M&A Update: PE Deals Down 37%, But Not Dead

M&A Update: PE Deals Down 37%, But Not Dead

Dental M&A volume dropped 37.2% in 2025 compared to 2024. Private equity deployment slowed. But the 130+ existing PE-backed DSOs are still buying. They're just buying slower.

Oral surgery practices and specialty groups saw a 9.1% increase in deals. Everything else flatlined. This tells you where PE sees growth margins.

Why it matters: If you're a general dentist thinking about selling to a DSO, the valuation pressure just increased. Lower deal flow means lower multiples. Buyers have less competition.

But here's the flip side: if you're considering buying a practice, seller motivation is high right now. Deals that would have sold at 7X EBITDA two years ago are going at 5.5X.

What to do: If you're selling, move now before deals get worse. If you're buying, this is the best buyer's market since 2020. Your leverage is real.