At a glance
| Deal types | Platform, Growth S9 |
|---|---|
| Sectors | Healthcare Services, Dental, Software & SaaS |
What RC Capital buys
RC Capital, formally River Cities Capital, is a Cincinnati firm with a second office in Raleigh that puts money into healthcare companies at the small end of the middle market. It works in three areas: healthcare and pharma services, medical devices, and healthcare IT. Its services list includes behavioral health, home health, cardiology, specialty dental, staffing and contract research. On the device side it wants commercial-stage products with FDA approval and a clear path to reimbursement.
The firm calls itself both private equity and growth equity, and its deals show both. It made a platform investment in The Blanchard Institute in 2025 and a growth investment in Captive Radiology in 2026, and it also joins shared funding rounds, such as ModifyHealth's $13.5 million Series C in 2024. RC Capital publishes no revenue, EBITDA or check size range. Because it starts from a view on a sector rather than a size screen, a smaller services company is most likely to fit if it sits in a niche the firm already follows.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | SPR TherapeuticsSold to Medtronic; RC Capital invested in 2021 and calls this the sixth liquidity event for Fund VI | Exit | Source | |
| May 2026 | Captive RadiologyGrowth investment in a turnkey imaging provider with more than 30 partnerships in nearly 20 states; the CEO stays on as an owner | Growth | Healthcare Services | Source |
| Oct 2025 | The Blanchard InstituteNew platform in North Carolina outpatient behavioral health, with a new CEO stepping in alongside the firm | Platform | Healthcare Services | Source |
| Dec 2024 | ModifyHealth$13.5 million Series C led by the Dohmen Company Foundation; RC Capital took part as an existing investor | Investment | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S5.
Healthcare Services
- Aligned Cardiovascular Partners
- Captive Radiology
- Cognitive Research Corporation (CRC)
- Endodontic Practice Partners
- ModifyHealth
- Mosaic Diagnostics
- OnCall Solutions
- Q Laboratories
- The Blanchard Institute
- Urgent Team
Information Technology
- Liquibase
- Netsertive
- Reputation
Medical Devices
- Avive Solutions
- Catalyst OrthoScience
- Checkpoint Surgical
- Elucent Medical
- OrthAlign
- Q'Apel
- Spineology
- Theragen
Past investments: Mindpath Health, SPR Therapeutics
Greymont’s take
How RC Capital fits a seller
RC Capital suits the owner of a healthcare services business who wants a partner with long sector experience and is open to change at the top. Its two latest services deals show the range. At Captive Radiology the CEO stayed on as an owner and leader, while The Blanchard Institute deal came with a new CEO taking the role alongside the firm.
An owner should ask early who will run the company after closing, and how large a stake the firm wants, since it publishes no typical stake or deal size. Its device exits have gone to large strategic buyers, most recently SPR Therapeutics to Medtronic, while services holding Mindpath combined with Community Psychiatry. An owner rolling equity should ask who the likely next buyer is.
Questions owners ask
Is RC Capital the same firm as River Cities Capital?
Yes. The firm's own site uses both names for the same healthcare investor. A May 2014 release marked its 20th anniversary, which puts its start at about 1994.
Does RC Capital publish a minimum revenue or EBITDA?
No. Its site describes companies at the lower end of the middle market but gives no revenue, EBITDA or check size figures, so an owner would need to ask directly.
Does the owner stay on after RC Capital invests?
It depends on the deal. At Captive Radiology in May 2026, CEO Dave Kelly stayed on as an owner and leader. At The Blanchard Institute in October 2025, Brian Bair took the CEO role in partnership with the firm.
Does RC Capital invest in dental companies?
Specialty dental is on its healthcare services focus list, and its site shows Endodontic Practice Partners, a nationwide group of endodontic practices based in Nashville, as an active holding.
Sources
- S1RC Capital home page Accessed November 3, 2026
- S2RC Capital: Our Focus Accessed November 3, 2026
- S3RC Capital: Healthcare Services Accessed November 3, 2026
- S4RC Capital: Medical Devices Accessed November 3, 2026
- S5RC Capital: Portfolio (status read from each company page) Accessed November 3, 2026
- S6River Cities Capital page on the RC Capital site Accessed November 3, 2026
- S7River Cities Celebrates 20th Anniversary with Close of Largest Fund to Date (May 20, 2014) Accessed November 3, 2026
- S8Captive Radiology Secures Growth Investment (May 27, 2026) Accessed November 3, 2026
- S9RCC Partners with The Blanchard Institute (October 30, 2025) Accessed November 3, 2026
- S10RC Capital: Portfolio News Accessed November 3, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with RC Capital. Figures are as reported on the dates shown and may have changed. Request a correction