US Fertility, the nation’s leading fertility services platform, 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.
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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.
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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.
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