Providence, Rhode Island-based private equity firm Nautic Partners has acquired Proud Moments ABA.
Previously held by the PE firm Audax Private Equity, the Boston-based autism therapy provider traded effective Feb. 3, according to a news release. The terms of the deal were not announced. Proud Moments ABA grew significantly during its time as an Audax company. It started as a provider concentrated in the New York tri-state with seven locations and has grown its footprint to encompass 12 state markets with 70 clinics and a weekly census of about 3,000.
“When we first backed the company, our principal objective was to increase access to care and invest in the organization’s foundation to drive outcomes for Proud Moments’ patients,” Keith Palumbo, partner and co-president of Audax Private Equity, said in the release.
That expansion effort includes the buildout of corporate leadership and infrastructure, de novo growth and seven acquisitions. Audax Private Equity invested in Proud Moments ABA in 2019.
Calex Partners advised Audax Private Equity and Proud Moments on the sale.
Nautic Partners has invested in a handful of behavioral health companies. The firm helped found and launch Odyssey Behavioral Healthcare in 2015. It also invested in the Minneapolis-based outpatient behavioral health provider Nystrom & Associates Ltd., which is a little less than two years into a post-founder leadership team. Its portfolio also includes Pyramid Healthcare.
Audax Private Equity acquired a handful of assets out of the Centers for Autism & Related Disorders (CARD) bankruptcy in those 2023 proceedings.
Requests for comment sent to Nautic Partners have not been returned.
“Audax distinguished itself as a collaborative partner during its ownership through their experience around care delivery as well as their intense focus on the quality of care,” Matt Henn, CEO of Proud Moments ABA, said in the release. “We’re excited to work with Nautic Partners during the next stage of the company’s growth and look forward to building upon what Audax and the entire Proud Moments team have accomplished together over the previous six years.”
Dealmaking in the autism service space picked up in 2024, after a slow 2023. There were 34 deals in 2024, compared to less than 25 the previous year, according to data from M&A advisory firm The Braff Group.
This year, several autism service deals have been announced. For example, in January, PE firms Leavitt Equity Partners and Fulcrum Equity Partners, along with Western Governors University have invested in and partnered with Pediatrics Plus. Additionally, Ascend Capital Partners acquired the majority stake in Unison Therapy Services.
