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Per Healthcare Dealflow's March 2026 recap, March closed at 297 deals. 70-plus in Physician Services. PE had a hand in 70% of those.
That's the closed count. The auction count matters more.
In March alone: Webster brought Bristol Hospice to market on about $140M of EBITDA. Ares started prep on Lockwood Group at $70M. Arlington hired an advisor on Everest Clinical Research at $45M. Varsity lined up Ventra Health with Moelis. Grant Avenue put Ovation Healthcare with Baird. InTandem began fireside chats on Pediatric Home Service at McDermott
Seven named processes loading into Q2. Every one creates a second-order effect most origination teams aren't pricing in yet.
What an Auction Does to the Practice Next Door
When a PE-backed platform in a specialty goes to auction, the independent practices around it recalibrate.