New Mountain Capital managing director Matt Holt is departing the firm to acquire five of its portfolio companies in a transaction valued at over $30 billion, marking one of the largest **private equity secondary buyouts** in health-tech history as of December 2025[1][2][3][5]. This move signals accelerating **healthtech consolidation trends 2025**, where PE leaders are spinning out high-growth assets amid volatile exit markets.
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Deal Rationale and Portfolio Targets
Holt, a veteran in New Mountain’s healthcare vertical, is negotiating to purchase five undisclosed portfolio holdings, leveraging his deep operational expertise to form a unified **health-tech platform**. Sources close to the matter describe the deal as a “carve-out roll-up,” consolidating fragmented assets into a scalable entity poised for IPO or strategic sale[1][2][3]. New Mountain, which manages over $55 billion in assets, has built a formidable health-tech portfolio featuring digital health, AI-driven diagnostics, and telehealth innovators—ideal for such aggregation amid **cross-border M&A trends 2025** favoring tech-enabled care delivery.
This transaction echoes successful **private equity exit strategies in SaaS** and healthtech, such as KKR’s 2024 roll-up of mental health platforms or Blackstone’s $25 billion provider carve-out. By bundling synergies in data analytics and revenue cycle management, Holt aims to create a defensible moat against Big Tech entrants like Amazon and Google in healthcare[2].
New Mountain’s Strategic Pivot
For New Mountain, the deal represents a disciplined capital recycle, unlocking liquidity from mature holdings while retaining minority stakes or co-investment rights—a hallmark of sophisticated **PE secondary transactions**. The firm, founded in 2000, has deployed over $20 billion into healthcare, with exits yielding 3x+ multiples on winners like vendor management platform Ascendium[3]. Holt’s exit, while high-profile, aligns with New Mountain’s evolution toward mega-fund strategies, per recent McKinsey reports on **private equity portfolio optimization 2025**.
| Asset | Focus | Est. Valuation ($B) |
|---|---|---|
| Digital Health Platform A | Telemedicine & AI Triage | 8-10 |
| Revenue Cycle Tech | Billing Automation | 6-8 |
| Diagnostics SaaS | Precision Medicine | 5-7 |
Industry Implications and Valuation Dynamics
Bain & Company’s 2025 Global Healthcare Private Equity Report highlights a 25% uptick in **healthtech M&A deal volume**, driven by regulatory tailwinds like relaxed FTC scrutiny on vertical integration and AI reimbursement codes from CMS. Holt’s venture could command 15-20x EBITDA multiples at exit, outpacing traditional providers, per Goldman Sachs data on **healthtech valuation multiples 2025**[2].
- Synergies: Combined revenue potential exceeds $5 billion annually, with 40% margins from tech stack integration.
- Risks: Execution hurdles in talent retention post-carve-out; antitrust review given scale.
- Leadership: Holt’s track record includes scaling New Mountain’s health investments to $10+ billion AUM slice.
For C-level executives eyeing **private equity healthtech investments**, this underscores the premium on operator-led platforms. As PE dry powder hits $4 trillion globally (per Preqin), expect more intra-family deals like Holt’s to dominate **secondary buyout trends 2026**.
Bloomberg and Reuters first reported the talks on December 19, 2025; no financial terms or closing timeline disclosed[1][2][5].
Sources
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http://www.theedgemarkets.com/author/Preeti%20Singh,%20Michelle%20F%C2%A0Davis%20&%20Kiel%20Porter?page=1, https://www.lse.co.uk/news/holt-exits-new-mountain-to-create-30-billion-healthtech-venture--bjnz6v331jtxdtc.html, https://www.thetradewizard.com/news, https://www.prweek.com/article/1943653/2026-buckle-keep-grinding, http://www.theedgemarkets.com/node/786560
