Selling a Wound Care Business in 2026: Multiples, Named Buyers, and the Operator Playbook
Quick Answer
A US wound care business in 2026 typically sells for roughly 5x to 11x EBITDA. The category benefits from aging-demographic demand (diabetic ulcers, pressure injuries, post-surgical wounds), Medicare reimbursement durability, and hyperbaric oxygen therapy (HBOT) premium economics. By profile: a single-clinic wound care center ($500k-1.5M EBITDA) goes 5x-7x; a small multi-clinic group ($1.5-4M EBITDA) goes 6x-8x; a regional wound care platform ($4-12M EBITDA, multi-state) goes 7x-9x; a premium scale platform ($12M+ EBITDA, hospital-system partnerships, HBOT capability, integrated EMR) reaches 8x-11x+ EBITDA. Active buyers include Healogics (the largest US wound care management company, owned by Bain Capital + Berkshire Partners + Singapore’s GIC; ~600+ Wound Care Centers operated under hospital partnerships), Restorix Health (PE-backed, ~150 wound care centers, hospital partnership model), Vohra Wound Physicians (private, the largest US wound physician group, focuses on skilled nursing facility wound care), Mobile Wound Care (PE-backed mobile platform), Restore Hyper Wellness (PE-backed, hyperbaric + wellness consumer), plus PE sponsors (Bain Capital + Berkshire Partners + GIC, NMS Capital, Webster Equity Partners, Audax Group). The biggest multiple drivers are hospital-system partnership footprint (most wound care operates as hospital-outpatient department [HOPD]), HBOT capability and revenue percentage, payer mix (Medicare 60-70% typical), modern EMR (Net Health Wound Expert is the operator standard), and clinician retention. Buyer-paid M&A advisory (CT Strategic Partners) costs the seller nothing.
If you own a US wound care business in 2026 — hospital-outpatient wound care center, mobile wound physician group, or independent wound clinic — the M&A market is consolidated. Healogics (Bain Capital + Berkshire Partners + GIC) is the dominant US wound care management company with ~600+ Wound Care Centers operated under hospital partnerships. Restorix Health is the second-largest hospital-partnership operator. Vohra Wound Physicians dominates SNF/post-acute wound care.
What the asset is worth depends on three things: (1) hospital-system partnership footprint (HOPD economics are durable), (2) HBOT (hyperbaric oxygen therapy) capability and revenue percentage, and (3) clinician/physician bench plus modern EMR. This guide covers real multiples by profile, the named buyers transacting, and the operator-level diligence buyers will run.
What this guide covers
- Wound care multiples 2026: 5x-7x for single-clinic, 6x-8x for small multi-clinic, 7x-9x for regional platforms, 8x-11x+ for premium scale with hospital partnerships + HBOT.
- Active buyers: Healogics (Bain Capital + Berkshire Partners + GIC, ~600+ centers, largest US), Restorix Health (~150 centers), Vohra Wound Physicians (largest SNF wound physician group), Mobile Wound Care (PE), Restore Hyper Wellness (PE).
- PE sponsor activity: Bain Capital + Berkshire Partners + GIC (Healogics), NMS Capital, Webster Equity Partners, Audax Group.
- Multiple drivers: hospital-system partnership footprint, HBOT capability, payer mix (Medicare 60-70%), modern EMR (Net Health Wound Expert), clinician retention.
- Things that compress: weak hospital partnership base, no HBOT, owner-physician dependence, weak EMR, single-state, Medicare-only without commercial diversification.
- Sellers pay nothing on CT Strategic Partners’ buyer-paid advisory.
Named M&A transactions (2021-2025)
| Target | Buyer | Year | What it tells us |
|---|---|---|---|
| Healogics continued growth | Bain Capital + Berkshire Partners + GIC | 2019-2025 | Dominant US wound care platform continues hospital partnership expansion. |
| Restorix Health expansion | PE-backed | 2022-2025 | Major hospital partnership operator continues regional growth. |
| Vohra Wound Physicians | Private | 2022-2025 | Largest US wound physician group continues SNF/post-acute expansion. |
| Restore Hyper Wellness franchise growth | PE-backed franchise platform | 2022-2025 | Consumer-direct hyperbaric/wellness franchise platform scales. |
| Mobile wound care platform growth | Multiple PE platforms | 2022-2025 | Mobile wound physician platforms continue regional expansion. |
The named buyer landscape
Dominant national platforms
- Healogics (Bain Capital + Berkshire Partners + GIC) — the largest US wound care management company with ~600+ Wound Care Centers operated under hospital partnerships.
- Restorix Health (PE-backed) — ~150 wound care centers, hospital partnership model.
- Vohra Wound Physicians (private) — the largest US wound physician group, SNF/post-acute focus.
Specialty operators
- Mobile Wound Care (PE-backed) — mobile wound physician platform.
- Restore Hyper Wellness (PE-backed) — hyperbaric + wellness consumer brand.
- WoundCentrics, Wound Care Education Partners, plus regional operators.
PE sponsors active in this space
- Bain Capital + Berkshire Partners + GIC (Healogics), NMS Capital, Webster Equity Partners, Audax Group, plus multiple healthcare-services PE funds.
What each buyer will pay for vs. what they reject
- Will pay premium for: hospital-system partnership footprint, HBOT capability and revenue, multi-state platform scale, modern EMR (Net Health Wound Expert), commercial payer mix (Medicare 60-70% is normal; below 50% commercial mix compresses).
- Will compress or reject: weak hospital partnership base, no HBOT capability, owner-physician dependence, legacy EMR, single-state, Medicare-only without commercial diversification, Medicare HBOT compliance issues.
The operator-level KPI playbook buyers will diligence
Service-line mix
- Outpatient wound care center visits.
- HBOT (hyperbaric oxygen therapy) sessions: Premium revenue per session ($1,500+).
- SNF/post-acute wound rounding revenue.
- Negative pressure wound therapy (NPWT) revenue.
- Cellular/tissue products (CTPs / skin substitutes) revenue.
Hospital partnership model
- Hospital partnership count and contract terms.
- HOPD billing structure.
- Contract renewal pipeline.
- Hospital-system credit quality.
Payer mix
- Medicare percentage: Typically 60-70%.
- Commercial percentage: 20-30%+ is healthy.
- Medicaid percentage.
- Single-payer concentration.
Clinical and quality
- Wound healing rates: Document 12-week healing benchmark.
- HBOT clinical indications: CMS-approved 15 conditions; document utilization.
- HBOT compliance: CMS NCD coverage requirements.
- Wound EMR: Net Health Wound Expert (operator standard), WoundExpert, Wound Care Connection.
Dangers and traps
1. Weak hospital partnership base
Most wound care operates as HOPD; partnerships are the platform foundation.
2. No HBOT capability
HBOT is the premium revenue line; operators without HBOT face structural margin disadvantage.
3. HBOT compliance and CMS NCD audits
Medicare HBOT coverage requires specific indications; over-utilization is OIG focus area.
4. Owner-physician dependence
Build the physician bench.
5. Legacy EMR
Net Health Wound Expert is non-negotiable for premium multiples.
6. Medicare-only payer mix
Commercial diversification is a multiple-builder.
7. Single-state operations
Multi-state platform path matters.
8. SNF wound rounding compliance
SNF wound physician billing has specific compliance requirements (E/M coding, documentation).
Our POV in 2026
Wound care M&A is dominated by Healogics (Bain Capital + Berkshire Partners + GIC) at ~600+ centers, with Restorix Health and Vohra Wound Physicians as the other major operators. PE sponsors continue selective regional consolidation. Premium multiples require hospital partnerships, HBOT capability, and modern EMR.
The right time to prepare is 12-18 months before going to market — lock in hospital partnerships, build HBOT capability, modernize EMR, diversify commercial payer mix.
Preparing your business for sale: 12-18 months out
- Get multi-year audited financials.
- Document hospital partnership portfolio and contract terms.
- Build HBOT capability if not present.
- Confirm HBOT CMS NCD compliance and documentation.
- Modernize EMR to Net Health Wound Expert.
- Diversify commercial payer mix.
- Build the physician/clinician bench.
- Document wound healing rates and quality metrics.
- Run a competitive process. Healogics, Restorix Health, Vohra Wound Physicians, Mobile Wound Care, plus PE sponsors (Bain Capital + Berkshire Partners + GIC, NMS Capital, Webster Equity Partners, Audax Group).
About the Author
Christoph Totter is the founder of CT Acquisitions, a buy-side partner headquartered in Sheridan, Wyoming. We work directly with 76+ buyers, search funders, family offices, lower middle-market PE, and strategic consolidators, including direct mandates with the largest home services consolidators that other intermediaries can’t access. The buyers pay us when a deal closes, not the seller. No retainer, no exclusivity, no contract until close. Connect on LinkedIn · Get in touch
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What is the typical multiple for a wound care business in 2026?
Single-clinic wound care centers ($500k-1.5M EBITDA) typically sell at 5x-7x EBITDA. Small multi-clinic groups ($1.5-4M EBITDA) go 6x-8x. Regional platforms ($4-12M EBITDA, multi-state) go 7x-9x. Premium scale platforms ($12M+ EBITDA, hospital-system partnerships, HBOT capability, integrated EMR) reach 8x-11x+.
Who are the active buyers of wound care businesses right now?
Healogics (Bain Capital + Berkshire Partners + GIC, the largest US wound care management company with ~600+ centers under hospital partnerships), Restorix Health (PE-backed, ~150 centers), Vohra Wound Physicians (largest US wound physician group, SNF focus), Mobile Wound Care, Restore Hyper Wellness. PE sponsors: Bain Capital + Berkshire Partners + GIC, NMS Capital, Webster Equity Partners, Audax Group.
What hurts a wound care business’s valuation most?
Weak hospital partnership base, no HBOT capability, HBOT compliance/NCD issues, owner-physician dependence, legacy EMR, Medicare-only without commercial diversification, single-state operations, SNF wound rounding compliance gaps.
Why is HBOT capability so important?
HBOT (hyperbaric oxygen therapy) generates $1,500+ per session revenue and is reimbursed under CMS NCD for 15 specific indications (diabetic ulcers, osteomyelitis, radiation injury, etc.). Operators without HBOT face structural margin disadvantage. Premium wound care platforms require HBOT capability.
Do I have to pay a broker fee?
No. CT Strategic Partners runs a buyer-paid M&A advisory model. The seller pays nothing.
How long does it take to sell a wound care business?
Typical process 5-9 months. Add 12-18 months of preparation work before going to market.
What is the hospital partnership model?
Most US wound care operates as hospital-outpatient department (HOPD) under partnership agreements. The operator provides clinical staff, equipment, and management; the hospital provides licensure, facility, and billing infrastructure. Hospital-system partnership footprint is the durable moat for wound care platforms.
When should I start preparing if I plan to sell in 2027 or 2028?
12-18 months before going to market. Highest-leverage work: lock in hospital partnerships, build HBOT capability, modernize EMR, diversify commercial payer mix.
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