Healthcare-focused lower middle market private equity firm
Latticework Capital Management
- HeadquartersDallas, TX S1
- Founded2015 S4
- Websitelatticeworkcapital.com
- Last verifiedOctober 28, 2026
At a glance
| Assets under management | $650M (as of Jan 2026) S5 |
|---|---|
| Latest fund | LCM Healthcare Fund II, $345M (May 2024) S6 |
| EBITDA range | $2M to $10M S2 |
| Deal types | Platform, Add-on, Growth S2 |
| Sectors | Healthcare Services, Dental, Veterinary |
What Latticework Capital Management buys
Latticework Capital Management is a Dallas private equity firm, with a second office in Denver, that invests only in healthcare. Founded in 2015, it reports more than $650 million of assets under management and invests from LCM Healthcare Fund II, which closed at $345 million in May 2024. It takes control of lower middle market companies in four areas: healthcare providers, pharmaceutical services, medical components and equipment, and business services sold to providers. Deals include family succession and owner recapitalizations, management buyouts, growth capital, corporate carve-outs and buy-and-build roll-ups.
A new platform needs $2 million to $10 million of EBITDA, strong free cash flow and room to grow by acquisition in a fragmented field. Add-ons have no minimum size, which makes Latticework a realistic buyer for a single practice. Most of its recent deals are independent practices joining its platforms, above all Beacon Behavioral Partners in psychiatry, along with Kalon Aesthetics in plastic surgery.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | North Pointe PsychiatryThree North Texas locations added to Beacon Behavioral Partners | Add-on | Healthcare Services | Source |
| Sep 2026 | Prime Psychiatry and Invicta HealthcareSeven Dallas-Fort Worth and Austin clinic locations added to Beacon | Add-on | Healthcare Services | Source |
| Aug 2026 | Northeast Florida Psychiatric AssociationNortheast Florida psychiatric practice added to Beacon | Add-on | Healthcare Services | Source |
| Aug 2026 | AR Psychiatric & Counseling Center GeorgiaBeacon's first partner practice in Georgia | Add-on | Healthcare Services | Source |
| Jul 2026 | Precision Medicine World ConferencePrecision medicine conference added to Life Science Connect | Add-on | Source | |
| Jul 2026 | Pure Psychiatry17-location outpatient group that took Beacon into Michigan and Ohio | Add-on | Healthcare Services | Source |
| Jun 2026 | CDMO Live and PharmaSourceBiopharma outsourcing events and media brands added to Life Science Connect | Add-on | Source | |
| Apr 2026 | Restora AustinAustin plastic surgery practice added to Kalon Aesthetics; keeps its brand and surgeon leadership | Add-on | Healthcare Services | Source |
| Mar 2026 | Novus Neurology and SunCoast PsychiatryNeurology and psychiatry practices in Florida and Alabama added to Beacon | Add-on | Healthcare Services | Source |
| Feb 2026 | Carolina PsychiatryUpstate South Carolina practice; Beacon's entry into the state | Add-on | Healthcare Services | Source |
| Jun 2025 | First Medical AssociatesMaryland primary care group with eleven clinics; investment dated June 13, 2025 on the portfolio page | Platform | Healthcare Services | Source |
| May 2025 | Synapse, Shore Clinical TMS, NeuroPsych Wellness Center, Cognizant Behavioral Health and The MaplesFive behavioral health practices in NJ, VA, PA, TX and LA added to Beacon | Add-on | Healthcare Services | Source |
| Jan 2025 | Life Science ConnectPittsburgh-area life science media and lead generation business, backed with Edgehill Management | Platform | Source |
Portfolio by sector
From the firm's portfolio page S3.
Business Services to Healthcare Providers
- Healthcare Building Solutions
- inReach Health
Healthcare Providers
- American Veterinary Group
- Beacon Behavioral Partners
- First Medical Associates
- Institutes of Health
- Kalon Aesthetics
- SALT Dental Partners
Pharmaceutical Services
- ACRS (American Clinical Research Services)
- Life Science Connect
Past investments: Xpress Wellness, Restoration Counseling & Community Services
Greymont’s take
How Latticework Capital Management fits a seller
Latticework suits owners of healthcare businesses, especially physician-led practices in behavioral health, plastic surgery, dentistry, veterinary care or primary care, who want cash now and a stake in a larger company later. The firm says it offers partial liquidity with a chance at a second payout when the platform is sold, and because add-ons have no minimum size, a single-site practice can join one of its platforms. Beacon alone has added 14 practices since May 2025, and Restora Austin kept its own name and its two surgeons in charge after joining Kalon in April 2026.
Latticework builds companies with a sale in mind and says it keeps a constant eye on the exit; it sold Xpress Wellness to Goldman Sachs Alternatives in 2024. Owners rolling equity should ask about the expected hold period and how much clinical and day-to-day control they keep after closing.
Questions owners ask
Does Latticework buy small medical practices?
Yes, as add-ons. Its criteria set no minimum size for add-on acquisitions, and its platforms regularly add single practices, such as Restora Austin joining Kalon Aesthetics in April 2026 and North Pointe Psychiatry joining Beacon Behavioral Partners in October 2026.
What size platform investment does Latticework make?
A new platform company should have $2 million to $10 million of EBITDA, strong free cash flow and a fragmented market where acquisitions can drive growth. Its current fund, LCM Healthcare Fund II, closed at $345 million in May 2024.
Does Latticework invest outside healthcare?
No. It invests only in healthcare: providers, pharmaceutical services, medical components and equipment, and business services to providers. Its current companies include dental, veterinary, behavioral health, primary care, plastic surgery and clinical research businesses.
Do owners keep a stake after selling to Latticework?
The firm says it offers partial liquidity events, so owners and managers can keep equity and share in a second payout when the platform is sold later. Management also keeps running day-to-day operations under an agreement that splits roles with the firm.
Sources
- S1Latticework Capital Management home page Accessed October 28, 2026
- S2Latticework: Investment Criteria Accessed October 28, 2026
- S3Latticework: Investment Portfolio Accessed October 28, 2026
- S4Latticework: Why Partner Accessed October 28, 2026
- S5Latticework's 2025 Year-in-Review (January 21, 2026) Accessed October 28, 2026
- S6Latticework Closes LCM Healthcare Fund II at $345 Million (May 2, 2024) Accessed October 28, 2026
- S7Goldman Sachs Alternatives Completes Acquisition of Xpress Wellness (May 23, 2024) Accessed October 28, 2026
- S8Latticework: Beacon Behavioral Partners portfolio page Accessed October 28, 2026
- S9Latticework: News Accessed October 28, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Latticework Capital Management. Figures are as reported on the dates shown and may have changed. Request a correction