Healthcare-focused private equity firm
Sheridan Capital Partners
- HeadquartersChicago, IL S7
- Websitesheridancp.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | Sheridan Capital Partners Fund IV, $1.1B (Oct 2026) S5 |
|---|---|
| EBITDA range | $5M to $25M S3 |
| Check size | $15M to $150M S3 |
| Deal types | Platform, Add-on S3 |
| Geography | United States, Canada S3 |
| Sectors | Healthcare Services, Dental, Software & SaaS, Industrial & Manufacturing, Veterinary |
What Sheridan Capital Partners buys
Sheridan Capital Partners is a Chicago private equity firm that invests only in healthcare. Its flagship funds buy outsourced services businesses such as pharma, payor, revenue cycle and consulting firms; patient services groups in areas like dental specialties, physical therapy, behavioral health and specialty veterinary care; and healthcare product makers, including contract manufacturers. A separate Healthcare IT Fund backs software for providers, payors and pharma. Sheridan wants founder-owned companies in the US or Canada with steady growth, recurring demand and limited regulatory risk.
For services and products, it looks for platforms with $5 million to $25 million of EBITDA and invests $30 million to $150 million of equity, usually through a buyout or partial recapitalization. Software platforms can be smaller, with $5 million to $30 million of revenue. The firm has raised more than $2.4 billion, including a $1.1 billion Fund IV closed in October 2026. Add-ons only need to be cash flow positive, so a smaller business is most likely to meet Sheridan as an add-on to a platform such as Oral Surgery Partners or Focal Point Care.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | Sheridan Capital Partners Fund IV and Healthcare IT Fund IFund IV closed at its $1.1 billion hard cap, and a separate $245 million Healthcare IT Fund I closed at the same time | Fund close | Source | |
| Sep 2026 | PtEverywherePractice management and payments software for outpatient physical therapy clinics, based in North Carolina; the CEO stays on | Platform | Software & SaaS | Source |
| Aug 2026 | Sage Product DevelopmentMedical device design and development firm in Massachusetts, added to Currier Plastics (now Alentra) | Add-on | Industrial & Manufacturing | Source |
| Aug 2026 | Carolina Components GroupBioprocessing components supplier in Durham, NC; the founder joins the board and remains a meaningful owner | Platform | Industrial & Manufacturing | Source |
| Jun 2026 | Tres HealthHealth plan platform for small and mid-sized employers, based in Boca Raton, FL | Platform | Source | |
| Jan 2026 | ICANotesElectronic health record and practice management software for behavioral health providers, based in Baltimore | Platform | Software & SaaS | Source |
| Jan 2026 | Springboard Manufacturing and MOS PlasticsTwo California medical contract manufacturers folded into Currier Plastics | Add-on | Industrial & Manufacturing | Source |
| Nov 2025 | Tarrytown Expocare PharmacyLong-term care pharmacy sold to Carlyle; Sheridan kept a minority stake | Exit | Healthcare Services | Source |
| Sep 2025 | Currier Plastics (now Alentra)Maker of precision plastic components for healthcare and life sciences, in Auburn, NY; a new CEO was named at closing | Platform | Industrial & Manufacturing | Source |
| Sep 2025 | National Care Systems (now Cadara)Billing and payroll software for skilled nursing and assisted living facilities; the founder stayed on as CEO | Platform | Software & SaaS | Source |
| May 2025 | DAS HealthMajority sale of the healthcare managed IT services provider to Coalesce Capital; Sheridan kept a minority stake | Exit | IT Services & MSP | Source |
| Jan 2025 | Doctors of Physical TherapyEmpower Physical Therapy combined with Doctors of Physical Therapy, creating a group of more than 160 locations in 11 states | Investment | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S4.
Bioprocessing
- Carolina Components Group
Contract Manufacturing
- Alentra
Medical Device Repair
- Solutech
Oral Surgery
- Oral Surgery Partners
Payor / Employer Services
- Tres Health
Pharma Services
- ADVI
Physical Therapy
- Doctors of Physical Therapy
Plastic Surgery & Aesthetics
- Ascend Plastic Surgery Partners
Post-Acute RCM, Data Analytics, and Consulting
- SimiTree Healthcare
Provider Software & Technology
- Cadara
- ICANotes
- PtEverywhere
Specialty Revenue Cycle Management
- Focal Point Care
Third Party Administration
- Heathos
Greymont’s take
How Sheridan Capital Partners fits a seller
Sheridan suits owners of founder-led healthcare businesses who want a buyer that already knows their niche. The firm says it studies a subsector before it buys, and its releases describe multi-year theses behind both Currier Plastics and Carolina Components Group. Founders often keep a role: the founder of National Care Systems stayed on as CEO, and the founder of Carolina Components Group joined the board and kept a meaningful stake. Sheridan is also willing to bring in new leaders, and both Currier and Carolina Components named an outside CEO at closing, so an owner who wants to keep running the company should raise that early. Owners should also ask how much equity they would roll over and what the acquisition plan looks like, since Sheridan says all of its portfolio companies are looking for add-ons.
Questions owners ask
What size companies does Sheridan Capital Partners invest in?
For healthcare services and products platforms it targets $5 million to $25 million of EBITDA and equity investments of $30 million to $150 million. Healthcare software platforms can be smaller, at $5 million to $30 million of revenue. Add-ons only need to be cash flow positive.
Does Sheridan invest in healthcare software companies?
Yes. In October 2026 it closed a $245 million Healthcare IT Fund I alongside Fund IV. That fund has backed three platforms so far: Cadara (formerly National Care Systems), ICANotes and PtEverywhere.
Does the owner stay involved after Sheridan invests?
Often. The founder and CEO of National Care Systems stayed on to lead the company, and the founder of Carolina Components Group joined the board and remained a meaningful owner. In other deals, such as Currier Plastics, Sheridan brought in a new CEO at closing.
Does Sheridan invest outside the United States?
Its criteria cover companies headquartered in the United States or Canada. It has owned Canadian businesses before, including Canadian Orthodontic Partners, which now appears among its realized investments.
Sources
- S1Sheridan Capital Partners home page Accessed October 20, 2026
- S2Sheridan Capital Partners: About Us Accessed October 20, 2026
- S3Sheridan Capital Partners: Strategy and Investment Criteria Accessed October 20, 2026
- S4Sheridan Capital Partners: Portfolio Accessed October 20, 2026
- S5Sheridan Capital Partners Closes Oversubscribed Fund IV at $1.1 Billion (October 7, 2026) Accessed October 20, 2026
- S6Sheridan Capital Partners 2025 Year in Review Accessed October 20, 2026
- S7Sheridan Capital Partners 2024 Year in Review (January 30, 2025) Accessed October 20, 2026
- S8Sheridan Capital Partners: News Accessed October 20, 2026
- S9Cadara (formerly National Care Systems) Appoints Marina Aslanyan as CEO (August 25, 2026) Accessed October 20, 2026
- S10Currier Rebrands as Alentra (October 15, 2026) 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 Sheridan Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction