The deal volume in the Physician Medical Group (PMG) sector was strong throughout 2025, totaling 521 transactions, surpassing the 506 reported in 2024, according to data captured in the LevinPro HC platform. The subsectors with the most activity were dental (248 deals), eye care (34), dermatology (32) and orthopaedic (31).
The sector’s year-over-year stability is due to strong competition between investors for consolidation opportunities, high patient demand that goes along with an aging population and the low interest rates announced in 2025 that fueled activity.
In 2025, 18 physician group investors reported five or more acquisitions. Private equity-backed groups, fueled by consistent revenue streams and growth opportunities, dominated the M&A market, accounting for 251 of the deals (48%). Management Service Organizations (MSOs), such as Together Women’s Health and PELTO Health, also accounted for a large share of the PMG deals in 2025, with 46 transactions, or nearly 9%. Health systems, like Novant Health, accounted for roughly 8% of the deals with 44 acquisitions.
The five most active buyers were MB2 Dental Solutions (19 deals), Imagen Dental Partners (18), Heartland Dental (16), Specialized Dental Partners (14), Salt Dental Partners (13) and Epiphany Dermatology (12).
Here is a breakdown of the most active buyers across the specialties.
MB2 DENTAL SOLUTIONS
MB2 Dental Solutions, a portfolio company of Warburg Pincus since 2024 and Charlesbank Capital Partners since 2022, was the most active dental (and PMG) buyer of 2025 with the acquisition of 19 transactions. It added 29 practices and 86 physicians to its network. While the company’s 2025 activity is impressive, it is less than half of its activity in 2024 when 52 practices were added to the group.
In February, the group reported that it entered its 45th state with the acquisition of Hawaii Endodontics, an eight-physician practice with three locations in Hawaii. By marking its presence in 45 states, which is an accomplishment seen in few other PMG groups, this deal emphasizes the sheer scale of MB2’s network.
In September, MB2 announced that it acquired its 800th practice with the acquisition of The Smile Lodge. With 22 physicians operating out of two New York locations, The Smile Lodge marks one of the largest practices to join MB2’s network, as the company typically partners with practices run by no more than five physicians. Following this merger, MB2 managed to add nine additional practices by the end of the year.
IMAGEN DENTAL
Imagen Dental Partners, based in Scottsdale, Arizona, is a dental partnership organization founded in 2020 that joins with dental practices to support their growth. It is one of the few non-private equity-backed investors that consistently reports multiple acquisitions each year. After reporting 20 acquisitions in 2024, the company announced 18 transactions in 2025, adding 40 physicians to its network.
While Imagen tends to focus on building its network by adding small practices (typically 2-3 doctors on staff), that is not always the case. In December, it acquired Alexander Dental, a six-provider practice based in St. Augustine, Florida.
In addition, Imagen also expanded its presence into two new states in 2025, strengthening its foothold across the country and growing its patient base. It pushed into Kentucky with the addition of Toothologie and expanded into Washington with the purchase of Aesthetica Contemporary Dentistry.
EPIPHANY DERMATOLOGY
Epiphany Dermatology, a portfolio company of Leonard Green & Partners since 2022, continued to dominate the dermatology space with 12 transactions in 2025, a notable increase from the eight reported in 2024. The company operates more than 120 locations in 18 states.
With 16 physicians on staff, Dermatology Associates of San Antonio was the largest practice to join Epiphany in 2025. The practice operates out of one location in San Antonio, Texas and offers a full range of dermatology services, including medical, surgical, Mohs surgery and cosmetic dermatology services.
Throughout the last year, Epiphany focused on strengthening its portfolio by acquiring practices in Missouri, Iowa, Utah, Texas, Montana, Maryland, Oregon and Colorado.
PEDIATRICIA HEALTH GROUP
In February 2025, Pediatrica Health Group, based in Coral Gables, Florida, received a significant growth investment from M33 Growth, a Boston-based investment firm. Since then, the pediatrics group has made notable moves to broaden and strengthen its presence in Southern Florida. Throughout 2025, it added a total of nine practices and 25 physicians to its growing network.
Starting off its acquisition streak on a strong note, Pediatrica announced the addition of Rainbow Pediatric Center, a four-location group, in March. With 15 physicians on staff, this practice remains the largest practice to join Pediatrica, so far.
In its second acquisition of the year, Pediatrica acquired Daytona Beach Pediatrics, which is run by Dr. Louis Orezzoli. In an April conversation with the LevinPro HC team, Roberto Palenzuela, the CEO of Pediatrica, highlighted how this transaction allowed Pediatrica to reinforce its presence as an expanding pediatrics provider.
EYESOUTH PARTNERS
EyeSouth Partners, based in Atlanta, Georgia, has been a portfolio company of Olympus Partners since 2022. As one of the more active eye care buyers, it reported seven acquisitions in 2025, adding 73 physicians to its network. In those transactions, it acquired five eye care practices, one MSO and one outpatient surgery center. The activity reported in 2025 builds significantly on the company’s two acquisitions in 2024.
In February, EyeSouth announced that it acquired Sunvera Group, a MSO based in Bingham Farms, Michigan, from Ridgemont Equity Partners. Not only does this add 45 providers to EyeSouth’s network, but the deal also expands the company into Michigan.
Additionally, EyeSouth purchased Retina Surgery Center, an outpatient surgery center. This acquisition does more than just expand the company’s footprint; it adds surgical capabilities to its portfolio, cementing its strong position across the eye care field.
