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Healthcare & Life Sciences Private Equity Deal Tracker: HCAP Invests in Puzzle Healthcare

By Trey Andrews on December 26, 2025
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HCAP Partners has announced an investment in Puzzle Healthcare.

Puzzle, founded in 2022 and based in Detroit, is a post-acute care coordination platform delivering physiatry and care management services in skilled nursing facilities.

HCAP Partners, founded in 2000 and based in San Diego, is a private equity firm that provides growth capital to lower middle market companies in the United States. The firm seeks to invest $5 million to $35 million in businesses generating between $10 million and $100 million in revenues in healthcare and a few other industries.

Terms of the investment were not disclosed.

Photo of Trey Andrews Trey Andrews

Trey has a national practice representing private equity funds, independent sponsors, family offices, high net worth individuals, and other investors and private companies in connection with mergers & acquisitions, joint ventures, minority investments, and other general corporate and regulatory matters. He leverages his…

Trey has a national practice representing private equity funds, independent sponsors, family offices, high net worth individuals, and other investors and private companies in connection with mergers & acquisitions, joint ventures, minority investments, and other general corporate and regulatory matters. He leverages his depth of experience to provide seamless, market-based advice to clients navigating risk and complex issues when investing in the healthcare, health & wellness, consumer products & retail, sports, and food and drug sectors.

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  • Posted in:
    Health Care and Life Sciences
  • Blog:
    The Healthcare Investor
  • Organization:
    McGuireWoods LLP
  • Article: View Original Source

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