Press Release
April 03, 2023

Morgan Stanley Capital Partners Enters Agreement to Sell Ovation Fertility to US Fertility


Press Release

Morgan Stanley Capital Partners Enters Agreement to Sell Ovation Fertility to US Fertility

Morgan Stanley Capital Partners Enters Agreement to Sell Ovation Fertility to US Fertility

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April 03, 2023


NEW YORK –  April 3, 2023

Investment funds managed by Morgan Stanley Capital Partners (“MSCP”), the middle-market focused private equity team at Morgan Stanley Investment Management, have entered into an agreement to sell Ovation Fertility (“Ovation”) to US Fertility (“USF”). Financial terms of the transaction were not disclosed.

Ovation, headquartered in Nashville, Tennessee, is a leading provider of fertility laboratory services, including in-vitro fertilization laboratory services (“IVF”), genetic testing, egg and embryo storage and other services for the fertility industry. USF, which is headquartered in Rockville, Maryland, and backed by Amulet Capital Partners, a middle-market private equity investment firm focused exclusively on the healthcare sector, is the largest partnership of physician-owned and physician-led top-tier fertility practices in the United States, offering comprehensive non-clinical, administrative, and technical platforms that help domestic and international practices improve patient outcomes and increase patient access.

“Through our successful partnership with Ovation’s management team and physician shareholders, led by CEO Paul Kappelman, the company is executing on its purpose to deliver innovative science and cutting-edge care and support to patients through every stage of the continuum of fertility care,” said Steve Rodgers, Managing Director and Head of Healthcare at MSCP. “We are proud to have collectively built the business into a leading reproductive care provider, and we are grateful for their hard work and dedication.”

“The combination of USF and Ovation brings together practices form entirely complementary geographies and creates a platform that will facilitate best practice sharing across both companies to improve clinical results and patient outcomes for more patients in more locations,” said Paul Kappelman, CEO of Ovation. “MSCP has been a value-added partner to the business throughout Ovation’s journey and we thank them for their support. We are enthusiastic about the opportunity to be a part of USF, where we believe the combined company will be a leader in the industry with an ability to drive world-class patient outcomes.”

Harris Williams acted as financial advisor to Ovation, while DLA Piper served as legal advisor to MSCP.

About Morgan Stanley Capital Partners

Morgan Stanley Capital Partners, part of Morgan Stanley Investment Management, is a leading middle-market private equity platform established in 1986 that focuses on privately negotiated equity and equity-related investments primarily in North America. Morgan Stanley Capital Partners seeks to create value in portfolio companies primarily in a series of subsectors in the business services, consumer, healthcare, education and industrials markets with an emphasis on driving significant organic and acquisition growth through an operationally focused approach. For further information about Morgan Stanley Capital Partners, please visit

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.3 trillion in assets under management or supervision as of December 31, 2022. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm a wide range of providing investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions, and individuals. For more information about Morgan Stanley, please visit

About Ovation

Ovation Fertility is a national network of reproductive endocrinologists and scientific thought leaders focused on reducing the cost of having a family through more efficient and effective fertility care. Ovation’s IVF and genetics laboratories, along with affiliated physician practices, work collaboratively to raise the bar for IVF treatment, with state-of-the-art, evidence-based fertility services that give hopeful parents the best chance for a successful pregnancy. Physicians partner with Ovation to offer their patients advanced preconception carrier screening; preimplantation genetic testing; donor egg and surrogacy services; and secure storage for their frozen eggs, embryos and sperm. Ovation also helps IVF labs across America improve their quality and performance with expert off-site lab direction and consultation. Learn more about Ovation’s vision of a world without infertility at

Morgan Stanley Capital Partners manages a middle-market private equity platform. The team has invested capital in a broad spectrum of industries for over two decades.

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