across Texas in 2026.
1. VERTESS
VERTESS is headquartered in Dallas-Fort Worth and is the most active lower-middle-market healthcare sell-side advisor in the US, ranked number 1 by Axial in its 2024 Healthcare Top 50. Their managing directors are operators as well as bankers, covering behavioral health, IDD, autism/ABA, addiction, home health/hospice, DME, pharmacy, urgent care, and dental. In December 2025 and January 2026, VERTESS closed four transactions including Gammie HomeCare (sold to AdaptHealth) and Connecticut Mental Health Specialists.
Recent Deals: Advised Gammie HomeCare on its acquisition by AdaptHealth (December 2025-January 2026). Advised Connecticut Mental Health Specialists on its sale (2026). Closed four healthcare transactions in the first weeks of 2026. Named #1 lower-middle market healthcare sell-side advisor by Axial (2024).
LinkedIn: VERTESS on LinkedIn
Sector Focus: Behavioral health, IDD, ABA, home health, hospice, DME, pharmacy, urgent care, dental
Deal Type: Sell-side
Deal Size: $1M-$100M
Location: Dallas-Fort Worth, TX (headquarters, national coverage)
Website: vertess.com
2. Houlihan Lokey (Dallas Healthcare)
Houlihan Lokey's Dallas healthcare team is led by Managing Director Michael Pisani, Global Co-Head of Healthcare, who has personally closed 100+ healthcare transactions. Their physician services team covers physician practice management, behavioral health, retail health, and health IT. Houlihan Lokey is the number 1 global M&A advisor by deal volume for transactions under $1 billion.
Recent Deals: Dallas-based Michael Pisani has personally closed 100+ healthcare transactions. Active in physician services, behavioral health, and health IT M&A through 2025-2026 with Houlihan Lokey's global buyer network.
LinkedIn: Houlihan Lokey on LinkedIn
Sector Focus: Physician services, behavioral health, retail health, health IT, medical products
Deal Type: Both
Deal Size: $50M-$5B+
Location: Dallas, TX (office, global network)
Website: hl.com
3. Provident Healthcare Partners
Provident Healthcare Partners focuses exclusively on middle-market healthcare services M&A and was again recognized as a leading healthcare investment banking firm at the 2025 Annual M&A Atlas Awards, marking 25 total recognitions over 10 years. Provident created 8 new healthcare platforms in 2025 alone. Their national coverage includes active Texas deal flow in physician services, home health, and specialty pharmacy.
Recent Deals: Created 8 new healthcare platforms in 2025. Achieved 25th recognition at the M&A Atlas Awards (2025). Active in physician services, home health, specialty pharmacy, and behavioral health M&A in Texas through 2025-2026.
LinkedIn: Provident Healthcare Partners on LinkedIn
Sector Focus: Physician practices, home health and hospice, specialty pharmacy, infusion, behavioral health, dental
Deal Type: Both
Deal Size: $20M-$300M
Location: National coverage with active Texas deal flow
Website: providenthp.com
4. Stoneridge Partners
Stoneridge Partners is a healthcare M&A advisory firm specializing in home health, home care, hospice, and behavioral health with a Dallas office presence and 25+ years in business. Partner Ben Bogan has closed 80+ deals in home health and hospice. In 2025, Stoneridge advised HomeCourt Home Care on its transaction with Addus HomeCare Corporation - a listed-in-May, closed-in-December process run in seven months.
Recent Deals: Advised HomeCourt Home Care on its transaction with Addus HomeCare Corporation (closed December 2025). Ben Bogan has personally closed 80+ home health and hospice transactions since 2014.
LinkedIn: Stoneridge Partners on LinkedIn
Sector Focus: Home health, home care, hospice, behavioral health
Deal Type: Both
Deal Size: $1M-$100M
Location: Dallas, TX (office, Louisville headquarters)
Website: stoneridgepartners.com
5. American Healthcare Capital
American Healthcare Capital was established in 1989 and covers the full spectrum of healthcare M&A including home health, hospice, behavioral health, DME, pharmacy, and long-term care. The firm actively represents sellers in the Dallas-Fort Worth market and maintains current TX listings. American Healthcare Capital previously advised Behavior Pioneers (Dallas-based autism services company) on its sale to Apara Autism Centers.
Recent Deals: Advised Behavior Pioneers (Dallas, autism services) on its sale to Apara Autism Centers (2020). Active in home health, hospice, behavioral health, and pharmacy M&A in the Dallas area through 2025-2026 with $1B+ in active engagements.
LinkedIn: American Healthcare Capital on LinkedIn
Sector Focus: Home health, hospice, behavioral health, DME, pharmacy, long-term care
Deal Type: Both
Deal Size: $1M-$100M
Location: National coverage with active Dallas-area engagements
Website: americanhealthcarecapital.com
Dallas healthcare M&A data room
Organize your payor contracts and HIPAA records before buyers start diligence.
Start free 14-day trial6. Harris Williams (Healthcare)
Harris Williams covers healthcare services, health IT, medical products, value-based care, and revenue cycle management with a dedicated team. Their PE firm relationships give Dallas healthcare founders access to every major PE platform running healthcare consolidations. Harris Williams publishes quarterly healthcare market reports tracking deal activity and buyer appetite across all sub-sectors.
Recent Deals: Active in healthcare services, health IT, and value-based care M&A through 2025-2026 with quarterly sector market reports covering physician services, medical products, and health IT.
LinkedIn: Harris Williams on LinkedIn
Sector Focus: Healthcare services, health IT, medical products, value-based care, revenue cycle management
Deal Type: Both
Deal Size: $50M-$2B+
Location: National coverage with Dallas market access
Website: harriswilliams.com
7. Pinecrest Capital Partners
Pinecrest Capital Partners covered a healthcare deal in the Dallas market when they advised Horizon Medical Center of McKinney on its sale to Baylor Scott & White. This represents a less-common path - a Texas hospital system acquisition rather than a PE roll-up. Pinecrest's willingness to co-invest alongside clients makes them an option for healthcare owners who want their advisor to have skin in the game.
Recent Deals: Advised Horizon Medical Center of McKinney on its sale to Baylor Scott & White Health. Active in healthcare and home services M&A in the Dallas market through 2025-2026.
LinkedIn: Pinecrest Capital Partners on LinkedIn
Sector Focus: Healthcare services, home services, consumer, industrials
Deal Type: Both
Deal Size: $10M-$150M
Location: Dallas, TX (headquarters)
Website: pinecrestcap.com
8. Lincoln International (Healthcare)
Lincoln International completed 45+ healthcare transactions in the 18 months through 2025 with 30+ dedicated healthcare officers worldwide. Their global network gives Dallas healthcare founders cross-border buyer access for health IT and medical technology businesses with international buyer interest. Lincoln handles both PE exits and strategic transactions.
Recent Deals: Completed 45+ healthcare transactions in 18 months through 2025. Active in healthcare services and life sciences M&A through 2025-2026 with a growing global healthcare team.
LinkedIn: Lincoln International on LinkedIn
Sector Focus: Healthcare services, life sciences, pharma outsourcing, medical products, health IT
Deal Type: Both
Deal Size: $50M-$1B+
Location: National and global coverage with Dallas market access
Website: lincolninternational.com
9. Piper Sandler (Healthcare)
Piper Sandler covers healthcare services, health IT, pharma, biotech, and medical devices with a research-informed approach. Their healthcare team is active across both PE-backed exits and strategic acquisitions. Piper Sandler was named 2025 Outstanding M&A Investment Bank of the Year by the Global M&A Network - relevant for Dallas healthcare founders evaluating which national banks prioritize healthcare deal execution.
Recent Deals: Named 2025 Outstanding M&A Investment Bank of the Year by the Global M&A Network. Active in healthcare services, health IT, and pharma M&A through 2025-2026.
LinkedIn: Piper Sandler on LinkedIn
Sector Focus: Healthcare services, health IT, pharma, biotech, medical devices
Deal Type: Both
Deal Size: $50M-$2B+
Location: National coverage with Dallas market access
Website: pipersandler.com
10. Raymond James (Healthcare)
Raymond James covers healthcare services, physician groups, home health, and specialty pharma with a research-backed advisory approach. Their Dallas healthcare team works across mid-market deals from $25M to $1B+. Raymond James handles both PE-backed exits and strategic acquisitions for Texas healthcare founders.
Recent Deals: Active in healthcare services and physician group M&A through 2025-2026 with Dallas office coverage and national buyer network.
LinkedIn: Raymond James on LinkedIn
Sector Focus: Healthcare services, physician groups, home health, specialty pharma
Deal Type: Both
Deal Size: $25M-$1B+
Location: Dallas, TX (office, national network)
Website: raymondjames.com
11. William Blair (Healthcare)
William Blair completed 17 healthcare technology advisory deals in 2025 and covers healthcare services, health IT, medtech, and pharma outsourcing. Their Dallas team provides access to both PE and strategic acquirers across the South and Midwest. William Blair is strong for Dallas health IT and tech-enabled healthcare companies where their research coverage creates buyer market visibility.
Recent Deals: Advised Avalon Healthcare Solutions on its recapitalization by WindRose Health Investors (November 2025). Completed 17 healthcare technology M&A advisory deals in 2025.
LinkedIn: William Blair on LinkedIn
Sector Focus: Healthcare services, health IT, medical technology, pharma outsourcing
Deal Type: Both
Deal Size: $50M-$2B+
Location: National coverage with Dallas market access
Website: williamblair.com
12. Kratos Capital
Kratos Capital is a Dallas-based boutique with healthcare services in its sector mix, operating across technology, business services, industrials, and healthcare. Their Axial Top 100 Lower-Middle-Market recognition in 2024 and 2025 reflects buy-side member confidence in their deal quality. For Dallas healthcare businesses that fall between boutique specialist size and national bank minimums, Kratos is a relevant option.
Recent Deals: Named Axial Top 100 Lower-Middle-Market Investment Bank in 2024 and 2025. Active in healthcare services and technology M&A through 2025-2026.
LinkedIn: Kratos Capital on LinkedIn
Sector Focus: Healthcare services, technology, business services, industrials, consumer
Deal Type: Both
Deal Size: $25M-$300M
Location: Dallas, TX (headquarters)
Website: kratoscapital.com
13. FOCUS Investment Banking (Healthcare)
FOCUS Investment Banking has closed 130+ healthcare transactions over the last decade, covering provider services, pharmacy, diagnostics, health technology, and animal health. Their healthcare practice gives Dallas founders comprehensive buyer access across both PE and strategic acquirers in the healthcare services sector. FOCUS tracks current physician practice M&A multiples by specialty in 2026.
Recent Deals: Published physician practice M&A multiples data for 2026 by specialty. Closed 130+ healthcare transactions over the last decade across provider services, pharmacy, and health IT.
LinkedIn: FOCUS Investment Banking on LinkedIn
Sector Focus: Healthcare services, provider services, pharmacy, diagnostics, health technology
Deal Type: Both
Deal Size: $5M-$250M
Location: National coverage with Dallas market access
Website: focusbankers.com
14. Telos Capital Advisors
Telos Capital Advisors is a Dallas-based investment bank serving founder-owned businesses with EBITDA of $2M+, including healthcare services businesses alongside technology, manufacturing, and distribution. Their managing directors bring 25+ years of operating experience, which is useful for healthcare founders who want an advisor who's managed operational complexity before. Telos has earned Axial Top 100 Lower Middle Market Advisor recognition.
Recent Deals: Active in healthcare services and business services M&A in DFW through 2025-2026. Recognized as Axial Top 100 Lower Middle Market Advisor for deal quality.
LinkedIn: Telos Capital Advisors on LinkedIn
Sector Focus: Business services, healthcare services, technology, manufacturing
Deal Type: Both
Deal Size: $5M-$100M
Location: Plano, TX (Dallas suburb, DFW coverage)
Website: teloscap.com
Texas-specific issues in healthcare M&A
Texas Medicaid change-of-ownership (CHOW) notifications are required for home health, hospice, and behavioral health transactions. CHOW review can add 60-90 days to your close timeline - budget for it before you set a target close date.
Physician non-compete agreements are enforced differently in Texas than in Massachusetts or California. Texas courts have enforced reasonable healthcare non-competes, which means buyer due diligence on physician employment agreements moves faster in Dallas than in some other states. Your advisor should understand the Texas physician non-compete landscape before buyer negotiations.
Use Ellty's granular permissions to stage who sees physician employment agreements and payor contract terms. Share financial summaries with all buyers, but restrict physician employment details to buyers who advance past initial LOI.
What Dallas healthcare buyers check first
PE buyers acquiring Texas physician practices first check payor mix, physician alignment, and contract termination terms. If your top two payors represent 80%+ of revenue, buyer concern about concentration will surface in every LOI negotiation.
Health systems like Baylor Scott & White and Methodist Health System assess market geography and overlap with existing physician networks before any financial analysis. If your practice competes with a health system's existing physician group, they're unlikely to bid. Your advisor needs to map the local physician network before building your buyer list.
Behavioral health buyers - both PE platforms and non-profit acquirers - check state licensure, Medicaid rate contracts, and staff tenure before submitting a term sheet. Staff turnover above 40% annually flags operational risk that buyer QofE diligence will reprice. Learn more about private equity deal structures to understand how PE healthcare platforms approach Dallas acquisitions.
How Ellty helps you close a healthcare M&A deal in Dallas
Once you have your advisor shortlist, organize compliance records and payor contracts before buyer outreach. Dallas healthcare buyers check these before advancing to diligence.
- 1.Upload payor contracts, licenses, and compliance recordsAdd HIPAA files and payor mix documentation before your advisor contacts buyers.
- 2.Stage document access by buyer type and NDA statusControl who sees physician employment terms and payor contract details.
- 3.Track which buyers review your healthcare documentsSee which PE platforms and health systems open your CIM and compliance files.
Common questions about Dallas healthcare M&A advisors
- VERTESS, headquartered in Dallas-Fort Worth, is the most active lower-middle-market healthcare sell-side advisor in the US, ranked number 1 by Axial. They focus exclusively on behavioral health, home health, hospice, DME, pharmacy, and urgent care.
- Five to eight months for most physician practice transactions. Texas Medicaid CHOW notifications and payor credentialing assignments can add 60-90 days to home health and hospice deals.
- Yes. Baylor Scott & White, Methodist Health System, and UT Southwestern are all active acquirers of Dallas-area physician practices. A Dallas advisor with health system relationships can get you into their acquisition pipeline alongside PE buyers.
- PE buyers prefer no single payor above 50% of revenue. Medicaid-heavy payor mix above 60% raises reimbursement risk flags that most PE buyers discount. Advisors can help you document the long-term payor relationship story before buyers raise concentration concerns.
- Before your first advisor meeting. Healthcare buyers check payor contracts, HIPAA compliance records, and physician employment agreements early. Having these organized from day one avoids deal delays after LOI.
- Expect 4-6% for deals under $20M and 2-4% for deals between $20M and $100M. Healthcare boutiques like VERTESS typically charge minimum fees for engagements where deal size might fall below stated deal size thresholds.
