This week, Cascadia Capital welcomed its Class of 2026 First-Year Analysts to the firm. It is a moment we look forward to each year: a new group of talented young professionals joining our team, ready to learn the craft of investment banking and contribute to the work we do for our clients.
Cascadia has always believed that the strongest working relationships start early. That belief shapes how we bring on and develop new talent, and it reflects who we are as a firm: independent, collaborative, and committed to growing careers from the ground up.
We are proud to invest in the next generation of bankers, and we look forward to the energy, curiosity, and hard work this class will bring to Cascadia in the years ahead.
This week, Cascadia Capital welcomed its Class of 2026 First-Year Analysts to the firm. It is a moment we look forward to each year: a new group of talented young professionals joining our team, ready to learn the craft of investment banking and contribute to the work we do for our clients.
Cascadia has always believed that the strongest working relationships start early. That belief shapes how we bring on and develop new talent, and it reflects who we are as a firm: independent, collaborative, and committed to growing careers from the ground up.
We are proud to invest in the next generation of bankers, and we look forward to the energy, curiosity, and hard work this class will bring to Cascadia in the years ahead.
Infusion services continues to attract investor attention as the sector benefits from site-of-care migration trends, payer preference for lower-cost settings, and an expanding pipeline of infusible therapies.
In Cascadia Capital's Infusion Services Insights report, our Healthcare team highlights recent transaction activity, reimbursement compression risks by specialty and drug, and the growing private equity presence across home, ambulatory, and office-based infusion platforms.
If you are a business owner, operator, or investor active in infusion services and would like to learn more about the sector or discuss how Cascadia can support your strategic goals, we would welcome the conversation.
To request a copy of the report, please contact Josh Mastracci.
We are thrilled to welcome our 2026 summer analysts to the Cascadia team. Over the summer, they will be jumping headfirst into real transactions, working alongside our deal teams, and getting a firsthand look at what makes Cascadia a different kind of investment bank.
At Cascadia, we genuinely invest in the folks who come through our doors, and we love watching them grow over the course of a summer. To our new summer analysts: we are glad you are here. We cannot wait to see what you bring to the team.
Cascadia Capital, an independent investment bank serving middle-market clients globally, is pleased to announce that it served as the exclusive financial advisor to Heritage Imaging (“Heritage” or the “Company”) on its acquisition by Align Capital Partners (“Align”).
Founded in 1989, Heritage delivers advanced diagnostic imaging solutions to hospitals and other clinical settings across 14 states, with a particular focus on underserved and rural markets. By supporting critical access hospitals, community clinics and local healthcare centers, the Company helps improve access to care while reducing patient travel time. The Company’s service offerings include PET/CT, MRI, nuclear medicine, ultrasound, echocardiography, and additional imaging modalities, delivered through fully staffed mobile solutions and leased equipment offerings.
“Heritage was established to help hospitals provide the best possible experience and outcomes for patients, no matter where they live,” said Dr. Steve Coppess, CEO of Heritage Imaging. “While we have significantly expanded our reach over the years, we are excited to partner with Align Capital Partners to further extend our impact. Align’s operational resources and proven track record of successful M&A make them a great fit to help us reach our goals faster.”
“Heritage has built a strong reputation as a trusted imaging partner to hospitals operating in rural America,” said Rob Langley, Managing Partner at Align Capital Partners. “The Company’s history of M&A, long-term customer relationships and operational reliability aligns well with Align’s experience of partnering with differentiated, route-based service providers. We’re excited to back this dynamic team with additional resources, and ultimately improve access to healthcare.”
“This transaction highlights the continued momentum behind outsourced diagnostic imaging services,” said Adam Stormoen, Managing Director at Cascadia Capital. “Heritage has built a leading platform with a strong reputation for quality and reliability and Align is an ideal partner to support the Company’s next phase of growth. It was a pleasure working with the Heritage team on a successful outcome, and we look forward to seeing what the business accomplishes in this next chapter.”
“Cascadia was an outstanding partner throughout this process,” added Dr. Coppess. “Their deep healthcare services expertise, thoughtful strategic guidance, and disciplined execution helped us identify the right partner for Heritage’s future. Align shares our long-term vision for the business, and we are excited for the opportunities ahead.”
Aesthetic medicine continues to attract significant investor interest as transaction activity accelerates across plastic surgery, dermatology, medspa, and wellness platforms.
Cascadia’s Healthcare team recently published an Aesthetic Medicine Sector Spotlight highlighting current market activity, active buyers and investors in the space, recent transaction trends, and the characteristics driving interest in today’s market.
For physician owners and operators evaluating long-term growth, partnership, or succession options, understanding how the market is evolving has become increasingly important.
Reach out to John Dean if you’d like a copy of the report.
Concierge medicine continues to attract increasing investor attention as physician practice management, membership-based healthcare models, and consumer-driven care remain active themes across the healthcare services landscape.
In Cascadia Capital’s Concierge Medicine Insights | April 2026, our Healthcare team highlights recent transaction activity, private equity interest, and broader trends shaping the sector today. The report includes select market observations, notable M&A activity, and insights into the evolving investment landscape surrounding concierge and membership-based healthcare platforms.
To request a copy of the report, please contact Josh Mastracci.
Cascadia Capital, an independent investment bank serving middle-market clients globally, is pleased to announce that it served as the exclusive buyside financial advisor to Havencrest Capital Management (“Havencrest”) on its acquisition of OFFOR Health (“OFFOR”).
Havencrest Capital Management is a lower middle-market private equity firm that partners with founder-led, high-growth healthcare services companies. The firm focuses on building market-leading healthcare businesses by working collaboratively with entrepreneurs and management teams to improve care delivery, access, quality, and efficiency.
OFFOR Health, founded in 2014, provides office-based anesthesia services for complex pediatric dental procedures. The Company deploys highly-integrated clinical teams and equipment - including anesthesiologists, PACU nurses, and paramedics - directly into dental offices with hospital-grade safety redundancies in mind. This enables underserved patients to receive timely, high-impact care in dental offices, rather than having to navigate hospital operating room wait-times.
“We were pleased to advise Havencrest on its acquisition of OFFOR Health,” said Josh Mastracci, Managing Director, Cascadia. “OFFOR represents a differentiated platform that improves access to essential services for underserved populations and is well-positioned for continued growth.”
Firm strengthens healthcare services expertise to support growing client demand and continued sector evolution
Cascadia Capital, an independent investment bank serving middle-market clients globally, is pleased to announce the expansion of its Healthcare investment banking practice with the addition of Josh Mastracci and John Dean as Managing Directors. These senior hires reflect Cascadia’s continued investment in high-growth sectors and further enhance the firm’s ability to advise healthcare services businesses across a rapidly evolving landscape.
Healthcare services continues to represent one of the most active areas of the middle market, driven by demographic tailwinds, increasing specialization, and sustained private equity investment. The expansion of Cascadia’s healthcare team reinforces the firm’s commitment to delivering deep sector knowledge and strategic advisory support to founders, management teams, and investors across the healthcare ecosystem.
“Healthcare remains a priority growth area for Cascadia, and we are intentionally building a team with deep sector expertise and strong execution capabilities,” said Michael Butler, Chairman and Chief Executive Officer of Cascadia Capital. “Josh and John bring highly complementary experience across healthcare services and transaction execution. Their addition enhances our ability to advise clients navigating growth, consolidation, and strategic partnerships in a dynamic market.”
Together, Josh Mastracci and John Dean expand Cascadia’s healthcare services coverage with dedicated focus across distinct verticals. Their complementary coverage strengthens Cascadia’s ability to support clients across a broad and evolving healthcare ecosystem.
Mr. Mastracci’s sector coverage spans consumer and retail-oriented healthcare categories such as aesthetic medicine and wellness, primary care and longevity, infusion therapy, and women’s health, as well as high-acuity specialties and related facilities including orthopedics, interventional pain, ENT/allergy, and ambulatory surgery centers.
Mr. Dean advises clients across aesthetic medicine, healthcare services, healthcare products and distribution, medical device manufacturing, behavioral health, and animal health. His practice includes advising business owners and investors on M&A, divestitures, and capital raises across the middle market.
“Cascadia has built a platform with real momentum and a clear commitment to growing its Healthcare practice,” said Mr. Mastracci. “I’m excited to join a growing team with a deep bench that combines distinct sector focus with a collaborative culture and is well-positioned to help both sponsors and founders navigate complex transactions.”
“The healthcare sector is rapidly evolving as consumer preferences shift and care moves outside traditional settings, which makes thoughtful strategic advice more important than ever,” added Mr. Dean. “I look forward to working alongside Cascadia’s healthcare team and helping clients navigate growth, partnerships, and long-term value creation.”
Josh Mastracci is a Managing Director at Cascadia Capital and is responsible for transaction origination and execution in the firm’s Healthcare practice. His has deep expertise across healthcare services sectors including multi-site provider services, consumer/retail healthcare, and surgical specialties/facilities.
He joined the firm from TM Capital where he was a Managing Director in the firm’s Healthcare group. Previously, he was a Director at Hyde Park Capital. Josh holds a B.A. in Economics from Boston College; J.D. from Tulane University; FINRA Series 24, 79, and 63 licenses; and is a member of The Florida Bar.
John Dean is a Managing Director in Cascadia Capital’s Healthcare practice, advising clients across a range of subsectors including aesthetic medicine, healthcare products & distribution, medical device manufacturing, behavioral health and animal health. John has nearly two decades of investment banking, private equity and transaction advisory experience.
Prior to joining Cascadia, John was a Managing Director in TM Capital’s Healthcare practice. Prior to TM, John was an Associate at Roark Capital Group, an Atlanta-based private equity firm with nearly $40 billion AUM.
John is a graduate of Georgia Tech’s Scheller College of Business and resides in Atlanta.
Cascadia Capital, an independent investment bank serving middle-market clients globally, is pleased to announce that it served as the exclusive financial advisor to Retinal Diagnostic Center (RDC) on its partnership with Retina Consultants of America (RCA), a subsidiary of Cencora (NYS: COR).
Cascadia has extensive experience advising physician-owned healthcare services businesses across ophthalmology, retina, and specialty care on strategic partnerships, recapitalizations, and growth transactions. The firm has previously advised Northeast Wisconsin Retina Associates and Retina Consultants of Southern Colorado in their respective acquisitions from Retina Consultants of America.
Founded in 1980 and based in San Jose, California, RDC has been at the forefront of specialized retina care in the Bay Area for decades, providing comprehensive diagnostic, medical, and surgical services for patients with complex vitreoretinal conditions. The practice delivers individualized, patient-centered care for a wide range of retinal disorders, combining experienced physician leadership with modern clinical capabilities and a strong emphasis on continuity, communication, and long-term vision health.
Retina Consultants of America is a national network of physician-led retina practices. RCA’s physician-centered practice management model enables practices to retain clinical autonomy, augmented by best practices facilitated through its Medical Leadership Board and executive management support. Physicians across the RCA network conduct more than two million patient visits annually, serving patients across 25 states.
“Retinal Diagnostic Center has built an exceptional practice defined by long-standing physician leadership, clinical excellence, and a deep commitment to patient outcomes,” said Vitaliy Marchenko, Managing Director at Cascadia Capital. “This partnership with Retina Consultants of America reflects a strong strategic alignment and positions the practice to continue delivering high-quality retina care while benefiting from the scale, resources, and collaborative model that RCA provides. It was a pleasure to work alongside the RDC team throughout the process, and we look forward to seeing their continued success.”
Cascadia Capital, LLC, an independent investment bank serving middle-market clients globally, is pleased to announce that it served as financial advisor to Frazier Healthcare Partners (“Frazier”) on the acquisition of Tri-Imaging Solutions (“Tri-Imaging” or the “Company”) by its portfolio company DirectMed Imaging (“DirectMed”).
DirectMed is a leading aftermarket diagnostic imaging parts, systems, and service provider. With over 100,000 parts in stock, DirectMed repairs, supports, and sells MRI, CT, and X-ray parts to healthcare networks and independent service organizations worldwide. DirectMed also owns LBN Medical ApS, a global reseller of aftermarket medical imaging equipment and parts, and ScanMed, LLC, a leader in MRI coil design, manufacture, and repair.
Tri-Imaging Solutions is an integrated provider of imaging replacement parts, equipment, on-site service, technical support, and industry-leading training for medical imaging professionals. From its facility in Madison, Tennessee, Tri-Imaging supports customers nationwide with quality-tested parts across major modalities and OEMs, real-time technical support, and a comprehensive training roadmap for imaging engineers.
Together, the two companies will be combined into a single, integrated provider of aftermarket diagnostic imaging parts, systems, service, and technical training, operating under the Tri-Imaging name. The new Tri-Imaging platform will give customers a scaled partner focused on maximizing imaging uptime, extending equipment life, and lowering total cost of ownership.
The combined organization will be led by the current Tri-Imaging leadership team, with Eric Wright as CEO, and will bring together two complementary imaging platforms serving healthcare networks, independent service organizations, and equipment manufacturers.
“DirectMed and Tri-Imaging share a common purpose of keeping critical imaging equipment up and running so providers can focus on patient care,” said Eric Wright, CEO of Tri-Imaging. “Bringing our teams together under the Tri-Imaging name strengthens and expands our ability to globally support customers with the parts, service, and training they need across imaging modalities.”
“Supporting DirectMed as it builds a scaled, global imaging platform has been a key focus for Frazier,” said Kent Berkley, Partner at Frazier Healthcare Partners. “Adding Tri-Imaging’s highly regarded service, parts, and technology platform capabilities is a natural next step in that strategy and aligns with our goal of creating a best-in-class imaging solutions provider.”
“We appreciated the opportunity to work alongside the Frazier team on this transaction as they continue to build a scaled, high-quality imaging services platform,” said Adam Stormoen, Managing Director at Cascadia Capital. “The transaction reflects the broader momentum we’re seeing across medical equipment services, where sponsors and strategic buyers continue to seek opportunities in the repair, maintenance, and service of mission-critical equipment that support healthcare providers and improve reliability across the care continuum.”
Cascadia Capital, an investment bank serving middle-market clients globally, is proud to announce the promotion of Vitaliy Marchenko to Managing Director in the firm’s Healthcare group. Based in the Nashville office, Vitaliy specializes in strategic advisory services for healthcare services companies, and brings over 13 years of investment banking experience to the role.
Since joining Cascadia as a Vice President, Vitaliy has played a pivotal role in expanding the firm’s Healthcare practice. His promotion to Director marked the growth of Cascadia’s presence in physician practice management, and now, as a Managing Director, he will continue to drive one of the firm’s most thriving practices.
“Vitaliy has been instrumental in building our healthcare services platform into one of Cascadia’s most successful verticals,” said Michael Butler, Chairman and CEO of Cascadia Capital. “His ability to create opportunities and deliver exceptional outcomes is unparalleled. We look forward to his continued contributions to our Healthcare practice.”
Vitaliy has extensive transaction advisory expertise, having advised physician clients across a variety of specialties, including fertility, gastroenterology, cardiology, dermatology, and ophthalmology. He’s also worked with behavioral health companies (including substance abuse, psychiatry, and mental health clinics), along with other healthcare service providers such as RCM, RPM, and telehealth organizations. He has been a driving force in establishing Cascadia’s Nashville office and fostering growth in the healthcare services sector.
“I am deeply honored to take on this new role at Cascadia,” said Vitaliy Marchenko. “The firm’s commitment to excellence and client success has been the foundation of my career here, and I am excited to further expand our impact in healthcare services. I look forward to continuing to deliver value to our clients and to Cascadia.”
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Morgan Stanley Capital Partners (“MSCP”) the middle-market focused private equity team at Morgan Stanley Investment Management, on its acquisition of Prescott’s, a leading healthcare focused specialty outsourced clinical engineering services provider, from Atlantic Street Capital. MSCP is partnering with the current management team led by CEO Brian Straeb, who will continue to lead the business.
Prescott’s provides medical equipment repair and maintenance service solutions, alongside refurbished equipment and parts sales and rentals for critical surgical suite modalities including microscopes, infusion pumps, patient monitors, anesthesia machines and sterilizers. Headquartered in Monument, Colorado, Prescott’s serves health systems, outpatient facilities, and other care settings across the United States and the UK.
Steve Rodgers, Managing Director and Head of Healthcare Investing at MSCP, said: “We are excited to partner with the Prescott’s team as they continue building a best-in-class platform in outsourced clinical engineering services for critical surgical suite equipment. Prescott’s timely repair and maintenance services enable continuity of care and avoid costly equipment downtime. This investment represents our continued effort to invest in high-quality healthcare focused outsourced services businesses.”
Straeb said: “We are excited to partner with the MSCP team for the next chapter of our growth. MSCP has been actively tracking the outsourced clinical engineering space for several years and has a deep understanding of the industry and various business models. MSCP engaged their operations team early in the process as they recognized the importance of looking at value creation from multiple angles. This made them an ideal partner to contribute meaningfully to our strategic efforts both organically and inorganically so that we can hit the ground running immediately post close.”
“This transaction underscores the strong interest from investors in scalable platforms operating in the outsourced medical equipment services sector,” noted Adam Stormoen, Cascadia Managing Director. “Prescott’s has built a robust reputation as a trusted partner for health systems and care providers, and its focus on mission-critical surgical suite equipment uniquely positions the company for continued growth in the sector.”
“This transaction highlights Cascadia’s deep domain expertise of the medical equipment services sector and our ability to deliver exceptional outcomes for our clients,” added Ben Freking, Cascadia Director. “Prescott’s is a leader at the intersection of mission-critical outsourced services and healthcare, and we were honored to work alongside the MSCP team to align the strategic vision that will drive the company’s continued success.”
This week, Cascadia Capital welcomed its Class of 2026 First-Year Analysts to the firm. It is a moment we look forward to each year: a new group of talented young professionals joining our team, ready to learn the craft of investment banking and contribute to the work we do for our clients.
Cascadia has always believed that the strongest working relationships start early. That belief shapes how we bring on and develop new talent, and it reflects who we are as a firm: independent, collaborative, and committed to growing careers from the ground up.
We are proud to invest in the next generation of bankers, and we look forward to the energy, curiosity, and hard work this class will bring to Cascadia in the years ahead.