Cascade Partners Taps Aaron Newman for Healthcare M&A Push in Chicago

SOUTHFIELD, MI – July 14, 2026 – Cascade Partners, a middle-market investment banking firm, has announced the appointment of Aaron Newman as a Managing Director in its healthcare services practice. The strategic hire is poised to significantly expand the firm’s senior-led M&A advisory capabilities and cement its presence in the competitive Chicago market, signaling a targeted push into specialized, high-growth healthcare sectors.

Newman brings more than a decade of experience advising founder-led and private equity-backed healthcare companies, with a deep specialization in post-acute care, senior living, and physician services. His appointment comes at a pivotal moment for the healthcare M&A landscape, which, despite a recent slowdown in overall deal volume, continues to see robust activity in niche sectors driven by demographic shifts and the ongoing transition to value-based care.

A Strategic Move in a Dynamic Market

Cascade Partners' decision to bring Newman on board reflects a calculated strategy to deepen its expertise in precisely the areas of healthcare that demand specialized knowledge. While the broader M&A market saw a decline in deal volume and value in 2024 due to economic pressures and rising interest rates, the health services sector has shown resilience. Private equity continues to be a major force, and industry analysts project a rebound in activity through 2025, particularly in areas like value-based care models and physician practice consolidation.

However, the market is not without its complexities. Median valuation multiples for healthcare services have moderated from a high of 14.5x EBITDA in 2024 to a more normalized 11.5x in 2025, according to recent industry reports. This shifting valuation landscape requires seasoned advisers who can navigate the nuances of pricing and structuring to maximize outcomes for business owners. It is this environment that makes Newman’s experience particularly valuable.

“Aaron is the kind of adviser this firm is built around, deep experience in his sector and focused on the owner’s outcome, not the deal count,” said Eric Green, a Managing Director at Cascade Partners. “He strengthens our healthcare practice and our presence in Chicago, and he reflects how we work: a disciplined, senior-led process for the most important transaction of an owner’s life.”

The firm’s model, which emphasizes an “owner-centric” approach, is designed to serve the founder- and family-owned businesses that form the backbone of the middle market. Newman’s focus on this segment aligns directly with Cascade’s mission.

Deep Specialization in High-Growth Niches

Newman’s expertise addresses some of the most active and intricate sub-sectors in healthcare M&A. His track record includes advising on the sales of HealthySkin Dermatology, BrookBeam Dental, and Ortho Rhode Island, demonstrating a command of the physician services space where consolidation is rampant. This sector remains a hotbed of activity, with specialties like cardiology, dermatology, and orthopedics attracting significant investor interest. While valuation multiples for physician practices can range from 6x to 12x EBITDA, platforms with over $5 million in EBITDA often command premiums, a testament to the value of scale and sophisticated infrastructure that experienced advisers help create.

Furthermore, Newman’s depth in post-acute care and senior living positions Cascade Partners to capitalize on powerful demographic tailwinds. The post-acute care sector, especially home-based care, has seen a significant rebound in M&A activity, with deal flow increasing over 22% in 2025. This growth is fueled by patient preference for at-home care and the expansion of Medicare Advantage plans. Valuations in this space are highly stratified, with small home health agencies trading at 3x-6x EBITDA, while scaled, multi-state platforms can command multiples of 9x-12x or more.

Similarly, the senior living market is recovering strongly post-pandemic, with occupancy rates climbing above 85% as the baby boomer generation ages. This demographic wave is creating sustained demand, with investors paying EBITDA multiples ranging from 6.5x for assisted living to over 10x for skilled nursing facilities, according to Q1 2025 data. Newman’s experience in these areas allows the firm to provide nuanced guidance to owners navigating these complex, high-stakes transactions.

The Boutique Advantage: Attracting Top Talent

Newman’s move to Cascade Partners also highlights a broader industry trend: the migration of senior talent from larger institutions to boutique and middle-market firms. With a background that includes roles at prominent firms like Cain Brothers (a division of KeyBanc), DC Advisory, and Jefferies, Newman’s decision to join a more focused platform speaks to the appeal of a client-centric model. These firms often offer senior bankers the opportunity to provide more hands-on, high-touch service without the pressure of a volume-driven deal count.

“Cascade is doing something I find rare, pairing real sector depth with senior attention on every engagement,” Newman stated. “I work with physicians and owners who’ve spent a career building something. They deserve advisers who will tell them the truth, prepare them well, and stand in their corner. That’s the work I’m here to do.”

This sentiment reflects a growing desire among experienced professionals to engage more directly in the value creation process for their clients, particularly for founder-owned businesses where a sale represents a life-changing event. The boutique model, as practiced by Cascade, allows for the senior-led, deeply involved process that both Green and Newman champion.

Strengthening the Chicago Foothold

The appointment is also a clear geographical play. By basing Newman in Chicago, Cascade Partners is making a deliberate move to establish a more robust presence in one of the nation's primary financial and healthcare hubs. While the firm is headquartered in Southfield, Michigan, this hire represents a significant investment in expanding its reach and client base in the Midwest. Newman’s role is not merely to augment an existing team but to be a cornerstone of the firm's growing Chicago footprint, leveraging his local network and market knowledge.

He joins an established healthcare practice led by Managing Directors Rajesh Kothari and Ron Reed, who have built a reputation for their expertise in areas from physician practice management to behavioral health. Newman’s addition complements this existing strength while extending the firm’s capabilities into new, underserved corners of the healthcare services market. This strategic expansion underscores Cascade Partners' commitment to providing specialized, owner-focused M&A advisory across a broader geography and a more diverse set of healthcare verticals.