Varsity Healthcare Partners: Buy Box & Recent Acquisitions

At a glance

Latest fund	Varsity Healthcare Partners IV, $700M (Jun 2023) S5
Check size	$30M to $100M S2
Deal types	Platform, Add-on, Growth, Minority S2
Sectors	Healthcare Services, Dental, Veterinary

What Varsity Healthcare Partners buys

Varsity Healthcare Partners is a lower middle market private equity firm, with offices in Los Angeles and Stamford, Connecticut, that invests only in healthcare. It backs multi-site provider groups, such as orthopedic, emergency medicine, gastroenterology, anesthesia, dental, plastic surgery and veterinary practices, along with companies that sell outsourced services or technology to providers and payers. It prefers businesses owned by their founders or physicians and runs a buy and build plan: strengthen management and systems early, then grow quickly through new sites and acquisitions.

Varsity invests $30 million to $100 million of equity per deal, or more with co-investors, from its $700 million fourth fund, which closed in June 2023. Deals range from growth equity to buyouts and recapitalizations. Most are control investments in which founders roll over part of their stake, though it took a minority position in CheckedUp in 2026. The firm does not publish a revenue or EBITDA range. A single practice is most likely to join Varsity as an add-on to a platform like VetEvolve, United Aesthetics Alliance or Emergency Care Partners.

Recent deals

Announced in the 24 months before October 20, 2026.

Date	Company	Type	Sector	Source
Oct 2026	Parkcrest Plastic SurgerySt. Louis plastic surgery and medspa practice joined United Aesthetics Alliance, its first in Missouri	Add-on	Healthcare Services	Source
Aug 2026	CheckedUpMinority stake in the point-of-care patient education network, alongside Providence Equity Partners as majority owner	Minority		Source
Jul 2026	Empower Emergency PhysiciansPhoenix emergency medicine group joined Emergency Care Partners; its group president stays in charge	Add-on	Healthcare Services	Source
Feb 2026	Maricamp Animal HospitalOcala, FL animal hospital became VetEvolve's 52nd practice	Add-on	Veterinary	Source
Feb 2026	Gentle Care Animal HospitalForest, VA practice became VetEvolve's 51st and its first joint venture; it keeps its name	Add-on	Veterinary	Source
Jan 2026	TrialbeeGrowth investment in a clinical trial patient recruitment company headquartered in Sweden; the CEO stays on	Growth		Source
May 2025	Emergency Care PartnersGrowth recapitalization with $100 million of preferred equity led by MidOcean Partners, giving some physician shareholders liquidity	Investment	Healthcare Services	Source
Dec 2024	Orthopedic Care Partners$185 million hybrid capital investment from Brookfield, a $358 million debt refinancing and a new CEO	Investment	Healthcare Services	Source

Portfolio by sector

From the firm's portfolio page S3.

Current Investments

Orthopedic Care Partners
Emergency Care Partners
Ideal Option
Ventra Health
Gastro Care Partners
Essential Anesthesia Management
Peak Dental Services
Aspirion
Beghou
United Aesthetics Alliance
VetEvolve
Trialbee
CheckedUp

Greymont’s take

How Varsity Healthcare Partners fits a seller

Varsity fits physicians and founders of multi-site practices who want to stay invested after a sale. Its stated deal structure has founders and shareholders roll over equity, and its recent add-ons show local leaders staying in place: Gentle Care Animal Hospital kept its name and founder, and the president of Empower Emergency Physicians continues to run that group. The trade-off is scale. Varsity builds large platforms, so a practice becomes one of many locations with shared systems and central leadership. Its platforms also raise outside capital along the way, as when MidOcean's preferred equity at Emergency Care Partners paid out some physician shareholders. Owners should ask how their rollover equity is treated in later rounds like that, and which decisions stay with the clinical team after closing.

Questions owners ask

How large an investment does Varsity Healthcare Partners make?

Its stated range is $30 million to $100 million of equity per deal, and more when co-investment partners join. It invests from a $700 million fourth fund that closed in June 2023, above its $650 million hard cap.

Does Varsity buy veterinary or dental practices?

Yes. Its veterinary platform, VetEvolve, added its 51st and 52nd practices in February 2026. Peak Dental Services, a dental services organization with more than 40 locations in Colorado and Texas, is also a current holding.

Do founders keep a stake after a Varsity deal?

Usually. Varsity says its investments are mostly control deals in which founders or shareholders roll over part of their equity, with conservative use of debt, and it describes alignment with founders and management as central to its approach.

Sources

S1Varsity Healthcare Partners home page Accessed October 20, 2026
S2Varsity Healthcare Partners: Overview and Investment Criteria Accessed October 20, 2026
S3Varsity Healthcare Partners: Select Investments Accessed October 20, 2026
S4Varsity Healthcare Partners one-pager (dated October 16, 2026) Accessed October 20, 2026
S5Varsity Healthcare Partners Closes Fund IV at $700 Million, Exceeding Hard Cap (June 30, 2023) Accessed October 20, 2026
S6Orthopedic Care Partners Names CEO and Secures $185 Million Investment from Brookfield (December 5, 2024) Accessed October 20, 2026
S7Varsity Healthcare Partners: News Accessed October 20, 2026
S8Providence Equity Partners: Providence to Acquire CheckedUp (August 18, 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 Varsity Healthcare Partners. Figures are as reported on the dates shown and may have changed. Request a correction