US Fertility Forms Strategic Partnership to Accelerate Growth and Expand Access to Advanced Reproductive Care

Partnership to Build on US Fertility's Commitment to Physician-Led Growth and Expanding Access to High-Quality Reproductive Healthcare

LOS ANGELES, Nov. 25, 2025 /PRNewswire/ -- US Fertility, the nation's leading fertility services platform, today announced a new strategic partnership with L Catterton, the largest global consumer-focused private equity firm, and Amulet Capital Partners, its longtime healthcare-focused private equity partner with significant expertise in physician practice management.

Under the revised ownership structure, L Catterton and Amulet will serve as co-lead investors, while US Fertility's physician partners will continue to hold substantial ownership in the organization. With this transaction, Amulet will increase its investment and remain a significant shareholder in the business — reflecting continued confidence in US Fertility's strong growth trajectory and its mission to expand access to advanced reproductive care for consumers nationwide. This structure underscores the company's enduring commitment to a physician-led culture, clinical excellence, and a patient-first approach, placing them at the center of their fertility journey.

Advancing Critical Scientific Research and Expanding Access to High-Quality Clinical Care

"US Fertility has grown significantly over the past five years and is now helping more than 60,000 new patients annually on their path-to-parenthood," said Richard Jennings, Chief Executive Officer of US Fertility. "With Amulet increasing its investment and L Catterton joining as a partner, we are better positioned than ever to expand access to fertility care, advance clinical research and innovation, and strengthen our relationships with the nation's leading reproductive endocrinologists."

Since its formation with Amulet, US Fertility has become the premier fertility services platform in the industry, offering a comprehensive, technology-enabled suite of assisted reproductive technology (ART) services, including in vitro fertilization (IVF), intrauterine insemination (IUI), genetic testing, cryogenic storage, and a growing range of ancillary offerings that support individuals and families on their path to parenthood.

The company's physician-centric culture and science-first approach — supported by a dedicated research division — have driven measurable advancements in reproductive medicine and improved clinical outcomes. Today, US Fertility supports the largest network of fertility specialists and embryologists, delivering care through more than 120 clinic and IVF laboratory locations.

"By leveraging Amulet's dedicated healthcare investment expertise and extensive success in building physician practice management businesses that deliver high-quality, patient-centered care, we helped establish US Fertility in 2020 with the goal of making high-quality reproductive healthcare more accessible. This partnership with L Catterton will enable USF to accelerate that mission," said Jay Rose, Managing Partner at Amulet Capital Partners. "Our decision not only to reinvest in the business, but also significantly increase our total commitment, reflects our conviction in US Fertility's growth trajectory and belief in its potential."

Advancing Innovation and Growth Through L Catterton's Partnership Approach

"Fertility care is a meaningful and deeply personal segment within consumer healthcare, and one that is rapidly evolving," said Rajan Shah, Partner at L Catterton. "We're proud to partner with Amulet, the US Fertility physicians, and leadership — and to leverage our deep understanding of the consumer — to expand access to advanced reproductive care and support the company's mission to deliver an innovative, patient-centered experience across the U.S."

L Catterton's global network, operating resources, and focus on practitioner alignment will support US Fertility's ongoing initiatives to expand patient access to high-quality fertility care nationwide, enhance clinical outcomes through technology and data, and strengthen collaboration among physicians, scientists, and care teams in reproductive medicine.

The firm's operationally focused investment strategy combines deep category expertise with hands-on partnership. With a more than 36-year history of building iconic consumer brands, the firm has deep expertise in consumer healthcare and multi-site service platforms, with prior investments including Thorne HealthTech, FYihealth Group, Alliance Animal Health, and ClearChoice, among others. L Catterton is investing from its tenth Flagship Buyout Fund, L Catterton X.

About US Fertility
US Fertility, the nation's largest partnership of physician-owned and physician-led fertility practices and IVF laboratories, has helped more than 400,000 individuals and couples build their families through assisted reproductive technology. With over 200 physicians and 121 IVF clinic and laboratory locations, US Fertility combines clinical excellence, innovation, and patient-centered care, along with a growing suite of life science ancillary services, to deliver the joy of parenthood. www.usfertility.com

About Amulet Capital Partners, LP
Amulet Capital Partners is a middle-market private equity investment firm based in Greenwich, CT, and Walnut Creek, CA, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in healthcare companies, focusing on those segments it believes have the most attractive long-term fundamentals. Amulet currently manages approximately $3.1 billion in assets and is investing out of its third fund, which was oversubscribed and closed in July 2024 with approximately $1.2 billion in capital commitments. For additional information, please visit www.amuletcapital.com.

About L Catterton
L Catterton is a market-leading consumer-focused investment firm, managing approximately $38 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. The firm's funds have the ability to invest between $5 million and $5 billion, across the capital structure, in well-positioned consumer businesses. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton's team of more than 200 investment and operating professionals across 18 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 300 investments in some of the world's most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

Contacts

US Fertility:
Chad Tulloch
[email protected]

Amulet:
Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
[email protected]
(212) 355-4449

L Catterton:
Julie Hamilton
[email protected]
+1 203 742 5185

SOURCE US Fertility