At a glance
| EBITDA range | $3M+ S1 |
|---|---|
| Check size | $25M to $100M S1 |
| Deal types | Platform, Add-on, Minority, Growth S1 |
| Geography | United States S1 |
| Sectors | Healthcare Services, Dental, Distribution, Industrial & Manufacturing |
What BPOC buys
BPOC is a Chicago private equity firm that has invested only in healthcare since 1996. It has raised more than $2.5 billion across seven funds and, as of August 2026, counts 33 platform companies since 2008 and more than 100 add-on acquisitions. It backs founder-owned companies in the lower middle market in four areas: outsourced services for providers and payers (benefits administration, revenue cycle, staffing, consulting, practice software), medical products and distribution, provider groups (primary care, behavioral health, outpatient and post-acute care, dental), and pharmacy and pharma services.
Its stated criteria are at least $3 million of EBITDA, an equity investment of $25 million to $100 million, and either a majority stake or an active minority position, with management investing alongside BPOC. It says it uses debt with care and keeps equity structures simple. A smaller company can also meet BPOC as an add-on: several of its companies, including Health Management Associates, VytlOne and Zenith American Solutions, say on BPOC's site that they are looking for acquisitions.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2026 | Master Medical Equipment and ReNew BiomedicalSister companies selling, renting and servicing medical equipment for EMS and post-acute care; the founder stays on as CEO | Platform | Distribution | Source |
| Jun 2026 | Alliance Clinical NetworkMerged with BPOC's Atlas Clinical Research to form a clinical trial site network across seven states | Add-on | Healthcare Services | Source |
| Apr 2026 | Midwest Products & EngineeringMedical device contract manufacturer sold to Graham Partners after a 2019 investment | Exit | Industrial & Manufacturing | Source |
| Mar 2026 | HealthTech SolutionsMedicaid technology, analytics and compliance firm added to Health Management Associates | Add-on | Healthcare Services | Source |
| Sep 2025 | Advanced Concept InnovationsAdded to Praxis Packaging Solutions, a contract packager for drug and medical device makers | Add-on | Industrial & Manufacturing | Source |
| Jan 2025 | ProxsysRxCombined with Maxor (now VytlOne) to grow its hospital pharmacy management business | Add-on | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Outsourced Services
- Bridgeway Benefit Technologies
- Health Management Associates
- Medical Solutions
- Medicus Healthcare Solutions
- Zenith American Solutions
Pharmacy & Pharma Services
- Alliance Clinical Network
- Network Partners Group
- Praxis Packaging Solutions
- VytlOne
Products & Distribution
- Home Care Delivered
- Master Medical Equipment and ReNew Biomedical
Providers
- Alliance Physical Therapy Partners
- Bond Orthodontic Partners
- ClareMedica Health Partners
- Southeast Primary Care Partners
Greymont’s take
How BPOC fits a seller
BPOC suits founders of healthcare businesses with at least $3 million of EBITDA who want an investor that knows the industry well and are open to either selling control or taking an active minority investment. In its August 2026 investment in Master Medical Equipment and ReNew Biomedical, the founder stayed on as chief executive, and BPOC expects management to invest alongside it. Its most recent exit, Midwest Products & Engineering, went to Graham Partners in April 2026 after about seven years.
An owner should ask whether BPOC would take a majority or minority stake, how much of the proceeds the owner would be asked to reinvest, and how long BPOC expects to hold the company. Holding periods on its investment list run from a few years to more than a decade.
Questions owners ask
What size company does BPOC invest in?
Its criteria call for at least $3 million of EBITDA, with BPOC investing $25 million to $100 million of equity for a majority or active minority position.
Does BPOC invest outside healthcare?
No. It has invested only in healthcare for 30 years, across outsourced services, medical products and distribution, provider groups, and pharmacy and pharma services.
Does BPOC back dental or orthodontic practices?
Dental services are part of its provider focus. It backs Bond Orthodontic Partners, which supports orthodontic practices in the western US and is seeking add-ons, and it previously owned D4C Dental Brands and Absolute Dental.
Will BPOC take a minority stake?
Yes. Its criteria list majority or active minority positions, and its releases describe growth equity, management buyouts and leveraged recapitalizations as the ways it invests.
Sources
- S1BPOC home page (investment criteria and sector focus) Accessed October 20, 2026
- S2BPOC: Company (founded 1996, $2.5B+ raised, seven funds, as of August 2026) Accessed October 20, 2026
- S3BPOC: All Investments (investment and exit dates) Accessed October 20, 2026
- S4BPOC: Insights and news Accessed October 20, 2026
- S5BPOC: Contact (Chicago office address) Accessed October 20, 2026
- S6BPOC Partners with Master Medical Equipment and ReNew Biomedical (August 24, 2026) Accessed October 20, 2026
- S7BPOC Completes Sale of Midwest Products & Engineering (April 7, 2026) Accessed October 20, 2026
- S8ClareMedica Health Partners and Beecken Petty O'Keefe & Company Form Partnership With Equity Investment (GlobeNewswire, July 1, 2019) Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with BPOC. Figures are as reported on the dates shown and may have changed. Request a correction