The two private equity firms are infusing some $1.7 billion into the company, which is expected to fuel its continued national expansion.
BY RON SHINKMAN
US Fertility has entered into a new strategic partnership with two private equity firms intended to fuel its ongoing expansion.
The Maryland-based US Fertility announced L Catterton has entered into the company as a co-lead investor with Amulet Capital Partners, the former majority owner. Amulet made its initial investment in 2021.
Under the terms of the deal, Amulet is selling L Catteron half of its stake in the company, or a 42.5% interest. The remaining 15% of US Fertility will remain in the hands of the company’s physicians and management. The deal is expected to infuse up to $1.7 billion into US Fertility, according to S&P Global. That would include a new $120 million revolving credit line and an additional $125 million loan that S&P Global said “will likely finance future growth activity.”
“With Amulet increasing its investment and L Catterton joining as a partner, we are better positioned than ever to expand access to fertility care, advance clinical research and innovation, and strengthen our relationships with the nation's leading reproductive endocrinologists,” said US Fertility Chief Executive Officer Richard Jennings in a statement.
Changes to USF leadership not currently expected, source says
No changes are expected to US Fertility’s management, a source close to the company said.
A spokesperson for Amulet declined to comment on the deal. Spokespersons for L Catterton and US Fertility did not respond to requests seeking comment.
With more than 200 physicians working in 121 clinics in 20 states, US Fertility has become a major provider of IVF services despite only being formed five years ago by Amulet in partnership with Shady Grove Fertility. Not long after its formation was announced, Shady Grove went on an aggressive expansion campaign, opening clinics in new markets such as Florida and Houston, Texas. US Fertility also merged with Ovation Fertility and partnered with Reproductive Medicine Associates in 2023.
Richard Groberg, a managing director for MidCap Advisors, believes the deal is a savvy one for fueling US Fertility’s continuing expansion.
“L Catterton will likely be a great value-added partner,” Groberg said. He noted that the firm, based in Greenwich, Conn., is one of the leading investors in consumer brands, including Birkenstock; Kodiak, which specializes in frozen foods and snacks; and various pet food brands and restaurant chains. The guidance they provide US Fertility moving forward is likely to match well with the consumer-facing business of providing IVF services.
Expected to Boost US Fertility’s revenue by $122M to almost $1B in 2026
“The expectation is that they’re going to bring marketing and brand recognition expertise to US Fertility and really expand” its footprint, Groberg said.
S&P Global projects that the deal will boost US Fertility’s revenue by $122 million next year, or 14.4% annual growth, for 2026 revenue of around $969 million. It projects 8% revenue growth for 2027.
In a LinkedIn post briefly discussing the deal, L Catterton suggested that US Fertility would indeed grow under the new ownership regime with a greater nod toward consumers.
“Our conviction in this category is strong: People deserve better access, better experiences, and better outcomes on their path to parenthood,” the post states. “With US Fertility’s physician-led model and commitment to high-quality care, we’re ready to help expand access and support more families nationwide.”