Driven by numerous national tailwinds, including reduced stigma and the rise of telehealth, behavioral health has become a highly targeted sector for private equity investment. The behavioral health market in the U.S. is highly fragmented and in the very early stages of consolidation.
The scope of care in this specialty is exceptionally broad, covering mental health, addiction and autism treatment, care for developmental disabilities, and inpatient psychiatry.
Consolidation in behavioral health varies by subsector; Addiction, for example, has multiple regional and national platforms operating.
Mental health treatment-focused groups have seen far less consolidation, with a few scaled groups operating and new platforms being created monthly. The growth of the behavioral health space and the level of its deal activity continues to ramp up, with groups achieving unprecedented valuations in 2022.
Business owners in the behavioral health space are uniquely positioned to capitalize on this increased activity to achieve an attractive outcome in a sale to a strategic acquirer or in the formation of a new platform with a private equity partner. First mover advantage is still possible in several regions and specialties.
| Group | Specialty | |
|---|---|---|
 | Promises | Addiction |
 | Meridian Behavioral Health | Outpatient Addiction Treatment |
 | AppleGate | |
 | Path Integrated Healthcare | Mental Health |
 | RHA | Mental Health and IDD/ABA |
 | Array Behavioral Care | Mental Health |
 | Generations Behavioral Health | Mental Health/ Geropsych |
 | CM Counsel | Mental Health |
 | Community Medical Services | Outpatient Addiction Treatment |
 | Mindbeacon | Mental Health |
 | Viaquest | Mental Health |
 | Behavioral Health Group, Summit | Outpatient Addiction Treatment |
 | Vertava Health | Outpatient Counseling & Psychiatry |
 | Evolve Treatment Centers | Mental Health |
 | Sondermind |
| Group | Specialty | |
|---|---|---|
 | Aware Recovery Care | Addiction |
 | Calo Programs | Mental Health |
 | ARK Behavioral Health | Addiction |
 | Meadows Behavioral Care | Mental Health / Addiction |
 | Pinnacle Treatment Centers | Outpatient & Residential Therapy |
 | Refresh Mental Health | Mental Health |
 | Sound Health | Mental Health / Addiction |
 | Psych Associates of Maryland | Mental Health, Testing |
 | Empower Community Care | Mental Health |
 | Health Connect America | Mental Health |
 | Uprise Health | Data Focused Behavioral Health |
 | Seaside Healthcare | Outpatient & Community Behavioral Health |
| Acadia | Hospital Psych | |
 | UHS | Mental Health + Addiction |
 | Lightfully Behavioral Health | Mental Health |
| Group | Specialty | |
|---|---|---|
 | Crossroads, Family Care Center | Outpatient Addiction Treatment |
 | Fort Behavioral Health | Addiction |
 | Perimeter | Facility Based Mental Health /Psychiatry |
 | MindPath | Mental Health |
 | Transformations Care Network | Mental Health |
 | LifeStance | Outpatient Psychiatric & Behavioral |
 | Sensible Care | Mental Health |
 | BetterHelp | Mental Health |
 | Ideal Option | Outpatient Addiction Treatment |
 | BHG | Outpatient Opioid Focused |
 | BayMark Health Services | Outpatient Addiction Treatment |
 | Foresight Mental Health | Mental Health |
 | Kolmac | Outpatient Addiction Treatment |
 | Nystrom & Associates, Odyssey Behavioral Healthcare, Pyramid Healthcare | Outpatient Therapy, Behavioral Health & Addiction Treatment |
Physician Growth Partners (PGP) is a transaction advisory firm which represents independent physician groups in transactions with private equity. We are Healthcare Transaction Advisors differentiated by: