Some activity is beginning to heat up, according to two different investment bankers

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BY RON SHINKMAN

Mergers and acquisitions in the fertility sector have been few and far between so far in 2025, although some industry observers believe dealmaking may pick up during the second half of the year.

Two International Fertility Deals, ~$3 Billion

So far this year there have been two large deals: Abu DhabiPureHealth Holding acquired a 60% stake in Hellenic Healthcare Group for $2.3 billion, a deal that was announced in January.

Although Hellenic provides a full range of healthcare services – it operates 10 hospitals in Greece and Cyprus – it also performs about 6,000 IVF cycles annually.

Also overseas, IVI RMA Global also appears to have recently struck a deal to acquire the ART Fertility Clinics chain for $400 to $450 million.

A much smaller deal with a dollar amount attached was NewGen IVF’s acquisition of MicroSort for $5 million in stock and cash. MicroSort has developed a proprietary technology that allows the separation of X and Y chromosome-bearing sperm cells before IVF procedures. The technology is currently licensed in Thailand, Japan, Cambodia, and Mexico, but not in the United States.

M&A Volume Down: Just 3 U.S. Fertility Deals in 2025 YTD

Within the U.S., the deals have been few in number.

The biggest transaction to date appears to be that of IVI RMA North America’s acquisition of Rise Fertility, Halo Fertility and the Reproductive Health and Wellness from Global Premier Fertility. The deal included three IVF clinics in highly affluent areas of Orange County and Los Angeles County. Its terms were not disclosed.
There have also been a few strategic affiliations, including Pinnacle IVF with the Michigan & Ohio Fertility Centers.
HRC Fertility took over the single-provider practice of Dr. Cristo Zouves in an acquisition announced in March. HRC has added Dr. Sara Vaughn to that location, now called HRC Fertility-Silicon Valley.

The most unusual deal involves an unwinding of a prior merger. INVO Bioscience reversed its merger with NAYA Biosciences in April, just six months after it had been announced. NAYA renamed itself INVO Fertility after the two entities decided to part ways.

Uncertainty slowed 2025, US Fertility and others expected to close in 2026

“The entire M&A market is slow due to uncertainty in the economy, high interest rates and declining numbers in 2024 and so far in 2025,” said Mitchell Stern, managing director of Dresner Partners, a Chicago-based investment banking firm, in an email.

Robert Goodman, vice president of healthcare at MidCap Advisors, an advisory firm based in New York City, believes that dealmaking in the fertility sector will pick up during the second half of 2025.

Goodman noted that his own firm is trying to put together deals involving smaller fertility practices that are not competing directly with one another, but are still reasonably close from a geographical standpoint.

We've got two or three of those we’re working on right now,” he said. He declined to name participants.

In August 2025, Ion Analytics reported that Amulet Capital Partners is in the second round of a process to sell US Fertility, which operates Shady Grove Fertility and other clinic groups.

Goodman noted that the M&A market is sluggish for now partly because a lot of consolidation has already taken place. Some larger practices that have yet to merge or be acquired may be satisfied with the patient volumes they receive by affiliating with patient referral platforms.

He also noted that the COVID-19 pandemic moved back the timetables of some private equity firms that have invested in IVF practices to sell their interests. Most usually operate on five-year to seven-year timelines. The start of the pandemic is now more than five years in the past.

“Things are going to be heating up,” Goodman said.

Stern indicated Dresner is working on some deals as well, including a potential closure in the coming weeks and four other transactions, some of which have reached the letter of intent stage.

“We hope it will pick up in the second half of 2025, but probably will [be more likely] into early next year,” he said.

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