Add-on Acquisition • Healthcare Services

Lee Equity Partners Exits Solaris Health

On August 12, 2025, Cardinal Health invested in healthcare services company Solaris Health from Lee Equity Partners for 1.9B USD

Investment Context
  • This is Cardinal Health’s 10th transaction in the Healthcare Services sector.
  • This is Cardinal Health’s 6th largest (disclosed) transaction.
  • This is Cardinal Health’s 41st transaction in the United States.
  • This is Cardinal Health’s 3rd transaction in Florida.

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Investment Summary

Date August 12, 2025
Target Solaris Health
Sector Healthcare Services
Investor(s) Cardinal Health
Sellers(s) Lee Equity Partners
Deal Type Add-on Acquisition
Deal Value 1.9B USD
Advisor(s) Centerview Partners (Financial)
McDermott Will & Emery (Legal)

Target Company

Solaris Health

Fort Lauderdale, Florida, United States
Solaris Health is a urology-centric, multi-specialty physician practice management group providing clinical, operational, and administrative support to affiliated practices. Solaris Health was formed in 2020 and is based in Fort Lauderdale, Florida.
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Investor Overview 1

Investor

Cardinal Health

Dublin, Ohio, United States

Category Company
Founded 1979
Sector Distribution
Employees47,922
Revenue 226.8B USD (2024)
DESCRIPTION
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.

Cardinal Health is a distributor of healthcare products. Cardinal Health manufactures medical and surgical products and distributes pharmaceuticals and medical supplies worldwide. Cardinal Health was founded in 1979 and is based in Dublin, Ohio.


Deal Context for Investor #
Overall 44 of 44
Sector: Healthcare Services 10 of 10
Type: Add-on Acquisition 39 of 39
State: Florida 3 of 3
Country: United States 41 of 41
Year: 2025 1 of 1
Size (of disclosed) 6 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-11 GI Alliance

Dallas, Texas, United States

GI Alliance is an independent gastroenterology practice in the US, measured both by provider count and by revenue, operating in Dallas, Fort Worth, Austin, San Antonio, Houston, and several metropolitan markets in Louisiana. GI Alliance was founded in 2018 and is based in Dallas, Texas.

Buy $2.8B

Seller Profile 1

SELLER

Lee Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 5.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Lee Equity Partners is a private investment firm that looks for buyout and growth capital investments across a range of industries. Lee Equity Partners seeks investments requiring $50 to $150 million of equity capital. Lee Equity Partners was formed in 2006 and is based in New York, New York.


Deal Context for Seller #
Overall 19 of 19
Sector: Healthcare Services 7 of 7
Type: Add-on Acquisition 7 of 7
State: Florida 1 of 1
Country: United States 18 of 18
Year: 2025 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-17 Shackleton

London, United Kingdom

Shackleton is a provider of financial advisory services. Shackleton was formed in 1990 and is headquartered in London, United Kingdom.

Buy -