ARC Health Closes 2023 With 18th Merger

ARC Health closed out 2023 with an outpatient mental health acquisition, marking a two-year-long M&A blitz.

On Dec. 29, the Independence, Ohio-based company acquired Exult Healthcare for an undisclosed amount. Exult operates several types of care at its two locations north of Dallas-Fort Worth, Texas. These include on-site medical treatment, medication-assisted treatment (MAT), transcranial magnetic stimulation (TMS), an intensive outpatient program (IOP), cognitive behavioral therapy (CBT), mindfulness and yoga.

“ARC Health’s support not only facilitates practice growth but also eases administrative burdens, allowing Exult to center its efforts on patient-centric mental healthcare through the implementation of best practices and innovative services,” Exult Healthcare Founder Dr. Deepika Bhargava said in a news release.


ARC Health has completed at least 18 mergers since its creation via the Thurston Group’s acquisition of Advanced Recovery Concepts out of Cleveland, Ohio, in 2021.

In December alone, it announced that it had acquired Advanced Psychiatric Group and Manhattan Psychology Group

Exult Healthcare employs board-certified psychiatrists, nurses, licensed counselors, family and marriage therapists, and wellness coaches.


“Our collaboration with Exult Healthcare is poised to revolutionize mental healthcare, emphasizing accessibility and superior patient outcomes,” Vince Morra, CEO of ARC Health, said in the release. “Exult’s commitment to integrated care seamlessly aligns with the ARC Health network, marking an exciting venture.”

Part of the ARC Health-Thurston Group approach to M&A is to keep founder clinicians with the company post-merger. Owners of acquired practices can roll their equity in the Class A shares of ARC Health as a whole post-merger. The company also allows some clinicians to participate in an equity-ownership program with the aim of retaining them.

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