BUYER POOL ANALYSIS
Selling a Durable Medical Equipment to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 12.41x across 7 disclosed deals (P25: 9.33x, P75: 13.1x). Median EV/Revenue 2.13x across 7 deals. Median deal value: $427.55M.
- How many disclosed transactions?
- 9 deals total (9 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of durable medical equipment businesses.
- Most active buyers
- Kingswood Capital Management / Forager Capital Management (1) · Quipt Home Medical (1) · Patient Square Capital, LP (1) · Thomas H. Lee Partners (THL) (1) · AdaptHealth Corp. (1) · Stem Holdings, Inc. (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of durable medical equipment businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Quipt Home Medical | Kingswood Capital Management / Forager Capital Management | $260.0M | 4.7x | — |
| 2025 | Ballad Health DME Business | Quipt Home Medical | $1.6M | — | 0.20x |
| 2024 | Patterson Companies, Inc. | Patient Square Capital, LP | $3566.6M | 9.3x | 0.53x |
| 2024 | Agiliti | Thomas H. Lee Partners (THL) | $2500.0M | 9.4x | 2.10x |
| 2020 | AeroCare Holdings, Inc. | AdaptHealth Corp. | $2025.7M | 12.4x | 3.11x |
| 2020 | Driven Deliveries, Inc. | Stem Holdings, Inc. | $35.1M | — | 2.13x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same durable medical equipment can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to durable medical equipment businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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