TUSK Practice Sales Navigates Tough M&A Market, Posts Record 2025

CHARLOTTE, NC – December 30, 2025 – In a year that saw many industries pump the brakes on mergers and acquisitions, healthcare M&A advisory firm TUSK Practice Sales demonstrated remarkable resilience and strategic growth. The company announced it successfully represented over 90 healthcare providers in the sale of their practices in 2025, navigating a market defined by high interest rates, significant cost pressures, and heightened buyer scrutiny.

While broader M&A activity felt the chill of economic uncertainty, with some reports showing a decline in global deal volumes, the healthcare services sector—TUSK's specialty—remained a hotbed of activity. The Charlotte-based firm's performance, which included facilitating transactions for seven multi-location groups with 16 different buyers, underscores a key trend: in a challenging environment, expert preparation and a competitive process are paramount for practice owners seeking to maximize value.

A Market of 'Smart Diligence'

The 2025 M&A landscape was not for the faint of heart. Persistent inflation and elevated interest rates increased financing costs and created valuation uncertainty, compelling buyers to act with what market analysts have termed 'smart diligence.' This shift meant that potential acquirers, from private equity firms to strategic corporate buyers, leaned heavily into rigorous due diligence, demanding clear proof of a practice's operational durability and financial health.

In this demanding climate, TUSK's results stand out. The firm reported bringing an average of more than five qualified offers to the table for each client. This achievement highlights the effectiveness of a disciplined approach that forces buyers to compete not just on valuation, but also on deal structure, long-term alignment, and certainty of closing—factors that are critically important to practice owners making a once-in-a-career decision.

"Momentum is building heading into 2026," said Kevin Cumbus, President and Founder of TUSK Practice Sales. "We're hearing it directly from buyers: they want to be aggressive, but they're raising the bar on what qualifies as a premium asset. That environment favors practice owners who prepare early and run a disciplined, competitive process."

This sentiment is echoed by industry-wide analysis, which shows that while private equity holds a massive reserve of 'dry powder'—capital ready for investment—firms are being more selective, focusing on scalable assets and strategic 'bolt-on' acquisitions to grow their existing platforms.

Investing Inward for Client Success

A significant part of TUSK's 2025 story is its strategic investment in its own leadership and team. The firm marked a major milestone by promoting three tenured leaders to partner: Alex Cherniavsky, Managing Director of Analytics; Ryan Mingus, Managing Director of Business Development; and Austin Truitt, Director of Marketing.

"Each of our new partners has played an instrumental role in raising the bar at TUSK," Cumbus stated. "They lead with honor, they care deeply about our clients, and they've helped build the capabilities behind our execution. This partnership is both recognition of what they've already contributed and a commitment to the next chapter of growth we're building together."

The promotions reflect a long-term strategy to build a robust platform capable of delivering sophisticated analytics, disciplined process management, and a trusted market presence. To support growing client demand, the firm also expanded its ranks with key hires, including Alyssa Waldron as Project Manager for the marketing team and Zac Zielinski as an Associate on the Analytics team.

This focus on internal strength and culture earned the firm national recognition. In 2025, TUSK was not only named to Axial's Top 50 Lower Middle Market Healthcare Investors & M&A Advisors but was also included in Inc.'s prestigious Best Places to Work list.

"Our culture is built on trust, collaboration, and a shared commitment to client success," shared Ryan Mingus, the newly appointed Managing Director and Partner. "When Inc. asked our team to describe TUSK, the most common word was 'collaborative'. That speaks volumes about the environment we've worked hard to create—and how we show up for each other and for our clients."

Education and Engagement as Core Pillars

Beyond deal execution, TUSK continued its deep investment in educating the healthcare community. The firm hosted its annual TUSK M&A Workshop at the Dykema DSO Conference, featuring 1982 NCAA National Champion Coach Matt Doherty. It also held a 'Healthcare Practice Owner MBA' workshop in Charlotte, drawing owners from diverse specialties like dental, dermatology, plastic surgery, and behavioral health to learn the intricacies of a well-executed sale.

This commitment extends to the broader community. The firm continued its tradition of hosting a holiday party for students at Mint Hill Middle School and expanded its 'TUSK Gives Back' program, through which employees, clients, and colleagues donated to 35 different charitable organizations in 2025.

A Dynamic 2026 on the Horizon

As TUSK looks toward 2026, the firm reports observing increased engagement from buyers preparing for a new wave of acquisitions. With macroeconomic headwinds potentially easing and a vast amount of private equity capital waiting to be deployed, the stage is set for a dynamic M&A market in the coming year.

However, the lessons of 2025 will carry forward. Buyers are expected to remain disciplined, prioritizing premium, well-positioned assets that can demonstrate resilience and growth potential. This market dynamic places a greater emphasis on the need for specialized advisors who can help practice owners navigate the complexities of valuation, due diligence, and negotiation to achieve optimal outcomes.

"Our results are only possible because of the people behind them," Cumbus reflected. "This team shows up with intensity, precision, and a real sense of responsibility to the medical practice owners we represent. Being recognized in 2025 is meaningful, but what matters most is that our clients feel the difference in how we prepare, how we communicate, and how we execute."

With a strengthened leadership team, a recognized culture of excellence, and a clear-eyed view of the evolving market, TUSK appears well-positioned to continue its trajectory, earning the trust of practice owners preparing for the next chapter of their professional lives.