Florida-based private equity firm Comvest Partners has acquired mental health and substance use disorder (SUD) provider Your Behavioral Health. The terms of the deal were not disclosed.

Your Behavioral Health provides services to adults and teens across 17 locations in Southern California. Its services include psychiatric care, mental health treatment, SUD treatment and sober living.

The provider offers clinical inpatient, outpatient and residential treatment programs, and its brands include Neuro Wellness Spa, Clear Recovery Center and New Life House.

Comvest’s acquisition is expected to help the provider invest in “key technologies,” and additional outpatient and telehealth services. The company’s co-founders – CEO Mike Joly and Chief Medical Doctor Dr. Martha Koo – will continue to lead Your Behavioral Health following the acquisition.

“Your Behavioral Health has achieved impressive growth by providing high quality clinical care through a patient-centric approach,” Andrew Shear, a principal at Comvest, said in a statement. “Comvest looks forward to working alongside the management team to expand the company’s behavioral care network and add treatment locations in existing and new geographical markets.”

Founded in 2000, Comvest is a private investment firm that focuses on the middle-market space. The firm manages over $9.3 billion in assets and has invested $11 billion since it was founded.

This isn’t Comvest’s first time investing in behavioral health. In 2022, Comvest partnered with Silver Point Capital LP to provide SUD provider Ocean Healthcare with a $109 million credit facility.

It also has several investments in the health care industry, including care management service company AxisPoint Health, primary care and specialty care provider IMC Health Medical Centers, and health care technology company Convey.

Overall, behavioral health dealmaking has slowed since its peak in 2021. Rising interest rates, high labor costs and conflict in Eastern Europe have led to a slow start in M&A activity in 2023, according to a report by M&A advisory firm The Braff Group.

Specifically, the annualized results for behavioral health dealmaking are down by more than 26% from 2022.

Still, several behavioral health providers are active in the acquisition space.

For example, behavioral health provider ARC Health closed its sixth acquisition of the year in May, and in February, private equity-backed provider Health Connect closed its fifth acquisition since 2021.