Thurston Group
Thurston Group describes a partnership-oriented, buy-and-build strategy for founder-owned businesses in fragmented healthcare sectors. The firm generally makes majority investments, may facilitate ownership transitions and management buyouts, and provides operational resources for growth and add-on activity.
What stands out about Thurston Group
Thurston Group publicly targets healthcare companies with $1-$10M in EBITDA, including smaller businesses for potential add-ons. It generally makes majority investments while remaining open to flexible ownership models, and evaluates historical profitability and growth, competitive position, owner and management alignment, and growth opportunities.[1][2][3][4][5][7]
What does Thurston Group invest in?
Thurston Group is a healthcare-focused private equity firm headquartered in Chicago and founded in 1986 by Patrick J. Haynes III. The firm lists offices in Chicago and Savannah and describes itself as a partnership-oriented private equity firm providing equity investment and hands-on support to entrepreneurial healthcare businesses.[1][2][3]
Thurston states that its strategy focuses on founder-owned businesses in highly fragmented healthcare sectors and uses a buy-and-build approach focused on growth and quality. Its stated operational support includes financial and operational expertise, a replicable growth playbook, and executive recruiting and mentoring.[1][4]
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: Thurston states a company-size criterion of $1-$10M in EBITDA, with smaller companies potentially considered for add-ons. It also cites historical profitability and growth, sustainable competitive position, aligned owners and management, and favorable growth opportunities as criteria.[4]
What should a business owner evaluate before considering a transaction with Thurston Group?
Owners evaluating Thurston should clarify how the firm’s generally majority-investment model and flexible ownership approach would apply to the proposed transaction. They should also ask how valuation and EBITDA adjustments would be determined, what leverage and financing structure would be used, which operating resources would be assigned, and what governance and management rights would remain with the founder. For a potential add-on strategy, owners should clarify how acquisitions would be sourced, financed, and integrated, as well as the expected investment horizon and exit approach for the specific transaction.[4]
What ownership percentage and rollover equity would apply to the proposed transaction
How would valuation and EBITDA adjustments be determined
What leverage and financing structure would be used
What companies does Thurston Group target?
Thurston states a target company size of $1-$10M in EBITDA, with smaller companies potentially considered for add-ons. Its stated criteria also include historical profitability and growth, a sustainable competitive position, aligned owners and management, and favorable growth opportunities.[4]
Thurston states that it is especially interested in fragmented industries within healthcare subsectors. Its publicly identified investments include healthcare IT, clinical research, dental, aesthetics, behavioral health, orthopedics, endodontics, and oral surgery-related platforms.[4][5][6][7]
Thurston lists Chicago, Illinois, as its headquarters location and Savannah, Georgia, as an additional office. Its portfolio materials describe Sensorium Clinical Research as partnering with clinical research sites nationwide.[2][6]
Thurston states that smaller companies may be considered for add-ons and that its investments can support de novo expansion and opportunistic bolt-on acquisitions. The firm also publicly describes a combination of SGA Dental Partners, Gen4 Dental Partners, and Modis Dental Partners under the SGA Dental Partners banner.[4][8]
Thurston’s official portfolio lists active platforms including Modis Dental Partners, Alpha Aesthetics Partners, ARC Health, Gen4 Dental Partners, U.S. Orthopaedic Partners, U.S. Endo Partners, and U.S. Oral Surgery Management. It also identifies Pixel Health as an active healthcare investment providing healthcare IT consulting, strategy, implementation, and managed services, and Sensorium Clinical Research as an active investment focused on partnering with clinical research sites nationwide.[5][6][7]
On June 16, 2026, Thurston announced the combination of SGA Dental Partners, Gen4 Dental Partners, and Modis Dental Partners under the SGA Dental Partners banner; the combined platform was described as serving over 250 locations and over 500 dentists across 26 states. Pixel Health publicly announced that it had been acquired by Thurston Group. On September 25, 2023, Thurston announced the launch of Modis Dental Partners as a platform focused on implant-oriented dental practices, education, and technology.[8][9][10]
What is not clear from Thurston Group's public investment criteria?
Thurston’s official strategy page does not state a standard fund size, minimum equity check, or universal expected investment holding period. Thurston’s official portfolio page does not provide transaction values or ownership percentages for its listed portfolio companies. Thurston’s official Pixel Health portfolio entry identifies the investment as active but does not disclose a transaction date, purchase price, ownership percentage, or financing terms.[4][5][7]
Questions to ask when evaluating Thurston Group as a buyer or investment partner
What ownership percentage and rollover equity would apply to the proposed transaction?
How would valuation and EBITDA adjustments be determined?
What leverage and financing structure would be used?
Which operating resources would be assigned to the company?
What board, reserved-matter, and management rights would remain with the founder?
How would add-on acquisitions be sourced, financed, and integrated?
What is the expected investment horizon and exit approach for the specific transaction?
Sources & research notes
- Official website / firm overview
- Official website / firm overview
- Services / capabilities
- Investment approach
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
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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