12 healthcare M&A advisors active in Nashville in 2026. Covers hospital systems, physician groups, behavioral health, and healthcare IT with firm profiles and recent deals.
Nashville has more healthcare companies per capita than almost any US city. Over 900 healthcare businesses call Middle Tennessee home.
Hospital systems, physician groups, and behavioral health platforms all transact here. PE buyers and strategic acquirers compete for the same assets year-round.
Healthcare IT is an active sub-sector too. HealthStream made four acquisitions in 2024-2025 alone.
Set up a virtual data room before your first advisor meeting. Nashville healthcare buyers check compliance files and payer contracts from day one.
| Firm | Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|---|
| Brentwood Capital Advisors | Brentwood Capital Advisors | Both | $20M - $500M | Healthcare Services, Healthcare IT, Behavioral Health | brentwoodcap.com |
| VMG Health | VMG Health | Both | $10M - $1B | Physician Groups, Hospitals, Specialty Care | vmghealth.com |
| Raymond James | Raymond James | Both | $25M - $1B | Healthcare Services, Healthcare IT, Middle Market | raymondjames.com |
| Avondale Partners | Avondale Partners | Both | $25M - $1B | Healthcare, Life Sciences, Technology | avondalepartnersllc.com |
| Kaufman Hall | Kaufman Hall | Both | $50M - $5B | Hospital Systems, Health Systems, Nonprofit Health | kaufmanhall.com |
| The Braff Group | The Braff Group | Sell-side | $5M - $150M | Behavioral Health, Home Health, Hospice | thebraffgroup.com |
| Mertz Taggart | Mertz Taggart | Sell-side | $5M - $100M | Behavioral Health, Home Health, Autism Services | mertztaggart.com |
| Coker Group | Coker Group | Both | $10M - $500M | Hospitals, Physician Enterprises, Revenue Cycle | cokergroup.com |
| Capstone Partners | Capstone Partners | Both | $10M - $500M | Healthcare, Technology, Business Services | capstonepartners.com |
| Healthcare Capital Advisors | Healthcare Capital Advisors | Both | $5M - $75M | Behavioral Health, Mental Health, Substance Use | healthcarecapadvisors.com |
| Houlihan Lokey | Houlihan Lokey | Both | $50M - $5B+ | Healthcare, Technology, Business Services | hl.com |
| Lincoln International | Lincoln International | Both | $50M - $2B | Healthcare, Industrials, PE-backed | lincolninternational.com |
How to verify an advisor's track record
Ask for a deal list filtered by sub-sector. A behavioral health boutique and a hospital M&A banker reach very different buyers.
Advisors who know Nashville can name specific Tennessee deals with buyers and closing dates. Vague claims of "healthcare experience" without closed transactions are a warning sign.
Check whether they've worked with both PE sponsors and strategic acquirers. Nashville draws both types across all healthcare sub-sectors.
Use Ellty to share compliance files and payer contracts with shortlisted advisors under NDA. You'll see who opens your documents before the first call. Review the full advisors directory before you sign an engagement letter.
Running a Nashville healthcare deal?
Share deal docs with buyers and track who opens them first.
Start free 14-day trialHow a Nashville healthcare deal runs
Most Nashville healthcare M&A deals take six to nine months. Hospital system transactions with regulatory approvals can run twelve to eighteen months.
| Stage | What happens | What you need ready | |
|---|---|---|---|
| Stage 1: Preparation | Stage 1: Preparation | Run QoE, build CIM, shortlist Nashville advisors | Three years P&L, payer contracts, licensing records |
| Stage 2: Advisor engagement | Stage 2: Advisor engagement | Sign engagement letter, align on buyer list | Cap table, compliance docs, key contracts |
| Stage 3: Marketing | Stage 3: Marketing | CIM distributed, NDAs signed, management calls set | Ellty data room live with CIM and key financials |
| Stage 4: LOI | Stage 4: LOI | Buyers submit bids, LOIs negotiated, exclusivity signed | Clean receivables, no open regulatory actions |
| Stage 5: Due diligence | Stage 5: Due diligence | Buyer reviews financial, legal, and clinical records | Full Ellty data room: licenses, payer contracts, financials |
| Stage 6: Close | Stage 6: Close | Purchase agreement signed, regulatory clearance, funds transfer | Reps and warranties signed, transition plans ready |
12 Nashville healthcare M&A advisors
These 12 firms advise on healthcare M&A in Nashville and Tennessee. Coverage spans hospital systems, physician groups, behavioral health, healthcare IT, and senior living.
1. Brentwood Capital Advisors
A Nashville investment bank with 96 closed deals totaling over $6.2B in healthcare and tech-enabled services.
Recent Deals: Advised Roots Behavioral Health on its sale to Hightop Health, backed by JLL Partners and SV Health Investors (2026). Advised CarePlus Management on its sale to CRH Medical, a subsidiary of WELL Health Technologies (2025). Advised FirstFleet, Inc. on its sale (2026).
LinkedIn: Brentwood Capital Advisors LinkedIn
Sector Focus: Healthcare services, healthcare IT, behavioral health, post-acute care
Deal Type: Both
Deal Size: $20M - $500M
Location: Nashville, TN
Website: brentwoodcap.com
2. VMG Health
A healthcare-only advisory firm with 150+ professionals covering valuation, M&A, and joint ventures.
Recent Deals: Published 2025 Healthcare M&A Report tracking all major sub-sectors. Partnered with Incline Equity Partners in a recapitalization (2025). Active in physician group, hospital, and joint venture M&A through 2025-2026.
LinkedIn: VMG Health LinkedIn
Sector Focus: Physician groups, hospitals, specialty care, joint ventures
Deal Type: Both
Deal Size: $10M - $1B
Location: Dallas, TX (active in Nashville and Tennessee market)
Website: vmghealth.com
3. Raymond James
A national mid-market bank with 80+ dedicated healthcare investment banking professionals.
Recent Deals: Completed 250+ M&A transactions in healthcare services. Expanded healthcare technology investment banking coverage in September 2025. Added healthcare services bankers from Coker Capital to strengthen Tennessee coverage.
LinkedIn: Raymond James LinkedIn
Sector Focus: Healthcare services, healthcare IT, middle market multi-sector
Deal Type: Both
Deal Size: $25M - $1B
Location: National (Nashville office active)
Website: raymondjames.com
4. Avondale Partners
A Nashville healthcare investment bank with $10.6B+ in cumulative transaction value since 2001.
Recent Deals: Closed 30 M&A deals as of January 2026 across healthcare and life sciences. Expanded office presence in Nashville in September 2025. Active in healthcare M&A advisory and capital raising through 2025-2026.
LinkedIn: Avondale Partners LinkedIn
Sector Focus: Healthcare, life sciences, technology
Deal Type: Both
Deal Size: $25M - $1B
Location: Nashville, TN
Website: avondalepartnersllc.com
5. Kaufman Hall
The leading advisor for hospital system M&A with dedicated coverage of health system transactions.
Recent Deals: Tracked 22 hospital M&A transactions in Q1 2026 - the highest Q1 count in five years. Reported 46 total hospital transactions in 2025. Active in hospital system M&A advisory and strategy through 2025-2026.
LinkedIn: Kaufman Hall LinkedIn
Sector Focus: Hospital systems, health systems, nonprofit health, strategic partnerships
Deal Type: Both
Deal Size: $50M - $5B
Location: Chicago, IL (serves Nashville and Tennessee market)
Website: kaufmanhall.com
Selling a Nashville healthcare business?
Track which buyers open your deal docs before you sign an LOI.
Start free 14-day trial6. The Braff Group
A healthcare-only sell-side firm with deep expertise in behavioral health and home health exits.
Recent Deals: Behavioral health deal volume rose 17% nationally in 2025. Active in behavioral health, home health, and hospice sell-side mandates through 2025-2026. Advises founders selling healthcare services businesses nationally.
LinkedIn: The Braff Group LinkedIn
Sector Focus: Behavioral health, home health, hospice, specialty care
Deal Type: Sell-side
Deal Size: $5M - $150M
Location: Pittsburgh, PA (serves Nashville and Tennessee market)
Website: thebraffgroup.com
7. Mertz Taggart
A behavioral health boutique with active deal flow in addiction treatment and mental health.
Recent Deals: Advised on sale of Jaywalker Lodge, a Colorado addiction treatment facility (2025). Completed 47 behavioral health transactions in Q1 2025 - the most since Q4 2022. Active in addiction treatment, mental health, and autism M&A through 2025-2026.
LinkedIn: Mertz Taggart LinkedIn
Sector Focus: Behavioral health, home health, hospice, autism services
Deal Type: Sell-side
Deal Size: $5M - $100M
Location: Fort Myers, FL (active in Tennessee market)
Website: mertztaggart.com
8. Coker Group
A national healthcare advisory firm with 35+ years advising hospitals and physician enterprises.
Recent Deals: Acquired Health Care Program Advisors in February 2025, adding healthcare technology and revenue cycle expertise. Active in hospital and physician enterprise M&A advisory through 2025-2026. Serves hospitals, health systems, and physician groups nationally.
LinkedIn: Coker Group LinkedIn
Sector Focus: Hospitals, physician enterprises, revenue cycle, healthcare IT
Deal Type: Both
Deal Size: $10M - $500M
Location: Atlanta, GA and Nashville, TN
Website: cokergroup.com
9. Capstone Partners
A national middle market bank with dedicated healthcare coverage and active deal flow.
Recent Deals: Published 2026 M&A Outlook tracking healthcare and business services deal flow. Active in healthcare, technology, and business services M&A nationally through 2025-2026. Covers PE-backed and founder-owned businesses across multiple sectors.
LinkedIn: Capstone Partners LinkedIn
Sector Focus: Healthcare, technology, business services, industrials
Deal Type: Both
Deal Size: $10M - $500M
Location: National (serves Nashville market)
Website: capstonepartners.com
10. Healthcare Capital Advisors
A lower middle market investment bank focused entirely on behavioral health M&A.
Recent Deals: Active in behavioral health, mental health, and substance use M&A through 2025-2026. Advises founders and investors on sell-side and buy-side mandates in the behavioral health market. Covers treatment centers, outpatient practices, and IOP platforms.
LinkedIn: Healthcare Capital Advisors LinkedIn
Sector Focus: Behavioral health, mental health, substance use treatment
Deal Type: Both
Deal Size: $5M - $75M
Location: National (active in Tennessee market)
Website: healthcarecapadvisors.com
11. Houlihan Lokey
The No. 1 global M&A advisor by deal count in 2025, with a dedicated healthcare group.
Recent Deals: Named No. 1 global M&A advisor with 458 closed deals in 2025. Active in healthcare, technology, and business services M&A nationally through 2025-2026. Ranked No. 1 for global M&A under $5B by LSEG.
LinkedIn: Houlihan Lokey LinkedIn
Sector Focus: Healthcare, technology, business services, financial services
Deal Type: Both
Deal Size: $50M - $5B+
Location: National (serves Nashville market)
Website: hl.com
12. Lincoln International
A global mid-market bank with strong PE relationships and healthcare sector coverage.
Recent Deals: Generated $214.1M in net income in 2025, up 31% year over year. Closed 430+ transactions in 2025 across healthcare and business services. Acquired MarshBerry in late 2025, expanding advisory capabilities.
LinkedIn: Lincoln International LinkedIn
Sector Focus: Healthcare, industrials, business services, PE-backed
Deal Type: Both
Deal Size: $50M - $2B
Location: National (serves Nashville market)
Website: lincolninternational.com
Behavioral health M&A in Middle Tennessee
Behavioral health is one of the most active M&A sub-sectors in Nashville today. Oceans Healthcare acquired Haven Behavioral Healthcare in January 2025, expanding into five new states.
PE buyers see behavioral health as a scalable platform business. Deal count in Q1 2025 hit a 10-quarter high across the sub-sector nationally.
Tennessee has a large concentration of behavioral health providers. Geographic density plus PE demand makes Nashville a natural transaction hub.
Use Ellty to share clinical outcome data and payer contracts with buyers under NDA. Set trackable links so you know who opens your compliance files first. See the general Nashville M&A advisors list if your deal spans multiple sectors. Learn how investor relations tools support healthcare capital raises before approaching sponsors.
Hospital system deals in Nashville in 2026
Hospital M&A hit a 5-year high in Q1 2026 with 22 announced transactions. Several involve Nashville-area health systems.
Community Health Systems announced the sale of Tennova-Clarksville to Vanderbilt UMC for $600M in October 2025. Vanderbilt's scale gives it the balance sheet to absorb regional assets.
For-profit operators and Catholic systems are divesting non-core hospitals. The right advisor knows which strategic buyers are active in Tennessee assets right now.
Use Ellty to share board-approved financial statements and regulatory filings with hospital buyers. Require email verification before any buyer downloads pricing or volume data. See the industries page to compare how deal prep differs by sector. Track document access before your first management presentation to know who's serious.
Healthcare IT and physician group M&A
Nashville's healthcare IT sector is growing alongside clinical M&A. HealthStream made four acquisitions in 2024-2025 targeting clinical workforce technology.
Tech-enabled services with healthcare clients command top multiples. Buyers pay for recurring revenue, clean IP, and existing healthcare contracts.
Physician group consolidation continued through 2025. PE platforms and hospital systems both compete for primary care and specialty practices.
Use Ellty to share IP records, customer contracts, and financial summaries with buyers. Set permissions so PE buyers and strategic acquirers see different document sets. Review the startups page for context on how growth-stage healthcare businesses prepare for exit. Read about legal document management before buyers arrive for due diligence.
How Ellty helps you close a healthcare M&A deal in Nashville
You've shortlisted your Nashville advisor. Now prep your deal docs.
- 1.Upload payer contracts, licenses, and clinical recordsOrganize files by category. Healthcare buyers check compliance on day one.
- 2.Set access by buyer type and NDA statusPE buyers and strategic acquirers need different document sets.
- 3.Track who reviews your key documentsSee which buyers open payer data and how long they spend on it.
Common questions about Nashville healthcare M&A advisors
- Nashville has 900+ healthcare companies and active PE buyer interest. Hospital systems, behavioral health, and healthcare IT all see regular deal flow.
- Brentwood Capital, The Braff Group, and Mertz Taggart all cover behavioral health exits. Healthcare Capital Advisors focuses exclusively on the sub-sector.
- Kaufman Hall is the leading advisor for hospital system M&A. VMG Health and Avondale Partners also cover health system deals in Tennessee.
- Most deals run six to nine months. Hospital system transactions with regulatory approvals can take twelve to eighteen months.
- Before your first advisor meeting. Nashville buyers expect payer contracts and compliance files ready from the first call.
- Payer contracts, licensing records, clinical compliance files, and audited financials. Gaps in any of these slow or kill the deal.
