Cardinal Health Acquires Solaris Health (~19.2x EBITDA)
- Will Hamilton
- Aug 16, 2025
- 2 min read
On August 15, 2025, Cardinal Health (NYSE: CAH) announced its acquisition of Solaris Health, the leading urology‑focused management services organization (MSO) in the U.S., in a strategic transaction valued at approximately $1.9 billion in cash consideration, with additional equity rollover bringing implied total deal value closer to $2.4 billion. The deal expands Cardinal’s multi‑specialty MSO platform, The Specialty Alliance, by adding more than 750 providers across 250+ practice locations in 14 states, bringing total provider scale to roughly 3,000 providers in 32 states. The acquisition targets accelerated growth in specialty care management services, particularly urology, where Solaris Health has built a diversified revenue base through ancillary services and MSO‑enabled practice support.
This move complements Cardinal’s prior specialty strategy, which includes acquisitions such as Urology America, Potomac Urology and Academic Urology & Urogynecology, and reflects broader industry trends toward consolidation of physician‑aligned networks and value‑based care delivery models. Integrating Solaris’s physician leadership and operational capabilities strengthens Cardinal’s ability to deliver coordinated specialty care and enhances its services offering to community practices, while positioning The Specialty Alliance as a differentiated platform in the competitive MSO landscape.
Medical Specialists EBITDA Multiples
According to a Cardinal Health earnings call, revenue and EBITDA were $1.5 billion and $125 million, respectively, implying multiples of 1.6x revenue and 19.2x EBITDA.
Healthcare Professional Services M&A Deal Volume
The number of announced U.S. professional services deals (licensed healthcare provider groups like physicians, dentists, and physical therapists) declined again in 2025. Volume averaged 25 per quarter in 2025, down from 270 per quarter in 2024, 295 per quarter in 2023, and 298 in 2022. Generally, continued growth in the dentistry and medspa / aesthetics segments have offset modest declines across most of the remaining segments, including significant declines among physician practices.
Other Professional Services Deals
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About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to 434 dentistry, physical therapy, and physician practice deals, segmented by specialty, including 290 deals with disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.
