Mbf Healthcare Partners
Mbf Healthcare Partners focuses exclusively on healthcare services and describes an operator-led approach spanning control investments, growth equity, recapitalizations, and earlier-stage capital.
What stands out about Mbf Healthcare Partners
MBF states that it invests only in healthcare services, typically committing $10 million to $50 million of equity per investment. Its stated approach includes control investments in existing platform businesses, buy-and-build opportunities, growth equity, earlier-stage investments, and operational support for management teams.[1][2][3][4][8][11]
What does Mbf Healthcare Partners invest in?
Mbf Healthcare Partners is a middle-market investment group focused on growth-oriented healthcare companies. The firm states that it has been accelerating growth for healthcare services companies since 2005 and was formed by Miguel “Mike” B. Fernandez, Marcio Cabrera, and Jorge Rico. Its public contact address is in Coral Gables, Florida.
MBF describes itself as an operator-led company partner that provides operational guidance, mentorship, strategic support, and access to industry relationships. It also states that it invests its own capital.[1][2][3][4]
MBF pursues buyouts and recapitalizations involving control equity investments in existing platform businesses. It also describes growth equity and earlier-stage investments involving creative partnerships and high-growth capital.
The firm’s stated model includes operational guidance, strategy support, industry relationships, organic growth, de novo development, and acquisitions. MBF states that it can arrange larger investments through co-investments.[3]
Owners evaluating a financial buyer can compare the offer with independent valuation analysis, understand how acquirers approach transactions through Auxo’s buy-side M&A process guide, and consider whether a full or partial sale best fits their objectives.
Published criteria: MBF typically invests $10 million to $50 million of equity per investment and states that it can arrange larger investments through co-investments. It looks for platform investments with a strong core operating model, long-term growth potential, and partnerships with executives, entrepreneurs, and founder-owned companies.[3][4]
What should a business owner evaluate before considering a transaction with Mbf Healthcare Partners?
Owners evaluating MBF can compare their circumstances with the firm’s stated focus on healthcare services, control equity, platform investments, growth potential, and founder-owned or management-led businesses. The operator-led model and stated support in strategy, operations, industry relationships, organic growth, de novo development, and acquisitions are also relevant points for discussion.
The May 4, 2026 transaction announcement does not disclose purchase price, enterprise value, financing terms, or seller consideration, and the MBF portfolio page does not provide transaction-level valuation or consideration data. Owners should therefore seek transaction-specific clarity on control, rollover equity, governance, valuation, financing, management incentives, and the expected role of the existing leadership team.[3][4][8][11]
How does MBF determine whether an opportunity is a platform investment versus an add-on
What companies does Mbf Healthcare Partners target?
MBF looks for platform investments with a strong core operating model and long-term growth potential. It states that it partners with talented executives, entrepreneurs, and founder-owned companies.
MBF typically invests $10 million to $50 million of equity per investment and states that it can arrange larger investments through co-investments.[3][4]
MBF states that it invests in healthcare services only. Its publicly identified focus areas include provider-based services, payor services, managed care, outpatient behavioral health and mental health, post-acute care, home-based provider services, chronic care management, and outsourced services.[1][3]
MBF’s public contact address is in Coral Gables, Florida. Public portfolio and transaction examples identify operations or businesses in multiple U.S. markets, including Texas and Colorado through BrightPath Behavior, and additional rehabilitation businesses in Virginia, Maryland, North Carolina, and South Carolina through Arete Health-related announcements.
These examples establish a multi-state operating footprint among identified investments; they do not establish a broader geographic mandate.[4][6][7][8][9]
MBF’s stated criteria include platform investments and buy-and-build opportunities. Public transaction announcements show Arete Health acquiring rehabilitation businesses and ABA Connect acquiring ABA Therapy of Houston, while the Arete Health announcement also identifies de novo clinics.
The public materials identified here do not establish a standardized public definition of how MBF determines whether a particular opportunity is a platform investment or an add-on.[4][7][8][9]
Arete Health is identified as an unrealized MBF portfolio company with an investment date of 2025. BrightPath Behavior, formerly presented on the portfolio page as ABA Connect, is identified as an unrealized portfolio company with an investment date of 2022 and operations across Texas and Colorado.[5][6]
MBF’s September 9, 2025 announcement states that Arete Health was formed by MBF Healthcare Partners II, L.P. and Eric DeYoung and acquired Carolina Rehabilitation, doing business as Brunswick Physical Therapy, and Southern Maryland Physical Therapy, doing business as ProFlex Physical Therapy.
MBF’s May 4, 2026 announcement states that Arete Health acquired Virginia Rehabilitation & Wellness and Summerville Physical Therapy & Balance for Adults. The announcement states that Arete Health had expanded to 16 outpatient rehabilitation clinics, including 14 acquired clinics and 2 de novo clinics.
MBF’s July 22, 2024 announcement states that ABA Connect acquired ABA Therapy of Houston, adding a second clinic location in Katy, Texas and expanding its network to 12 clinics across Texas and Colorado.[7][8][9]
What is not clear from Mbf Healthcare Partners's public investment criteria?
The May 4, 2026 Arete Health transaction announcement identifies the acquired businesses and clinic expansion but does not disclose purchase price, enterprise value, financing terms, or seller consideration.
The MBF portfolio page categorizes investments as unrealized, realized, or founder investments made before MBF Healthcare Partners, L.P., but does not provide transaction-level valuation or consideration data for each listed portfolio company.[8][11]
Questions to ask when evaluating Mbf Healthcare Partners as a buyer or investment partner
What ownership and control structures does MBF typically pursue for founder-owned companies?
What percentage of equity is normally rolled over, and how are management incentives structured?
How does MBF determine whether an opportunity is a platform investment versus an add-on?
What are the expected investment horizon and exit objectives for a particular transaction?
Which operating resources and board-level support would be available for a particular investment?
How are valuation, leverage, earn-outs, seller notes, indemnities, and contingent consideration handled?
Can MBF provide references from founders or management teams of comparable healthcare-services investments?
Sources & research notes
- Official website / firm overview
- Official website / firm overview
- Investment strategy
- Company / investment criteria
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- SEC filing / regulatory record
- Public disclosure information
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
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