Who is buying behavioral health practices?
16 named consolidator platforms are actively acquiring US behavioral health businesses; 14 of them are private-equity-backed. Typical behavioral health acquisitions price at 4x-8x EBITDA (1.9x-3.1x SDE for smaller owner-operated businesses), per published ranges from Sofer Advisors, Vallexa Advisors and others. The most recent named acquisition tracked on this page closed in September 2026.
Why behavioral health practices are consolidating
- •SAMHSA's 2024 national facility survey counted 21,205 mental health and substance use treatment facilities: 15,953 offering substance use treatment, 14,091 offering mental health treatment and 8,839 offering both, according to SAMHSA's 2024 N-SUMHSS Companion Report.
- •As of July 2023, private equity-owned practices made up 6.2% of US outpatient and residential mental health facilities (652 of 10,324) and 7.1% of substance use disorder facilities (1,152 of 16,174), though the mental health share topped 20% in Colorado, Texas and North Carolina, according to Zhu et al. in JAMA Psychiatry.
- •Behavioral health care M&A rose more than 42% to 104 announced deals in 2025 from 73 in 2024, and counseling and psychiatric care made up 52 of them, up from 18, according to LevinPro HC from Irving Levin Associates.
- •Private equity's share of behavioral health care deals has fallen from a 61% peak in 2022 to 32% in 2025, leaving more room for strategic and nonprofit buyers, according to LevinPro HC.
- •Mertz Taggart tracked 180 behavioral health transactions in 2025, with mental health the most active sub-sector at 111 deals against 33 in addiction treatment, according to Mertz Taggart's Q4 2025 Behavioral Health M&A Report.
- •Only 21 traditional behavioral health M&A deals closed in Q2 2026, down from 34 in Q1 2026 and 29 in Q2 2025, the lightest quarter since 2022, according to Mertz Taggart's Q2 2026 Behavioral Health M&A Report.
The platforms consolidating behavioral health practices
The named groups acquiring US behavioral health businesses, with their current owner and a source for each. Most grow through individual partnerships that are not separately disclosed; where a platform publishes named deals, recent ones are listed.
| Acquirer | Owner / backer | Type | Headquarters | Latest named deal |
|---|---|---|---|---|
| Beacon Behavioral Partners | Latticework Capital Management | Private equity | Plano, TX | Sep 2026 |
| LifeStance Health | Publicly traded (Nasdaq: LFST) | Strategic / public | Scottsdale, AZ | — |
| ARC Health Partners | Thurston Group | Private equity | Cleveland, OH | Jul 2026 |
| Thriveworks | Regal Healthcare Capital Partners | Private equity | Lynchburg, VA | Oct 2024 |
| Acadia Healthcare (Comprehensive Treatment Centers) | Publicly traded (Nasdaq: ACHC) | Strategic / public | Franklin, TN | Oct 2024 |
| Spero Health | Heritage Group, Health Velocity Capital, South Central, Inc. and Frist Cressey Ventures | Private equity | Nashville, TN area | Jul 2026 |
| Crossroads Treatment Centers | Revelstoke Capital Partners and CDPQ | Private equity | Greenville, SC | Jul 2025 |
| Transformations Care Network | Shore Capital Partners (moving to a continuation vehicle) | Private equity | Boston, MA | — |
| Sagent Behavioral Health (formerly Nystrom & Associates) | Nautic Partners | Private equity | New Brighton, MN | Aug 2025 |
| Bradford Health Services | Lee Equity Partners | Private equity | Birmingham, AL | Feb 2026 |
| PAX Health | HCAP Partners and funds managed by Hamilton Lane | Private equity | Red Bank, NJ | Jul 2026 |
| Orchard Mental Health Group | The Graham Group | Private equity | Rockville, MD | Jul 2025 |
| Radial | General Catalyst | Private equity | New York, NY | Aug 2026 |
| Your Behavioral Health | Vesterra Capital Partners (formerly Comvest Private Equity) | Private equity | Torrance, CA | Apr 2024 |
| Hightop Health | JLL Partners; SV Health Investors | Private equity | Atlanta, GA | Oct 2024 |
| First Steps Recovery | Avesi Partners | Private equity | Fresno, CA | Dec 2025 |
Beacon Behavioral Partners
Private equity- Owner
- Latticework Capital Management
- Headquarters
- Plano, TX
- Scale
- More than 250 providers and 45 locations (May 2025); nine states after the March 2026 Carolina Psychiatry deal, then entered Michigan, Ohio and Georgia
Mertz Taggart named it the most active acquirer of Q1 2026 (four outpatient psychiatry add-ons). Axios reported in Oct 2025 that Latticework was preparing a Jefferies-run sale for early 2026; no closed sale was found, and Latticework still lists Beacon in its portfolio, so the owner may change. Releases up to Mar 2026 say Baton Rouge, LA; releases since Jul 2026 are datelined Plano, TX, and the website lists both offices.
LifeStance Health
Strategic / public- Owner
- Publicly traded (Nasdaq: LFST)
- Headquarters
- Scottsdale, AZ
- Scale
- Approximately 8,000 psychiatrists, advanced practice nurses, psychologists and therapists across 33 states and more than 550 centers
Largest outpatient mental health platform. It had completed 90 acquisitions by the end of 2022, then paused. In May 2026 its CEO said it is returning to tuck-in M&A, with interest in interventional psychiatry (TMS and Spravato). No named 2024-2026 acquisitions were found.
ARC Health Partners
Private equity- Owner
- Thurston Group
- Headquarters
- Cleveland, OH
- Scale
- 1,300+ clinicians in 91 locations across 20 states (Nov 2025)
LevinPro restated Thurston's ownership in Jul 2026. The Oct 2025 Houlihan Lokey deal was a $181.5M credit facility, not a sale. Some releases are datelined Independence or Beachwood, OH.
Thriveworks
Private equity- Owner
- Regal Healthcare Capital Partners
- Headquarters
- Lynchburg, VA
- Scale
- More than 340 facilities in 49 states and Washington, D.C., with over 2,200 clinicians (Oct 2024)
Grows mostly by opening its own clinics; Synchronous was its first acquisition. PE Hub (2021) says Regal is its largest equity owner after a Wellington Management-led round. No 2025-2026 sale or acquisitions were found. Its 2026 press releases are datelined New York, NY.
Acadia Healthcare (Comprehensive Treatment Centers)
Strategic / public- Owner
- Publicly traded (Nasdaq: ACHC)
- Headquarters
- Franklin, TN
- Scale
- 174 comprehensive treatment centers (CTCs) across 33 states (Q2 2025)
Only the outpatient opioid treatment (CTC) line is relevant here; most of Acadia is inpatient. Still Nasdaq-listed in 2026 (Q1 2026 results). No named acquisitions were found after Oct 2024.
Spero Health
Private equity- Owner
- Heritage Group, Health Velocity Capital, South Central, Inc. and Frist Cressey Ventures
- Headquarters
- Nashville, TN area
- Scale
- 128 outpatient clinics across 10 states (Jul 2026)
Held by a group of healthcare growth and venture investors, not one buyout sponsor. The CleanSlate deal was a rescue: Spero took on CleanSlate's debt and paid the deal costs.
Crossroads Treatment Centers
Private equity- Owner
- Revelstoke Capital Partners and CDPQ
- Headquarters
- Greenville, SC
- Scale
- 100+ centers across nine states (GA, KY, NJ, NC, PA, SC, TN, TX, VA)
Revelstoke and CDPQ invested in Jan 2022, and Revelstoke still lists it. No 2025-2026 sale was found.
Transformations Care Network
Private equity- Owner
- Shore Capital Partners (moving to a continuation vehicle)
- Headquarters
- Boston, MA
- Scale
- 91 locations in seven states
Shore is moving the company into a continuation fund instead of selling it; BHB said the deal was expected to close after the end of September 2026. It entered a seventh state by buying an Ohio company (name not given) and plans more small tuck-ins. The founder/CEO remains the largest shareholder. HQ comes from Shore's portfolio page.
Sagent Behavioral Health (formerly Nystrom & Associates)
Private equity- Owner
- Nautic Partners
- Headquarters
- New Brighton, MN
- Scale
- 84 locations across MN, IA, ND, MO and WI with approximately 1,600 clinicians (Aug 2025)
BHB (Sep 2025) names Nautic Partners as its PE backer. It rebranded as Sagent in Oct 2025, and a new CEO started in Apr 2026 (that release is datelined Minneapolis). No later ownership change was found.
Bradford Health Services
Private equity- Owner
- Lee Equity Partners
- Headquarters
- Birmingham, AL
- Scale
- 36 care sites across eight states (Aug 2026)
Addiction treatment across inpatient and outpatient care. In Aug 2026 it said it is shifting from rapid expansion toward consistency across sites.
PAX Health
Private equity- Owner
- HCAP Partners and funds managed by Hamilton Lane
- Headquarters
- Red Bank, NJ
- Scale
- 180+ licensed clinicians, 15+ physical locations, 35 states covered
Formed in Mar 2024 when HCAP merged three practices. Focuses on workers' compensation and neuropsychology. A Jul 2026 Lawrence Evans newsletter still describes it as backed by HCAP and Hamilton Lane. The scale figures come from pax.health.
Orchard Mental Health Group
Private equity- Owner
- The Graham Group
- Headquarters
- Rockville, MD
- Scale
- Over 165 clinicians; locations in nine Maryland cities plus Reston, VA and Camp Hill, PA (Jul 2025)
BHB calls The Graham Group a private equity firm that invested in 2023. A family-office description could not be confirmed. Still operating under that name in Aug 2026; no 2026 acquisitions were found.
Radial
Private equity- Owner
- General Catalyst
- Headquarters
- New York, NY
- Scale
- 27 clinics and more than 100 clinicians (Aug 2026)
Venture-backed rather than owned by a buyout sponsor. Mertz Taggart reports a $50M Series A led by General Catalyst, which LevinPro calls a private equity firm. Founded in 2023, it buys interventional psychiatry businesses (TMS, Spravato, ketamine). It bought Mindful's management services organization (MSO), not the clinical practice.
Your Behavioral Health
Private equity- Owner
- Vesterra Capital Partners (formerly Comvest Private Equity)
- Headquarters
- Torrance, CA
- Scale
- More than 25 sites across Southern California (Apr 2024)
Comvest Private Equity renamed itself Vesterra Capital Partners in Jul 2026, and its partners bought out AMG's minority stake in Oct 2026. Southern California only. No acquisitions were found after Apr 2024.
Hightop Health
Private equity- Owner
- JLL Partners; SV Health Investors
- Headquarters
- Atlanta, GA
- Scale
- Three affiliated practices: Psych Atlanta, Georgia Psychiatry & Sleep and Roots Behavioral Health
LevinPro (2024) and SV Health Investors' own site name both backers. Small platform; no 2025-2026 deals were found.
First Steps Recovery
Private equity- Owner
- Avesi Partners
- Headquarters
- Fresno, CA
- Scale
- Not disclosed
Addiction treatment from medical detox and residential care through PHP and IOP. Avesi bought it in 2024.
Selling in your state?
What behavioral health businesses sell for, who is buying, and how many there are, state by state.
Frequently asked
Who are the most active buyers of behavioral health practices right now?
Private equity-backed platforms. Mertz Taggart named Latticework Capital-backed Beacon Behavioral Partners the most active acquirer of Q1 2026, with four outpatient psychiatry add-ons, and Beacon has since added practices in Michigan, Ohio, Georgia, Florida and Texas. Other repeat buyers are Thurston Group-backed ARC Health, PAX Health (backed by HCAP Partners and Hamilton Lane) and Lee Equity-backed Bradford Health Services, which buys addiction treatment programs. LifeStance Health said in May 2026 that it is returning to tuck-in acquisitions.
What multiple will my practice sell for?
Vallexa Advisors puts small practices and add-ons at 4.0x to 8.0x EBITDA. Sofer Advisors says most practices with under $2M of EBITDA trade at 5x to 8x. Its table shows 4x to 6x for single sites under $500K of EBITDA and 6x to 8x for groups with $500K to $2M. Peak Business Valuation reports that counseling centers sell for 1.94x to 3.14x SDE. Vallexa says scaled, accredited platforms reach 10x to 14x.
Does my payer mix change what buyers will pay?
Yes. Sofer Advisors says a practice with 60% or more of its revenue from Medicaid will be valued at the low end of the range. It also says a practice paid mainly by commercial insurers can trade at 1x to 3x more EBITDA than an otherwise identical practice paid mainly by Medicaid.
Do buyers prefer psychiatry practices or therapy-only practices?
The most active buyers are focused on psychiatry. Beacon told Behavioral Health Business that it partners with outpatient psychiatry practices offering medication management, psychotherapy, and Spravato and TMS for treatment-resistant depression. LifeStance says it is looking at interventional psychiatry such as TMS and Spravato. A Physician Growth Partners managing director writes in Psychiatric Times that scaled psychiatry platforms can reach high single-digit to low double-digit EBITDA multiples, while single-site practices often trade in the mid-single digits.
Is the market still active, or has buying slowed?
Buying has slowed after a strong 2025. LevinPro counted 104 behavioral health deals announced in 2025, up 42% from 2024. Mertz Taggart counted only 21 traditional deals closed in Q2 2026, down from 34 in Q1 2026 and 29 in Q2 2025, its lightest quarter since 2022. Mental health deals that closed fell to 14 in Q2 2026 from 20 a year earlier.
Will I keep my practice name and some ownership after selling?
Often, yes. Behavioral Health Business reports that Beacon's partnership model gives physicians equity in the company and clinical autonomy, and ARC Health describes its practices as equity-owning partners. In ARC Health's deal, The Waverly Group keeps its brand, its clinical leadership and its care model. Sofer Advisors adds that earnouts are common and can add 1x to 3x, tied to results after the sale.
Methodology & sources
Compiled in October 2026 from deal press releases, sponsor portfolio pages, LevinPro HC and Behavioral Health Business deal coverage, KPMG's Q4 2024 mental health deal table, and Mertz Taggart's quarterly reports. Every platform's owner was checked against a 2025-2026 source for a sale, recap or rebrand. Deals are limited to named 2024-2026 acquisitions of US outpatient mental health, therapy and substance-use providers whose buyer's ownership could be sourced. The 48 deals are a sample, not a census, and lean toward the most-reported buyers, especially Beacon Behavioral Partners.
Multiple sources
- Sofer Advisors (valuation firm), Behavioral Health Practice Valuation 2026 ↗
- Vallexa Advisors (healthcare M&A firm), Behavioral Health Practice Valuation, Jun 2026 ↗
- Psychiatric Times, Psychiatry Mid-Year Market Update 2026 (by a Physician Growth Partners managing director) ↗
- Peak Business Valuation, Counseling Center Valuation Multiples ↗
Market sources
- SAMHSA, 2024 N-SUMHSS Companion Report ↗
- JAMA Psychiatry, Geographic Penetration of Private Equity Ownership in Outpatient and Residential Behavioral Health (Zhu et al., 2024; PMC copy) ↗
- Irving Levin Associates, Behavioral Health Care M&A Activity Increases 42% in 2025 ↗
- LevinPro HC Stat of the Week: Private Equity Investments in the Behavioral Health Care Market ↗
- Mertz Taggart, Q4 2025 Behavioral Health M&A Report ↗
- Mertz Taggart, Q1 2026 Behavioral Health M&A Report ↗
- Mertz Taggart, Q2 2026 Behavioral Health M&A Report ↗
Last updated October 6, 2026. Platform ownership last verified October 6, 2026. Ownership in this sector changes frequently; figures reflect the most recent public sources available and are not investment, legal, or tax advice.
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