Healthcare M&A tops $6.9B across 254 deals as mid-size multiples ease to 5.9x

North American healthcare services dealmaking stayed large in Q3, but pricing for mid size deals eased, according to MNP's quarterly update.

 

The MNP Healthcare Services Quarterly Update for Q3 2026, with data to Sept 30, reports over $6.9B in disclosed value across 254 deals. Average disclosed deal size rose to $140M, from $108M in Q2, and strategic buyers made up 91% of Q3 volume.

 

On pricing, healthcare services EV/EBITDA averaged 7.7x across all deals. For deals between $10M and $25M, the average was 5.9x, down 12% from 6.7x in 2025.

 

For owners of dental, physio, and other healthcare service businesses in C&Co.'s acquisition verticals, the buyer pool is strategic, not financial: 91% of volume came from strategic buyers. The pricing signal is two tiered, with large deals holding value while $10M to $25M deals trade at 5.9x, down from 6.7x in 2025. Owners should build the strategic buyer list early and support earnings quality, because that is where the multiple is defended.

 

Source: MNP Healthcare Services Quarterly Update, Q3 2026, data to Sept 30, 2026.