Q2 2025 Full Report · 38 Pages
The complete consolidation map — every deal, every multiple, every market still in play.
The full Q2 report includes 47 annotated transactions, practice valuation benchmarks by state and specialty, the Rounds Corporate-Independent Index, and our Q3 outlook with identified acquisition targets in 11 markets.
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Editor's Take
The quarter where the FTC's posture becomes clear — and the market reprices accordingly
The Q2 2025 data tells a story that is more complicated than the headline consolidation number suggests. Yes, corporate ownership is at 28.4% — but the rate of change is decelerating. Q1 2025's 47 transactions, while the highest single-quarter count in two years, was driven by a backlog of deals that had stalled in Q4 2024 amid interest rate uncertainty.
What concerns us more than the headline number is the structural bifurcation emerging in the market. The top five corporate groups are getting larger, more efficient, and more selective. The mid-tier platforms — the 50–200 practice operators backed by 2019–2021 PE vintages — are under real pressure. Their debt structures were designed for a 3% rate environment. They are operating in a 5.5% one. Several are in quiet sale processes that will produce secondary transactions — corporate-to-corporate deals — that will further concentrate ownership without adding new buyers to the market.
For independent practice owners, this is simultaneously the best and most complicated selling environment in a decade. Best, because strategic buyers still need your location, your client base, and your staff. Complicated, because the field of buyers is narrowing, the due diligence is more intensive, and the representations and warranties insurance market has tightened materially.
"The deals I'm watching most closely in Q3 aren't the Mars acquisitions — those are predictable. It's the mid-tier operators who took on too much leverage in 2021. That's where the real repricing happens."
If you are in a market where corporate share is below 20% and your EBITDA is above $400K, you are in the acquisition window. The question is not whether you will receive an offer in 2025 — it is whether you will be ready to evaluate it. The full report includes a 12-point readiness checklist.
Platform multiple compression is the story. Clients benchmarking against 2022 comps will be disappointed. The new ceiling for a well-run 4–6 doctor practice in a secondary market is 6.0–6.5×. Set expectations accordingly before the LOI conversation.
Watch the FTC response deadline in March. If CIDs follow the RFI, deal velocity will slow materially in H2 2025. The regional players — not Mars or NVA — are the ones with the most exposure, as their legal bandwidth is thinner and their deal pipelines are proportionally larger.
The Full Q2 2025 Report
38 pages. Every deal. Every market. The complete Q2 picture.
Includes the Rounds Corporate-Independent Index, state-by-state acquisition heat map, and our identified Q3 target markets.