Healthcare-focused lower middle market private equity firm
Cimarron Healthcare Capital
- HeadquartersSalt Lake City, UT S2
- Websitecimarronhc.com
- Last verifiedOctober 27, 2026
At a glance
| EBITDA range | Up to $10M S3 |
|---|---|
| Revenue range | $10M to $100M S1 |
| Check size | Up to $30M S3 |
| Deal types | Platform, Add-on S3 |
| Sectors | Healthcare Services, Veterinary, Software & SaaS |
What Cimarron Healthcare Capital buys
Cimarron Healthcare Capital is a Salt Lake City firm that invests only in healthcare. It looks for founder-owned and family-owned companies in the lower middle market, usually with $10 million to $100 million of revenue and up to $10 million of EBITDA, and it puts in up to $30 million of equity per deal. It backs ancillary care providers and companies that sell technology or services to health plans and providers. Its current holdings cover sleep medicine, home health and hospice, infusion centers, adolescent behavioral health, dental anesthesia, healthcare payment software and newly built veterinary hospitals.
Cimarron does leveraged buyouts and growth buyouts, and it will also build a company from scratch around a strong management team. It wants the owner to roll over a significant stake, and it is often the first outside investor the company has had. A smaller practice is most likely to meet Cimarron as an add-on: its sleep platform, Forward Health, has bought physician sleep practices in Oregon, Louisiana, Virginia and Arizona since 2023.
Recent deals
Announced in the 24 months before October 27, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| January 2025 | The Insomnia and Sleep Institute of ArizonaArizona sleep medicine practice added to Forward Health in partnership with its founding physician | Add-on | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S4.
Active Portfolio
- AMPS (Advanced Medical Pricing Solutions)
- Ascent Behavioral Health
- Elite Anesthesia
- Forward Healthcare Services (Forward Health)
- Frontpoint Health
- Infusion for Health
- PetVet365
Greymont’s take
How Cimarron Healthcare Capital fits a seller
Cimarron suits owners of healthcare service businesses who want a specialist partner and plan to keep a real stake. Its criteria call for significant owner rollover, so a sale here usually works as a recapitalization: the owner takes some cash out, keeps equity in a bigger company and often stays on to run it. Its September 2024 Elite Anesthesia deal was a majority recapitalization done with the founders, and Forward Health bought its Arizona sleep practice in partnership with the founding physician.
The firm's news page shows only one acquisition in the past two years, so an owner should ask how much capital Cimarron has left to invest and how long it expects to hold a new company. An owner selling into an existing platform should also ask how the rolled equity will be valued when that platform is sold.
Questions owners ask
What size company does Cimarron Healthcare Capital invest in?
Its stated criteria are $10 million to $100 million of revenue and up to $10 million of EBITDA, with equity investments of up to $30 million in a company.
Does Cimarron only invest in healthcare?
Yes. The firm says it is fully focused on healthcare, backing ancillary care providers and companies that supply technology and services to payers and providers. Its veterinary holding, PetVet365, fits the pet health theme it lists.
Does the owner keep a stake after Cimarron invests?
Usually. Significant owner rollover is one of Cimarron's published criteria, and its September 2024 investment in Elite Anesthesia was a majority recapitalization carried out together with the company's founders.
Sources
- S1Cimarron Healthcare Capital home page (investment criteria) Accessed October 27, 2026
- S2Cimarron Healthcare Capital: About Us Accessed October 27, 2026
- S3Cimarron Healthcare Capital: Strategy Accessed October 27, 2026
- S4Cimarron Healthcare Capital: Portfolio Accessed October 27, 2026
- S5Cimarron Healthcare Capital: News Accessed October 27, 2026
- S6Forward Health Acquires The Insomnia and Sleep Institute of Arizona (January 2025) Accessed October 27, 2026
- S7Cimarron Healthcare Capital Announces Recapitalization of Elite Anesthesia (September 2024) Accessed October 27, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Cimarron Healthcare Capital. Figures are as reported on the dates shown and may have changed. Request a correction