Chad D. Ehrenkranz

CHAD D. EHRENKRANZ is an elite healthcare regulatory and transactional lawyer who represents private equity sponsors, their portfolio companies, strategic investors, founders, and providers within the healthcare sector. Chad was recognized in Chambers USA (2020–2025) for his transactional work in Healthcare in New York, where clients commented, “[Chad] is very intellectually sharp; in really complex issues, he drills down to the problem.” In the 2022 edition, clients also noted that “Chad is fabulous. He is extremely knowledgeable, knows the industry and is always there to help.” His commercial approach, innovative structural solutions (e.g., led the healthcare regulatory aspects and design of complex and novel liability management exercises for organizations such as Envision Healthcare), and significant career deal volume, including high caliber repetitions across the healthcare spectrum, uniquely position him to move the needle as few others can. As a result, Chad is regularly called upon as special regulatory counsel in connection with major acquisitions, dispositions, and regulatory matters on behalf of healthcare strategic investors, public companies, private equity sponsors, and their platforms/portfolio companies. Chad has also been honored as a 2021 “Healthcare Trailblazer” by The National Law Journal, among other notable recognitions.

Chad provides business-critical legal, transactional, and regulatory counsel to both lenders and public and private borrowers in the healthcare and life sciences sectors as well as hospitals, healthcare management companies, ambulatory surgery centers, anesthesia providers, long-term acute care hospitals, urgent care centers, veterinary platforms, behavioral health platforms, hyperbaric and wound care management platforms, value-based care platforms, freestanding emergency rooms, diagnostic imaging facilities, skilled nursing facilities, home health agencies, assisted living facilities, durable medical equipment companies, medical supply companies, insurance companies, physician practices, and dentists. Chad also has deep experience providing strategic counsel to clients in transactions involving a wide range of digital health companies, including telemedicine, electronic health record (EHR), revenue cycle management (RCM), artificial intelligence (AI), remote physiologic monitoring (RPM), remote therapeutic monitoring (RTM), patient scheduling, and mobile health (mHealth) companies.

Chad regularly counsels clients on the corporate practice of medicine and licensed professionals, state, and federal fraud and abuse laws, which include but are not limited to, Stark Law, Anti-Kickback Statute, False Claims Act, EKRA, HIPAA, state anti-referral and anti-kickback laws, and related regulatory issues. Chad is experienced in federal and state healthcare regulatory and licensure, enrollment, and reimbursement matters.

Through his extensive regulatory and transactional work (primary platform and add-on acquisitions) Chad has become the go-to lawyer in numerous healthcare spaces as further described on a representative sample of matters set forth on his deal sheet. Chad acts as outside healthcare general counsel for several clients.

Prior to joining Sidley in April 2023, Chad was a founding partner of the Healthcare group for a Top 10 AM Law 100 global law firm, where he led the healthcare team on approximately 1,000 healthcare transactions and regulatory matters.

• Radiology Partners, a leading technology-enabled radiology practice in the U.S., and its subsidiary Mosaic Clinical Technologies, in the acquisition of Cognita Imaging, Inc.
• GIC in connection with the US$18.3 billion take-private acquisition of Hologic, Inc., a medical diagnostics and imaging company specializing in women’s health (pending).
• WCAS in its investment in AssistRx, a tech-enabled patient support platform that partners with pharmacies to assist with accessing, affording, and adhering to drug therapies.
• BDT & MSD Partners in connection with their pending AU$1.6 billion investment in DBG Health, a leading Australian beauty and pharmaceutical company.
• Novant Health in its US$2.4 billion acquisition of Three Tenet Healthcare Hospitals.
• Radiology Partners in its US$720 million equity raise.
• Bright Healthy Smiles (pediatric and orthodontic practice) in its sale to Vitana Pediatric & Orthodontic Partners.
• Lemchen Salzar Orthodontics in its sale to Vitana Pediatric & Orthodontic Partners.
• Bear Creek Debt Wearhouse asset backed loan to subsidiary of American Healthcare Systems in connection with five facilities obtained out of the Steward Bankruptcy.
• Sagard Holdings Management Inc. (as Lender) in its credit and guarantee agreement with J&B Medical Supply Company, Inc. (Borrower) (asset backed loan).
• TCW Group (collateral agent and administrative agent) in its financing agreement with Accuray Incorporated (administrative Borrower).
• HPS (Lender) in term loan to Azurity Pharmaceuticals (Borrower) to acquire Covis.
• Oaktree Special Situations (Lender) in its senior term credit facility to Nevada Heart and Vascular (as Borrower) and related amendments to same.
• NexGen Hyperbaric in its Sponsor, Trade, and Lease Agreement with the Philadelphia Flyers.
• NexGen Hyperbaric in its Administrative Services Agreement with the Miami Dolphins, Ltd.
• NexGen Hyperbaric in its Equipment Lease and Advertising and Sponsorship Agreement with the Philadelphia Phillies.
• Silverpoint (as Administrative Agent, as Sole Lead Arranger and Bookrunner) in its Senior Secured Credit Facilities to Health Catalyst, Inc. (Borrower).
• A financial institution as administrative agent for a loan to an out-of-network revenue cycle management company.
• Lead arranger in its asset backed loan to a major hospital system.

Prior to joining Sidley, a sample of Chad’s representative matters are as follows:

• Stone Point Capital in its US$2 billion acquisition of Tivity Health.
• Oaktree Acquisition Corp., a special purpose acquisition company (SPAC) sponsored by an affiliate of Oaktree Capital Management, in its US$1.6 billion business combination with Hims, Inc.
• Vera Whole Health, a portfolio company of Clayton, Dubilier & Rice, in its combination with Castlight Health.
• Clayton, Dubilier & Rice in its acquisition of Vera Whole Health.
• Sun Capital’s acquisition of Miami Beach Medical Group.
• Jaws Acquisition Corporation, a special purpose acquisition company sponsored by Barry Sternlicht, in its US$4.4 billion business combination with Cano Health.
• Hellman & Friedman and its portfolio company, MultiPlan, Inc., in MultiPlan’s US$11 billion business combination with Churchill Capital Corp. III.
• Oak Street Health in its senior secured financing facility for Oak Street Health and certain of its subsidiaries.
• Owens & Minor, Inc. in its US$1.6 billion acquisition of Apria, Inc.
• Bansk Group in its acquisition of Arcadia Consumer Healthcare.
• Envista Holdings Corporation (NYSE: NVST) in its acquisition of Osteogenics Biomedical.
• WCAS in its equity investment in ImageTrend, Inc.
• Warburg Pincus in its investment in Quantum Health.
• Novo Holdings in its acquisition of Medical Knowledge Group from Court Square Capital and Aisling Capital.
• KORE Wireless Group in its merger with Cerberus Telecom Acquisition Corp., a special purpose acquisition company (SPAC) sponsored by an affiliate of Cerberus Capital Management.
• Cressey & Company in its acquisition of The InterMed Group.
• Bain Capital in its investment and strategic partnership in CitiusTech.
• Bain HST Case Tabs (numerous add-ons).
• Cressey & Company LP and its portfolio company, HHAeXchange, in an investment in HHAeXchange from Hg.
• Windjammer Capital Investors and Vital Records Control in the formation of a Continuation Fund.
• Thoma Bravo in its strategic growth investment in Greenphire from The Riverside Company.
• Accel-KKR in its acquisition of Forcura, a healthcare technology company.
• Madison Dearborn Partners, LLC in its acquisition of Benefytt Technologies, Inc.
• TA Associates and Francisco Partners in their significant growth investment in Edifecs, Inc.
• Francisco Partners and its portfolio company eSolutions in its sale of eSolutions to Waystar.
• Madison Dearborn Partners and Kaufman, Hall & Associates in Kaufman Hall’s acquisition of Change Healthcare’s Connected Analytics business.
• FTV Capital in its acquisition of 6 Degrees Health, a developer of healthcare reimbursement technology.
• Accenture in its acquisition of Creative Drive.
• Abry Partners in its acquisition of Anju Software, a Phoenix-based provider of software and data services to the life science industry.
• Abry Partners in its recapitalization with Sermo a leading global social platform for physicians and largest healthcare professional survey company.
• Accenture in its acquisition of Knowledgent, a data intelligence company.
• Capsule Technologies in its US$635 million sale to Royal Philips.
• Technology Crossover Ventures (TCV) in its investment in Rave Mobile Safety (Rave).
• Lithium Technologies LLC (aka Khoros), a Vista Equity Partners portfolio company, in its merger with Spredfast Inc., a provider of digital customer engagement solutions.
• Francisco Partners in its acquisition of Qualcomm Life.
• Cressey & Company in its investment in HHAeXchange.
• Healthgrades, Inc., a Vestar portfolio company, in its acquisition of Influence Health.
• The Jordan Company (TJC) in its acquisition of Vyne, a market leader in secure health information exchange and electronic healthcare communication management.
• TA Associates in its investment, alongside GI Partners, in Netsmart Technologies, Inc.
• Civitas Solutions (NYSE:CIVI) in its sale to Centerbridge Partners.
• Capsule Technologies in its acquisition of Bernoulli Health.
• Colfax Corporation in its US$3.15 billion acquisition of DJO Global Inc.
• Envision and its subsidiaries in its novel liability management process leading to bankruptcy filings.
• One Equity Partners in its acquisition of American Medical Technologies.
• Windjammer Capital in its acquisition of Hilco Vision.
• Sun Capital Partners Specialty Retail Shops Holding Corp. and its subsidiaries (“Shopko”) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Nebraska.
• Gryphon in its partnership with Vision Innovation Partners (multi-specialty eye care platform) which included numerous ambulatory surgery centers.
• Sterling Partners in connection with the leveraged acquisition of Grand Rapids Ophthalmology, and the creation of a related management services organization platform.
• Grand Rapids Ophthalmology in its acquisition of ambulatory surgery centers.
• HGGC in its strategic growth investment in Dentive.
• Envista Holdings Corporation in its definitive agreement to acquire Carestream Dental’s intra-oral scanners business.
• Spark Orthodontics, a portfolio company of Rock Mountain Capital, in its acquisition of Children’s Dental Management.
• RiverGlade Capital in its sale of U.S. Oral Surgery Management to Oak Hill Capital.
• Rock Mountain Capital, L.P. in the recapitalization of Spark Orthodontics.
• Sun Capital Partners in its sale of ClearChoice to Aspen Dental.
• Sun Capital Partners and its portfolio company, Simply Beautiful Smiles (SBS) numerous add on acquisitions, structure and finance related matters.
• Sun Capital Partners in its acquisition of Simply Beautiful Smiles.
• Gryphon Smile Brands add-on acquisitions Mid-West Dental.
• RiverGlade Capital in its partnership with Kids Care Dental & Orthodontics.
• RiverGlade Capital in connection with the structuring and formation of US Oral Surgery Management, LLC, a platform focused on the oral surgery sector, and the related acquisitions of multiple integrated oral surgery clinics.
• DentaQuest in its acquisition and development of numerous dental services organizations and dental insurance platforms throughout the U.S.
• Linden Smile Doctors and its add on acquisition of Fishbein Orthodontics.
• Premier Oral Surgery in its development and add-on’s to its oral surgery/dental services platform.
• Patient Square Capital in the formation of its inaugural fund, Patient Square Equity Partners (PSEP), with approximately US$3.9 billion in total committed capital as of its final closing.
• HGGC in its US$240 million joint investment in Fullscript with Snapdragon Capital Partners.
• Sun Capital Partners in its acquisition of Enhanced Healthcare Partners portfolio company, West Dermatology.
• Sun Capital Partners and its portfolio company, West Dermatology, in West Dermatology’s merger with Platinum Dermatology Partners.
• BayPine in its acquisition of Pinnacle Dermatology.
• PathGroup in its majority investment from GTCR.
• PathGroup in its acquisition of Pathologists Bio-Medical Laboratories.
• PathGroup in numerous multi-state add-on acquisitions.
• TA Associates in its investment in Behavioral Health Works.
• Seattle Reproductive Medicine, a leading fertility medicine practice based in Seattle, in its joining of the Pinnacle Fertility network.
• Family Allergy & Asthma, a Prairie Capital portfolio company, in its acquisition of Kentuckiana Allergy, Louisville Allergy & Asthma, and Alleviate Allergy and Asthma.
• Audax Group’s acquisition of Gastro Health.
• Paragon Healthcare Inc. in its sale to Peak Rock Capital LLC (pharmacy/specialty pharmacy/infusion).
• Greater Philadelphia Health Action in its acquisition of multiple pharmacies.
• KKR in its investment in Charter Next Generation (clean room manufacturing).
• Paragon Bioservices, Inc. in its US$1.2 billion sale to Catalent Inc.
• Vitruvian Partners in its acquisition of a majority interest in the Fotona Group.
• Vitruvian Partners in its acquisition of a majority stake in KCAS Bioanalytical and Biomarker Services.
• Danaher Corporation in its strategic investment in Andelyn Biosciences.
• Radiology Partners in its US$885 million acquisition of MEDNAX Radiology Solutions.
• Starr Principal Holdings, LLC (Starr Investment Holdings) in its minority investment in Radiology Partners Holdings.
• ICV Partner’s acquisition of Outpatient Imaging Affiliates.
• ICV Partner’s healthcare related restructuring.
• Akumin in its acquisition of Preferred Imaging.
• Kinderhook Industries-backed GlobalHealth in its partnership with Evolent Health to form True Health.
• AssuredPartners in its acquisition of Tolman & Wiker Insurance Services, LLC of Ventura, California.
• Golden Gate Capital in its acquisition of RVL Holdings, LLC.
• Nordic Capital in its acquisition of Orchid Orthopedic Solutions.
• Warburg Pincus with respect to animal healthcare related financing matters for Bond Vet.
• Counsel to CityVet on add-on acquisitions, and counsel prior to that on select animal healthcare issues to RiverGlade Capital.
• Percheron acquisition of Animal Dermatology Group, Inc.
• Gryphon Investors in its acquisition of Heartland Veterinary Partners.
• Waud Capital Partners portfolio company Heart + Paw regulatory and structural matters post 2018 acquisition.
• Arizona Cardiovascular Institute; Center for Cardiovascular Research and Education (multiple entity transaction). Sale of majority interests in Arizona Cardiovascular. Institute and Center for Cardiovascular Research and Education to a subsidiary of Fresenius.
• Adeptus, Inc (NYSE: ADPT), an owner and operator of free standing emergency room facilities and hospital facilities in connection with the acquisition, development and JV formation of University of Colorado General Hospital.
• FastMed Holdings I, LLC and certain of its affiliates (“FastMed”) in their deleveraging transaction. FastMed is a privately owned operator of over 100 urgent care clinics in Arizona, North Carolina, and Texas. The transaction resulted in the consensual equitization of approximately US$80 million in funded debt and the paydown of approximately US$148 million in secured debt.
• Fulcrum Equity Partners acquisition and restructure of GWPC platform.
• The Center for Wound Healing & Hyperbaric Medicine LLC and NexGen Hyperbaric LLC in numerous joint ventures in the hyperbaric and wound care management space in multiple states.
• Constellation Healthcare Technologies (Orion) in its bankruptcy and restructuring.
• Baird Capital Partners acquisition of ReMed Recovery Care Centers.
• The CORE Institute Center for Orthopedic Research and Education joint venture with Banner Health.
• CICC in its reorganization and development of a multidisciplinary physician practice as well as ambulatory surgery centers and outpatient laboratories in multiple states.
• Ascentist reorganization and syndication of multi-state ambulatory surgery centers.
• Ascentist ambulatory surgery center joint venture with HealthCrest Management.
• Ascentist in its acquisition of Doctors Hospital and structural integration.
• Discover Surgical Center development of Arizona ambulatory surgery center and office based laboratory.
• North Dakota Surgery Center sale of majority interests to Surgery Partners.
• Arizona Heart Health Center in its development of a multispecialty physician practice as well syndication and development of numerous ambulatory surgery centers and office based laboratories throughout the state of Arizona.
• PokitDok acquisition of Employers Collective.
• 360 PT Management sale to Celerity Partners.

Some of the above matters were handled prior to joining Sidley.

• Boys Hope Girls Hope Coronavirus Task Force
• Greater Miami Jewish Federation, Table Captain and host, “Main Event”
• The Children’s Bereavement Center, Miami, Florida
• Baptist Health Foundation
• The American Heart Association’s 2017 Long Island Golf & Tennis Classic
• Head Coach, Miami Marlins Youth Baseball, Miami Beach Youth Baseball League (2018)