Cascade hires Aaron Newman to expand healthcare M&A work in Chicago

Cascade Partners has hired Aaron Newman as a managing director in its healthcare services practice, adding an adviser with more than a decade of deal experience to its middle-market M&A platform. The appointment extends the firm’s Chicago presence and increases its coverage of founder- and family-owned healthcare services companies.

Newman’s work has focused on strategic transactions across post-acute care, senior living and physician services. Those categories sit within a fragmented part of healthcare dealmaking, where owners often weigh succession, capital needs, payer exposure and consolidation pressure against the timing of a sale or partnership.

For an investment bank, a sell-side M&A mandate typically includes preparing the business for diligence, identifying potential buyers, testing valuation, managing negotiations and helping owners compare cash, rollover equity and other transaction terms. In healthcare services, that process can require sector knowledge across clinical operations, referral relationships, reimbursement and regulatory considerations.

By adding Newman, Cascade is sharpening its healthcare services M&A advisory in Chicago, with a stated focus on owner-led businesses in areas such as post-acute care, dermatology, dental groups and physician practices. The move signals a push to win more mandates in segments where private equity-backed platforms and strategic operators have been active buyers.

Eric Green, a managing director at Cascade, said Newman fits the firm’s model of senior attention on owner outcomes rather than transaction volume. Green said the hire strengthens both the healthcare practice and the firm’s position in Chicago.

Before joining Cascade, Newman advised on several healthcare services transactions. His prior work included the sale of a primary care and value-based care provider serving the post-acute market, the sale of HealthySkin Dermatology to Forefront Dermatology, a Partners Group portfolio company, and the sale of BrookBeam Dental to The Smilist, a Zenyth Partners portfolio company.

He also advised on the sale of Ortho Rhode Island to Spire Orthopedics, a Kohlberg & Company portfolio company, and worked on sell-side assignments for founder-owned businesses in post-acute care and physician services.

Newman said physicians and healthcare business owners who have spent years building their companies need advisers who prepare them for a transaction and represent their interests during the process. His remarks align with Cascade’s emphasis on senior-led advisory work for owners considering what may be a major liquidity event or succession decision.

The appointment broadens Cascade’s healthcare services bench at a time when middle-market owners are assessing strategic options across care delivery and specialty practice sectors. For Cascade, the hire adds sector coverage and local presence in a market with a large base of healthcare operators, financial sponsors and family-owned businesses.