Accel-KKR, Bain, Knox Lane bet on clinical workforce services; Tech advances drive Nordic’s $800m take-private of BWXT’s nuclear med biz
Morning Hubsters,
Happy Fri-yay! I’m John R Fischer, coming to you from the New York newsroom with the US Wire.
Some of you may know that in my previous profession, I spent six and a half years reporting on the radiology industry. One topic I extensively covered in the sector is radiopharmaceuticals, which help diagnose and treat diseases like cancer.
That’s why I’m particularly excited about this week’s Friday Focus, where we’ll look at a radiopharmaceuticals deal inked by Nordic Capital.
But before we get to that, technologies such as AI are enhancing clinical workforce services, attracting private equity firms such as Accel-KKR, Bain and Knox Lane. We’ll discuss this trend in my eight-deal listicle on clinical workforce services. Let’s dive in.
The tech factor
Clinical staff are switching roles or leaving the medical profession due to burnout caused by labor shortages and challenging workforce expectations, according to the American Medical Association. As a result, healthcare providers are increasingly seeking out workforce services, particularly tech-enabled ones, to not only recruit new staff but retain them and improve job satisfaction.
Private equity sees opportunities to invest in businesses that offer these capabilities, from AI and cloud technologies for scheduling and workforce management, to data analytics for marketing, compliance and performance satisfaction.
I rounded up eight deals dating back to the beginning of 2026. Here are two deals from the story:
In July, Knox Lane announced the acquisition of Cross Country Healthcare, a technology-enabled healthcare workforce services and products company based in Boca Raton, Florida.
Cross Country Healthcare supplies hospitals, outpatient facilities, schools and other healthcare providers with workforce intelligence, management and analytics products for staff management and recruitment.
As part of the transaction, Cross Country Healthcare’s locums division has been acquired by All Star Healthcare Solutions, which Knox Lane acquired in 2024.
“The company has established a recognized market position, a trusted brand and a differentiated platform designed to address critical workforce challenges across the healthcare ecosystem,” said John Bailey, managing partner at Knox Lane, and Shamik Patel, partner at Knox Lane, in a statement.
In June, LLR Partners announced an investment in AxisCare, a home care management software provider.
Operating out of Waco, Texas, AxisCare provides single- and multi-location home care agencies with AI-powered software for managing caregiver operations, scheduling, documentation, electronic visit verification, client engagement, compliance and administrative workflows. It also has revenue cycle management services to support billing and reimbursement for government payors.
“With 75 percent of adults aged 50 plus saying they want to remain in their homes as they age, providers of all sizes increasingly need scalable solutions to help manage care delivery efficiently,” said PJ Cusack, vice-president of LLR Partners, in a statement.
Friday Focus
Clinical trials for cancer – as well as non-cancerous diseases – are growing and require more radiopharmaceuticals production. Driven by new diagnostic scanning technologies and therapies, this demand is drawing in private equity to the radiopharmaceutical market. Lower clinical risks and expedited commercialization pathways within the segment are also attractive to dealmakers.
Earlier this week, the sector saw two new transaction announcements. The most recent was by Nordic Capital: the firm agreed to take the medical business of BWX Technologies (BWXT) private, in a deal valued at up to $800 million.
The transaction includes both BWXT Medical and Kinectrics’ stable medical isotopes business, which produces components for radiopharmaceutical production.
Nordic plans to scale the business’ development, manufacturing and delivery of diagnostic imaging and radiotherapeutic products.
Based in Lynchburg, Virginia, BWXT provides components and nuclear fuel services for nuclear medicine, global security, clean energy, space exploration and environmental restoration. It will remain a minority investor in the business following the transactions’ expected closing at the end of 2026.
Another deal in the sector – discussed by my colleague Obey Martin Manayiti in Tuesday’s Wire – was by Curium, a portfolio company of CapVest. The company inked an agreement to take Lantheus Holdings private for approximately $8 billion and merge it with a wholly owned subsidiary of Curium US.
That transaction is expected to close in the first half of 2027.
Well, that’s it for me. As always, if you have any questions, comments or want to chat, drop me an email at john.fischer@pei.group.
As usual, Nina Lindholm will have the Europe Wire ready for you on Monday. And Rafael Canton will sit in for MK Flynn in the US chair.
Cheers,
John
