CenterWell Completes Acquisition of MaxHealth from Arsenal Capital Partners

• MaxHealth is a Florida-based primary care organization with a network of 82 owned and affiliated clinics, providing care to more than 80,000 patients in value-based care programs.
• CenterWell Senior Primary Care is the nation's largest senior-focused, value-based primary care provider.
• The acquisition will expand the reach of CenterWell Senior Primary Care to new key markets and allow it to serve more patients with CenterWell's unique approach to personalized and integrated care.

LOUISVILLE, Ky. and TAMPA, Fla. and NEW YORK, Feb. 13, 2026 /PRNewswire/ -- CenterWell, the healthcare services division of Humana Inc., today announced the successful completion of its acquisition of MaxHealth from Arsenal Capital Partners ("Arsenal"), a private equity investment firm that specializes in building market-leading industrial growth and healthcare companies, and MaxHealth's founder-shareholders. MaxHealth currently maintains a network of 54 owned primary care clinics, 4 owned specialty/ancillary clinics and 24 downstream affiliate clinics throughout West and South Florida that together provide high-quality, integrated care to more than 120,000 patients, including more than 80,000 patients in value-based care programs.

MaxHealth will now be affiliated with and owned by CenterWell Senior Primary Care, the nation's largest senior-focused, value-based primary care provider. The acquisition will expand the reach of CenterWell Senior Primary Care to new key markets and allow it to serve more patients with CenterWell's unique approach to personalized and integrated care. Financial terms of the transaction were not disclosed.

"We are pleased to complete the acquisition of MaxHealth and are excited to welcome their dedicated team of clinicians and staff to CenterWell Senior Primary Care," said Sanjay Shetty, M.D., President of CenterWell. "MaxHealth is a patient-centered, results-driven organization that simplifies the healthcare experience and empowers patients to live their best lives – values that align closely with everything we do at CenterWell. Together, we will make an even bigger difference for those we serve."

"MaxHealth was built through the collective efforts of physician-founded organizations and a remarkable team committed to reshaping healthcare delivery in Florida," said Kimberly Ficocelli, Co-Founder of MaxHealth. "From the very beginning, we set out to build a platform grounded in strong provider alignment, patient-first care, and a disciplined approach to growth. Arsenal understood that vision, and our partnership helped turn it into a scaled, durable organization. I am incredibly proud of what this team has built and excited for the impact MaxHealth will continue to have for patients and communities across the state under the stewardship of CenterWell."

"This milestone reflects the extraordinary work of the founders who built MaxHealth, the physicians who deliver exceptional care every day, and the teammates across our organization who bring our mission to life," said Michelle Leslie, Chief Executive Officer of MaxHealth. "We are deeply grateful to Arsenal Capital Partners for its partnership and support during a period of meaningful growth. As we join CenterWell, we are excited to build on this strong foundation and further expand access to high-quality, patient-centered care for the communities we serve."

"We are proud of the founders and the MaxHealth team in how they have set the standard for delivering high-quality care for patients across Florida," said Martin Coulter, Chairman of MaxHealth and an Operating Partner of Arsenal. "As part of the CenterWell organization, MaxHealth is positioned for continued growth and scaling of its platform. We are delighted to have supported the company and its management team through this chapter and are grateful to the Humana and CenterWell leadership teams for their collaboration and partnership as MaxHealth begins the next leg of its journey." 

Guggenheim Securities, LLC served as the lead financial advisor to MaxHealth, and Morgan Stanley also acted as financial advisor to the company. Sidley Austin LLP served as legal counsel to MaxHealth. For Humana and CenterWell, J.P. Morgan Securities LLC served as financial advisor and Latham & Watkins LLP served as legal counsel.

About Arsenal Capital Partners
Arsenal Capital Partners ("Arsenal") is a private equity investment firm that specializes in building market-leading industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 300 platform and add-on acquisitions and achieved more than 35 realizations. Driven by our commitment to unlock potential in people, businesses and technologies, the firm partners with management teams to build strategically important companies with leading market positions, high growth and high value-add. For more information, visit www.arsenalcapital.com.

About CenterWell 
CenterWell is a leading healthcare services business focused on creating integrated and differentiated experiences that put our patients at the center of everything we do. The result is high-quality healthcare that is accessible, comprehensive and, most of all, personalized. As the largest provider of senior-focused primary care, a leading provider of home healthcare and a leading integrated home delivery, specialty, hospice and retail pharmacy, CenterWell is focused on whole health and addressing the physical, emotional and social wellness of our patients. CenterWell is part of Humana Inc. (NYSE: HUM). Learn more about what we offer at CenterWell.com.

About MaxHealth
MaxHealth is dedicated to simplifying healthcare and ensuring healthier futures. Founded in 2015, MaxHealth is a leading primary care platform focused on providing high-quality, integrated care to adults and senior patients throughout Florida. Its patients are supported by a 530-member team that includes 100+ primary care providers and 30+ specialists across 58 owned clinics and 24 affiliated clinics.

MaxHealth was founded by three provider organizations: (1) Best Value Healthcare founded by Dr. Rajankumar Naik, Kimberly Ficocelli and Dillon Moore; (2) MAXhealth founded by Tom Blankenship, Neil Bedi and Inita Bedi; and (3) Primary Care Associates founded by Dr. Paul Pulcini and Gladymar Vrkic. These three organizations came together along with an additional 13 independent providers under the common ownership of Arsenal Capital Partners.

FOR MORE INFORMATION CONTACT:

Investors - Humana:                          Lisa Stoner - [email protected]
Media - CenterWell:                           Mark Taylor - [email protected]
Media - Arsenal Capital Partners:    Ellen Pavlovsky - [email protected]

SOURCE Arsenal Capital Partners