Private Equity Health Care Acquisitions – May 2025

In light of continued investor interest in healthcare and the risks associated with private equity ownership of healthcare companies, the Private Equity Stakeholder Project is tracking private equity-backed healthcare acquisitions. Below is a list of private equity healthcare buyouts, growth investments, and add-on acquisitions completed during May 2025. We will continue to track acquisitions on a monthly basis.

See April 2025 acquisitions here.

Private equity firms demonstrated continued interest in behavioral health and disability services in May.

Help at Home acquires Florida home care provider

Help at Home (HAH), a home care provider owned by Centerbridge Partners and Vistria Group, acquired Home Care Now of Central Florida. The acquisition solidifies HAH’s foothold in Florida to every county within the state.

The deal also continues HAH’s spate of aggressive expansion, including four acquisitions so far this year: in January HAH acquired home care providers in Pennsylvania and Delaware, and in April it acquired two providers in Indiana. Since Centerbridge and Vistria Group’s buyout in 2020, the company has acquired at least 20 providers across nine states.[1]

HAH bills itself as a leading provider of care for seniors and people with disabilities and complex care needs, such as individuals who are dually eligible for Medicare and Medicaid. Many of its clients have intellectual and developmental disabilities (IDD).

Earlier this year PESP released a report on private equity’s impacts on people with IDD, including a case study that highlights two allegations of abuse and neglect related to HAH. See the report here: Private Equity in Intellectual and Developmental Disability Services (March 2025).

In addition to HAH, Centerbridge Partners and Vistria already have a significant presence in the disability services sector—including within Florida—through their ownership of Sevita. While HAH focuses on home care for people with disabilities, Sevita operates residential and community living services, including intermediate care facilities (ICFs) and group homes. PESP’s recent report also documents instances of abuse and neglect at Sevita residences, including in Florida.

HAH itself also received additional private equity financing last month; according to Pitchbook, Ascension Ventures, which serves as the private equity arm of the Catholic hospital system, made a growth equity investment in May.[2]

SUN Behavioral acquires HCBS business

SUN Behavioral Health, which operates psychiatric hospitals as well as outpatient mental health clinics throughout the Southeastern US, has acquired the home and community-based services (HCBS) segment of Seaside Healthcare. The HCBS acquisition will expand SUN’s service lines to HCBS for individuals with severe and persistent mental illness (SPMI) and youth with complex behavioral health needs.

SUN is owned by a consortium of private equity firms including LLR Partners, Petra Capital Partners, and SV Health Investors. Seaside Healthcare is owned by Pharos Capital Group.

The combined company operates across North Carolina, South Carolina, Georgia, Louisiana, Texas, Virginia, Ohio, Delaware, and Kentucky.[3]

Autism treatment provider changes PE hands

NexPhase Capital announced that it is acquiring Behavior Frontiers, a provider of center-, school-, and home-based Applied Behavior Analysis (ABA) treatment for people with autism, from private equity firm Lorient Capital. Behavior Frontiers calls itself a leading provider of ABA services, with 21 centers and home-based care across 18 states.

NexPhase’s acquisition of Behavior Frontiers from Lorient continues a trend of private equity interest in autism treatment companies.

Beacon Behavioral announces five new mental health acquisitions

Beacon Behavioral Partners, owned by Resolute Capital Partners and Latticework Capital Management, announced in May that it has acquired five mental health providers so far in 2025:

• Synapse Integrative Behavioral Health (New Jersey)
• Shore Clinical TMS & Wellness Center (New Jersey)
• NeuroPsych Wellness Center, P.C. (Virginia)
• Cognizant Behavioral Health Service (Pennsylvania)
• The Maples (Texas and Louisiana)

Beacon calls itself “one of the nation’s fastest-growing behavioral health support organizations.” As a practice management company (PPM), Beacon manages the operations of the providers it affiliates with, including billing, administration, and credentialing. The company made at least 11 acquisitions in 2024, nine of which occurred in February 2024 and involved psychiatric practices that expanded the platform company’s reach beyond Louisiana into the southeastern states of Arkansas, Mississippi and Texas.

[1] See here for acquisitions between 2020-January 2025: Eileen O’Grady, “Private Equity in Intellectual and Developmental Disability Services,” Private Equity Stakeholder Project, March 2025. https://pestakeholder.org/wp-content/uploads/2025/03/PESP_Report_IDD_2025.pdf pg. 28. The two April Indiana acquisitions and one May Florida acquisition adds three more.

[2] Pitchbook profile for Help at Home, accessed June 9, 2025.  https://my.pitchbook.com/profile/54957-97/company/deals#deal-295131-97T

[3] See SUN Behavioral Health locations here: https://sunbehavioral.com/facilities/ (accessed June 6, 2025), with new states announced here.