11 M&A advisors active in Phoenix healthcare deals in 2026. Covers hospital systems, physician groups, ASCs, and behavioral health with firm profiles and recent transactions.
Arizona's healthcare M&A market moved fast in 2025. HonorHealth wrapped up its buy of 11 Evernorth clinics in January 2026.
HonorHealth also took on three Steward hospitals: Mountain Vista, St. Luke's, and Florence Hospital. Steward's bankruptcy pushed distressed assets into play across the state.
Physician group roll-ups picked up alongside hospital deals. Ally Pediatric Therapy was acquired via General Atlantic's ACES ABA platform in January 2026.
Set up a virtual data room before your first advisor call. Arizona buyers check financials and contracts from day one.
| Firm | Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|---|
| Kaufman Hall | Kaufman Hall | Both | $25M - $5B | Hospitals, Health Systems, Nonprofits | kaufmanhall.com |
| Piper Sandler | Piper Sandler | Both | $50M - $5B | Healthcare Services, Med-Tech, Payors | pipersandler.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 |
| Merritt Healthcare Advisors | Merritt Healthcare Advisors | Sell-side | $1M - $100M | ASCs, Physician Groups, Healthcare Services | merrittadvisory.com |
| FOCUS Investment Banking | FOCUS Investment Banking | Both | $5M - $250M | Healthcare, Provider Services, Physician Groups | focusbankers.com |
| VMG Health | VMG Health | Both | $5M - $500M | Healthcare, Physician Groups, ASCs | vmghealth.com |
| Houlihan Lokey | Houlihan Lokey | Both | $100M - $5B | Healthcare, Hospitals, Multi-sector | hl.com |
| Capstone Partners | Capstone Partners | Both | $10M - $500M | Healthcare, Business Services, Technology | capstonepartners.com |
| Ardent Advisory Group | Ardent Advisory Group | Both | $10M - $250M | Healthcare, Technology, Business Services | ardentadvisorygroup.com |
| Columbia West Capital | Columbia West Capital | Both | $5M - $150M | Healthcare, Business Services, Technology | columbiawc.com |
How to verify an advisor's track record
Ask for a closed deal list in your sub-sector. Hospital advisors reach different buyers than ASC boutiques.
Advisors who know Arizona healthcare name specific deals and buyer types. Vague sector claims don't hold up on a reference call.
Check if they've closed both PE-backed and health system deals. Phoenix draws both types across the market.
Use Ellty to share financials with shortlisted advisors under NDA. You'll see who opens your files before your first call. Browse the Phoenix M&A advisors list to compare firms across sectors. Read the sell-side due diligence guide to prepare before advisor outreach.
Running a Phoenix healthcare deal?
Share financials with buyers under NDA. Track who opens them.
Start free 14-day trialHow a Phoenix healthcare deal runs
Phoenix healthcare deals run five to nine months. Hospital system mergers take longer due to regulatory review.
| Stage | What happens | What you need ready | |
|---|---|---|---|
| Stage 1: Preparation | Stage 1: Preparation | Run QoE, build CIM, shortlist advisors by sub-sector | Three years P&L, payor contracts, licensing records |
| Stage 2: Advisor engagement | Stage 2: Advisor engagement | Sign engagement letter, align on buyer list | Cap table, physician agreements, employment contracts |
| 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, clinical, and financial 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 |
11 Phoenix healthcare M&A advisors
These 11 firms advise on healthcare deals in Phoenix. Coverage spans hospitals, physician groups, ASCs, and behavioral health.
1. Kaufman Hall
A hospital-focused advisory firm tracking US health system consolidation every year.
Recent Deals: Published 2025 Hospital and Health System M&A Review showing 46 deals closed, with nearly 70% in H2. Active in health system strategy, merger advisory, and hospital transactions nationally through 2025-2026. Covers nonprofit and for-profit hospital M&A including distressed situations.
LinkedIn: Kaufman Hall LinkedIn
Sector Focus: Hospitals, health systems, nonprofit healthcare, post-acute care
Deal Type: Both
Deal Size: $25M - $5B
Location: National (serves Phoenix market)
Website: kaufmanhall.com
2. Piper Sandler
A national healthcare bank ranked #1 for Med-Tech M&A by sell-side deal count.
Recent Deals: Ranked #1 for Med-Tech M&A by sell-side deal count and cross-border deals. Active in healthcare services, payors, and provider M&A nationally through 2025-2026. Published 2026 medical device M&A outlook covering cardiac 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 Phoenix market)
Website: pipersandler.com
3. Harris Williams
A national mid-market bank with a dedicated healthcare and pharma services practice.
Recent Deals: Published Outlook 2026 Healthcare edition covering key sub-sectors and clients. Active in PE-backed healthcare, pharma services, and provider M&A through 2025-2026. Covers behavioral health, dental, and outsourced healthcare services nationally.
LinkedIn: Harris Williams LinkedIn
Sector Focus: Healthcare, PE-backed, pharma services, behavioral health, dental
Deal Type: Both
Deal Size: $50M - $2B
Location: National (serves Phoenix market)
Website: harriswilliams.com
4. William Blair
A global bank with a healthcare services and life sciences M&A team covering Arizona.
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 Phoenix market)
Website: williamblair.com
5. Merritt Healthcare Advisors
A healthcare-only boutique focused entirely on sell-side advisory for healthcare owners.
Recent Deals: Founded in 2010, exclusively advising owners of surgical facilities, practices, and ancillary businesses. Active in ASC, physician group, and healthcare services M&A through 2025-2026. Covers lower middle market healthcare transactions in the $1M-$100M range.
LinkedIn: Merritt Healthcare Advisors LinkedIn
Sector Focus: ASCs, physician groups, healthcare services, life science services
Deal Type: Sell-side
Deal Size: $1M - $100M
Location: National (serves Phoenix market)
Website: merrittadvisory.com
Selling a Phoenix health business?
Set up your data room before your advisor call. Track who opens it.
Start free 14-day trial6. 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 providers. Active as a leading advisor to physician groups in 2025-2026. Covers home health, behavioral health, and specialty 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 Phoenix market)
Website: focusbankers.com
7. VMG Health
A healthcare-only advisory firm with deep expertise in physician group and ASC M&A.
Recent Deals: Published 2025 and 2026 healthcare M&A outlook reports covering valuations and trends. Active in physician group and ambulatory surgery center M&A nationally through 2025-2026. Covers healthcare valuation, transaction advisory, and strategic consulting.
LinkedIn: VMG Health LinkedIn
Sector Focus: Healthcare, physician groups, ASCs, behavioral health, dental
Deal Type: Both
Deal Size: $5M - $500M
Location: National (serves Phoenix market)
Website: vmghealth.com
8. Houlihan Lokey
The #1 ranked global M&A advisor by deal count in 2025 with a healthcare team.
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 health 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 Phoenix market)
Website: hl.com
9. 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 Southwest and nationally.
LinkedIn: Capstone Partners LinkedIn
Sector Focus: Healthcare, business services, technology, physician groups
Deal Type: Both
Deal Size: $10M - $500M
Location: National (serves Phoenix market)
Website: capstonepartners.com
10. Ardent Advisory Group
A Scottsdale bank with $3B+ in advisory transactions closed since 2021.
Recent Deals: Founded in 2021 with $3B+ in aggregate advisory transactions completed. Active in healthcare and technology M&A in Arizona and the Southwest through 2025-2026. Covers sponsor-backed and founder-owned middle-market transactions.
LinkedIn: Ardent Advisory Group LinkedIn
Sector Focus: Healthcare, technology, business services, distribution
Deal Type: Both
Deal Size: $10M - $250M
Location: Scottsdale, AZ
Website: ardentadvisorygroup.com
11. Columbia West Capital
A Scottsdale boutique founded in 2003 covering healthcare and business services M&A.
Recent Deals: Active in healthcare and business services M&A in Arizona since 2003. Works with founder-owned and PE-backed businesses in the lower middle market. Covers sell-side and buy-side advisory for Southwest businesses in the $5M-$150M range.
LinkedIn: Columbia West Capital LinkedIn
Sector Focus: Healthcare, business services, technology, distribution
Deal Type: Both
Deal Size: $5M - $150M
Location: Scottsdale, AZ
Website: columbiawc.com
Arizona hospital consolidation in 2026
Hospital consolidation in Arizona accelerated through 2025 and into 2026. Steward's bankruptcy created a wave of asset sales across the state.
HonorHealth acquired three Steward hospitals and 11 Evernorth Care Group clinics. That gives them a 12-hospital network covering the greater Phoenix metro.
Banner Health continues to hold the largest market share in Arizona. Smaller systems face buy-or-be-bought pressure from both Banner and HonorHealth.
Use Ellty to organize your financial records before advisor outreach. Share your data room through trackable links under NDA. Read the due diligence for acquisition guide to understand what buyers check. Learn about M&A strategy by industry before your first advisor meeting.
Selling a physician group in Phoenix
Physician group exits in Phoenix follow a different timeline than hospital deals. PE roll-ups close faster; health system acquisitions add integration review time.
Buyers focus on revenue quality, reimbursement mix, and physician agreement terms. Non-compete and non-solicitation clauses shape what a buyer will pay.
Arizona's growth rate attracts both regional and national PE platforms. Ambulatory and specialty practices draw the most active buyer competition.
Set up an Ellty data room before you reach out to buyers. Use granular link permissions to control what each buyer sees. Read the sell-side due diligence guide to prep your records early. Browse the due diligence page to understand the full buyer process.
ASC deals and what buyers check first
Ambulatory surgery center deals in Phoenix move quickly when the business is clean. Buyers prioritize payor mix and case volume first.
ASC buyers check for payer concentration risk and contract renewal terms. A single payer at more than 40% of revenue triggers closer scrutiny.
Clinical quality metrics and accreditation status affect valuation. Buyers building platforms want ASCs with clean survey history and stable physician ownership.
Use Ellty to share your ASC's records with buyers under NDA. Track who opens your files and how long they spend reviewing. Review the private equity page for how PE buyers approach ASC roll-ups. Read the due diligence process guide to prepare your records for buyer review.
How Ellty helps you close an M&A deal in Phoenix
You've picked your Phoenix healthcare advisor. Set up your data room next. Get buyers reviewing files fast.
- 1.Upload financials, contracts, and clinical recordsOrganize by type. Arizona 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 Phoenix healthcare M&A advisors
- Hospital consolidation, ASCs, and physician group roll-ups lead deal volume. Behavioral health and home health platforms also draw active buyer interest.
- Local advisors know the Arizona buyer pool and recent deals. National healthcare boutiques reach more PE sponsors and health system buyers.
- Most deals run five to nine months. Hospital transactions with regulatory review can take longer.
- 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.
- Merritt Healthcare Advisors and Columbia West Capital cover smaller transactions. VMG Health focuses on physician groups and ASC deals.
