13 M&A advisors active in Philadelphia healthcare deals in 2026. Covers hospital systems, physician groups, behavioral health, and provider services with firm profiles and recent transactions.
Philadelphia is one of the densest healthcare markets in the US. Jefferson Health, Penn Medicine, and CHOP all operate here.
Jefferson merged with Lehigh Valley Health Network in 2024, forming a 32-hospital system. Penn Medicine acquired Doylestown Health in April 2025.
That consolidation ripples down. Mid-size and specialty providers face buy-or-be-bought pressure from regional health systems.
Set up a virtual data room before your first advisor meeting. Philadelphia healthcare buyers check financials and contracts fast.
| Firm | Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|---|
| Fairmount Partners | Fairmount Partners | Both | $10M - $500M | Healthcare, IT Services, Industrials | fairmountpartners.com |
| Piper Sandler | Piper Sandler | Both | $50M - $5B | Healthcare Services, Med-Tech, Payors | pipersandler.com |
| Houlihan Lokey | Houlihan Lokey | Both | $100M - $5B | Healthcare, Hospitals, Multi-sector | hl.com |
| Lincoln International | Lincoln International | Both | $50M - $2B | Healthcare, PE-backed, Business Services | lincolninternational.com |
| Harris Williams | Harris Williams | Both | $50M - $2B | Healthcare, PE-backed, Pharma Services | harriswilliams.com |
| William Blair | William Blair | Both | $50M - $1B | Healthcare, Life Sciences, Provider Services | williamblair.com |
| Capstone Partners | Capstone Partners | Both | $10M - $500M | Healthcare, Business Services, Technology | capstonepartners.com |
| Kaufman Hall | Kaufman Hall | Both | $25M - $5B | Hospitals, Health Systems, Nonprofits | kaufmanhall.com |
| FOCUS Investment Banking | FOCUS Investment Banking | Both | $5M - $250M | Healthcare, Provider Services, Physician Groups | focusbankers.com |
| Bryant Park Capital | Bryant Park Capital | Both | $10M - $500M | Healthcare, Business Services, Technology | bryantparkcapital.com |
| VMG Health | VMG Health | Both | $5M - $500M | Healthcare, Physician Groups, ASCs | vmghealth.com |
| Grant Thornton | Grant Thornton | Both | $25M - $2B | Healthcare, Life Sciences, Business Services | grantthornton.com |
| M&A Healthcare Advisors | M&A Healthcare Advisors | Both | $1M - $50M | Healthcare, Lower Middle Market, Physician Practices | mahealthcareadvisors.com |
How to verify an advisor's track record
Ask for a closed deal list in healthcare. Hospital and physician group advisors reach very different buyer pools.
Advisors who know Philadelphia healthcare name specific transactions and buyer types. Vague specialization claims are a red flag.
Check if they've closed both PE-backed and nonprofit health system deals. Philadelphia draws both types across sub-sectors.
Use Ellty to share financials with shortlisted advisors under NDA. You'll see who opens files before your first call. Browse the Philadelphia M&A advisors list to compare firms. Read the M&A process guide before starting your search.
Running a Philadelphia healthcare deal?
Share financials with buyers under NDA. Track who opens them.
Start free 14-day trialHow a Philadelphia healthcare deal runs
Philadelphia healthcare deals typically run five to nine months. Regulatory reviews add time for hospital system transactions.
| Stage | What happens | What you need ready | |
|---|---|---|---|
| Stage 1: Preparation | Stage 1: Preparation | Run QoE, build CIM, shortlist advisors by sector | Three years P&L, payor contracts, patient volume data |
| Stage 2: Advisor engagement | Stage 2: Advisor engagement | Sign engagement letter, align on buyer list | Cap table, physician group agreements, leases |
| Stage 3: Marketing | Stage 3: Marketing | CIM sent to buyers, NDAs signed, meetings set | Ellty data room live with CIM and financials |
| Stage 4: LOI | Stage 4: LOI | Buyers submit bids, LOIs negotiated, exclusivity signed | Clean revenue data, no open compliance issues |
| Stage 5: Due diligence | Stage 5: Due diligence | Buyer reviews legal, financial, and clinical records | Full Ellty data room: contracts, licenses, financials |
| Stage 6: Close | Stage 6: Close | Purchase agreement signed, funds transfer | Reps and warranties signed, transition plans ready |
13 Philadelphia healthcare M&A advisors
These 13 firms advise on healthcare M&A deals in Philadelphia. Coverage spans hospital systems, physician groups, behavioral health, and provider services.
1. Fairmount Partners
A Philadelphia-based investment bank with 320+ completed transactions across healthcare and IT.
Recent Deals: Advised on Nixon Medical's acquisition of Scrubs Medical Laundry in May 2025. Completed Arlington Capital's majority investment in Concord Biomedical Sciences. Active in outsourced clinical services, specialty pharmacy, and lab testing M&A through 2025-2026.
LinkedIn: Fairmount Partners LinkedIn
Sector Focus: Healthcare, IT services, industrials, life sciences staffing
Deal Type: Both
Deal Size: $10M - $500M
Location: Philadelphia, PA
Website: fairmountpartners.com
2. Piper Sandler
A national healthcare investment bank ranked #1 for Med-Tech M&A by sell-side deal count.
Recent Deals: Ranked #1 for Med-Tech M&A advisories by sell-side deal count, cross-border deals, and buy-side deals. Active in healthcare services, payors, and provider M&A with 60+ transactions since 2015. Published 2026 medical device M&A outlook covering cardiac monitoring and neuromodulation targets.
LinkedIn: Piper Sandler LinkedIn
Sector Focus: Healthcare services, Med-Tech, payors, providers, behavioral health
Deal Type: Both
Deal Size: $50M - $5B
Location: National (serves Philadelphia market)
Website: pipersandler.com
3. Houlihan Lokey
The #1 ranked global M&A advisor by deal count in 2025 with a dedicated healthcare group.
Recent Deals: Ranked #1 globally for all M&A by LSEG in 2025 with 318 deals closed. Generated $717M quarterly revenue in Q3 fiscal 2026, up 18% year over year. Active in healthcare M&A including hospitals, physician groups, and healthcare tech through 2025-2026.
LinkedIn: Houlihan Lokey LinkedIn
Sector Focus: Healthcare, hospitals, physician groups, healthcare technology, multi-sector
Deal Type: Both
Deal Size: $100M - $5B
Location: National (serves Philadelphia market)
Website: hl.com
4. Lincoln International
A global mid-market bank with strong healthcare coverage and $214M net income in 2025.
Recent Deals: Filed for US IPO in April 2026 with $214.1M net income in 2025, up 31%. Advised American Industrial Partners on Optimas International's sale to Exponent in 2025. Active in healthcare, PE-backed services, and business services M&A through 2025-2026.
LinkedIn: Lincoln International LinkedIn
Sector Focus: Healthcare, PE-backed, business services, technology
Deal Type: Both
Deal Size: $50M - $2B
Location: National (serves Philadelphia market)
Website: lincolninternational.com
5. Harris Williams
A national mid-market bank with a dedicated healthcare and pharma services practice.
Recent Deals: Published Outlook 2026 Healthcare edition highlighting key sub-sectors and recent clients. Active in PE-backed healthcare, pharma services, and provider M&A through 2025-2026. Covers behavioral health, dental, and outsourced healthcare services in the mid-market.
LinkedIn: Harris Williams LinkedIn
Sector Focus: Healthcare, PE-backed, pharma services, behavioral health, dental
Deal Type: Both
Deal Size: $50M - $2B
Location: National (serves Philadelphia market)
Website: harriswilliams.com
Selling a Philadelphia health business?
Set up your data room before your advisor call. Track who opens it.
Start free 14-day trial6. William Blair
A Chicago-based global bank with a strong healthcare services and life sciences M&A team.
Recent Deals: Advised Royston Group on its ~$325M sale to LSI Industries in February 2026. Active in healthcare services, life sciences, and provider M&A nationally through 2025-2026. Covers PE-backed and founder-owned healthcare businesses in the mid-market.
LinkedIn: William Blair LinkedIn
Sector Focus: Healthcare, life sciences, provider services, behavioral health
Deal Type: Both
Deal Size: $50M - $1B
Location: National (serves Philadelphia market)
Website: williamblair.com
7. Capstone Partners
A national mid-market bank active in healthcare and business services M&A through 2026.
Recent Deals: Published 2026 Annual M&A sector reports covering healthcare and business services. Active in healthcare M&A nationally through 2025-2026. Covers mid-market healthcare transactions across the Northeast and Mid-Atlantic regions.
LinkedIn: Capstone Partners LinkedIn
Sector Focus: Healthcare, business services, technology, physician groups
Deal Type: Both
Deal Size: $10M - $500M
Location: National (serves Philadelphia market)
Website: capstonepartners.com
8. Kaufman Hall
A hospital-focused M&A advisory firm tracking US health system consolidation trends.
Recent Deals: Published the 2025 Hospital and Health System M&A Review in early 2026. Tracked 46 hospital M&A deals in 2025, with nearly 70% closing in H2 2025. Active in health system strategy and M&A advisory focused on nonprofit hospitals.
LinkedIn: Kaufman Hall LinkedIn
Sector Focus: Hospitals, health systems, nonprofit healthcare, post-acute care
Deal Type: Both
Deal Size: $25M - $5B
Location: National (serves Philadelphia market)
Website: kaufmanhall.com
9. FOCUS Investment Banking
A national boutique with 130+ healthcare transactions closed over the past decade.
Recent Deals: Closed 130+ transactions in healthcare over the past decade, with strength in provider services. Active as one of the leading advisors to physician groups in 2025-2026. Covers home health, behavioral health, and specialty physician practices in the mid-market.
LinkedIn: FOCUS Investment Banking LinkedIn
Sector Focus: Healthcare, provider services, physician groups, home health
Deal Type: Both
Deal Size: $5M - $250M
Location: National (serves Philadelphia market)
Website: focusbankers.com
10. Bryant Park Capital
A boutique founded in 1991 with 400+ deals and $30B+ in aggregate transaction value.
Recent Deals: Completed 400+ deals representing over $30 billion in transaction value since 1991. Active in healthcare, business services, and technology M&A through 2025-2026. Serves public and private companies on sell-side, buy-side, and capital raise mandates.
LinkedIn: Bryant Park Capital LinkedIn
Sector Focus: Healthcare, business services, technology, multi-sector
Deal Type: Both
Deal Size: $10M - $500M
Location: National (serves Philadelphia market)
Website: bryantparkcapital.com
11. VMG Health
A healthcare-only advisory firm with deep expertise in physician group and ASC M&A.
Recent Deals: Active in physician group and ambulatory surgery center M&A through 2025-2026. Published 2025 and 2026 healthcare M&A outlook reports covering trends and valuations. Covers healthcare valuation, transaction advisory, and strategic consulting nationally.
LinkedIn: VMG Health LinkedIn
Sector Focus: Healthcare, physician groups, ASCs, behavioral health, dental
Deal Type: Both
Deal Size: $5M - $500M
Location: National (serves Philadelphia market)
Website: vmghealth.com
12. Grant Thornton
A national advisory firm with a dedicated healthcare transaction advisory practice.
Recent Deals: Published 2025 Healthcare M&A Trends report covering key sector challenges. Active in healthcare and life sciences M&A advisory through 2025-2026. Covers healthcare provider organizations, life sciences, and payer M&A nationally.
LinkedIn: Grant Thornton LinkedIn
Sector Focus: Healthcare, life sciences, payors, business services
Deal Type: Both
Deal Size: $25M - $2B
Location: National (serves Philadelphia market)
Website: grantthornton.com
13. M&A Healthcare Advisors
A boutique healthcare M&A group with 50+ lower middle market deals in the past four years.
Recent Deals: Closed 50+ successful healthcare transactions in the lower middle market in the past four years. Active in physician practice, behavioral health, and specialty healthcare M&A through 2025-2026. Focuses on companies with $1M-$50M in transaction value.
LinkedIn: M&A Healthcare Advisors LinkedIn
Sector Focus: Healthcare, physician practices, behavioral health, lower middle market
Deal Type: Both
Deal Size: $1M - $50M
Location: National (serves Philadelphia market)
Website: mahealthcareadvisors.com
PE buyers and Philadelphia healthcare
PE sponsors focus on behavioral health, home care, and ambulatory surgery centers. These sub-sectors show the fastest volume growth in 2025-2026.
Physician practice roll-ups remain active. Hospital acquisitions of physician assets rose 17% in 2025 as systems push outpatient integration.
Financially distressed deals hit a record 43.5% of hospital transactions in 2025. Mid-sized systems with operational strain are attracting restructuring-focused buyers.
Use Ellty to share your financials with PE and health system buyers under NDA. Set granular link permissions so each buyer only sees what their NDA covers. Track who opens your files and how long they spend. Read the due diligence for acquisition guide before organizing your records.
Behavioral health and specialty care M&A
Behavioral health is one of the fastest-moving healthcare sub-sectors in Philadelphia. Platform builds and bolt-on roll-ups are driving deal flow.
Ambulatory surgery centers and home infusion services command strong multiples. Buyers value scalable businesses with favorable reimbursement direction.
Specialty pharmacy and outsourced clinical services also draw active buyer interest. Philadelphia's academic medical infrastructure creates a supply chain of targets for deals.
Use Ellty to organize your clinical and financial records before advisor outreach. Share your data room through trackable links so you know who is reviewing them. Read the sell-side due diligence guide to prepare records buyers check in week one. Browse the Philadelphia industrials M&A advisors list for context on cross-sector deals.
What healthcare buyers check in Philadelphia deals
Strategic buyers and PE sponsors focus on revenue quality and payor mix first. Customer concentration in one health system creates negotiation risk.
Regulatory and licensing records come up in week one of diligence. Pennsylvania healthcare licenses and CMS certifications need to be clean and current.
Physician agreements and employment contracts matter to health system buyers. Non-compete and non-solicitation terms affect business continuity post-close.
Use Ellty to organize your contracts, licenses, and financial records in one secure place. Share them with buyers through trackable links under NDA. Read the due diligence timeline guide to understand what buyers need at each stage. Review the due diligence preparation guide before your first advisor meeting.
How Ellty helps you close an M&A deal in Philadelphia
You've picked your Philadelphia healthcare advisor. Set up your data room next. Get buyers reviewing files fast.
- 1.Upload financials, contracts, and clinical licensesOrganize files by type. Healthcare buyers check contracts and licenses first.
- 2.Set access by buyer type and NDA statusPE buyers and health system acquirers need different document sets.
- 3.Track who reviews your key filesSee which buyers open your financials and how long they spend.
Common questions about Philadelphia healthcare M&A advisors
- Behavioral health, ambulatory surgery centers, and physician groups are most active. Home infusion and specialty pharmacy businesses also draw strong buyer interest.
- Local advisors know the regional buyer pool and recent closed transactions. National healthcare boutiques reach more PE sponsors and health system acquirers.
- Most deals run five to nine months. Hospital system mergers can take longer due to regulatory review.
- Revenue quality, payor mix, and licensing records come first. Physician agreements and CMS certifications surface in week one.
- Before your first advisor call. Buyers expect financials and contracts organized from day one of diligence.
- M&A Healthcare Advisors and FOCUS Investment Banking cover lower middle market deals. VMG Health focuses on physician groups and ASC transactions.
