Lower-middle-market private equity firm NexPhase Capital has acquired the autism therapy provider Behavior Frontiers. Financial terms of the deal were not disclosed.
Lorient Capital, a health care-focused private equity firm, previously backed Behavior Frontiers, helping it expand its footprint to include 26 centers and home-based care branches across 12 states. It’s not clear if Lorient Capital is still involved in the Behavior Frontiers investor group or what portion of Behavior Frontiers’ shares NexPhase Capital has acquired.
“NexPhase has tremendous conviction in this business and its potential to serve more families in existing and new markets across the country,” Andy Kieffer, a partner at NexPhase, said in a news release. “We look forward to leveraging our resources and significant experience working alongside leading ABA providers to help Behavior Frontiers continue delivering on its mission to provide personalized care for every child — one milestone at a time.”
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Behavior Frontiers CEO Helen Mader founded the company in 2004. In addition to overseeing the expansion of the company from California to several other states, it has developed its own proprietary practice management software system called PrioraCare.
The current executive team will continue to lead Behavior Frontiers, according to the release. The release also states that NexPhase Capital Operating Partners Barbara Hill and John Kill “will work closely with the Behavior Frontiers team to support the company’s continued growth.” The release does not specify the nature of the two operating partners’ relationships with Behavior Frontiers.
Within the past five years, the company’s active client base increased by about 217%, to 2,850. Its workforce increased about 154% to about 3,300.
“This partnership with Lorient has been one of the most meaningful chapters in our company’s history,” Mader said in a news release. “Together, we’ve expanded access to high-quality autism treatment, invested deeply in our team, and built tools like PrioraCare that are transforming how we serve families.”
NexPhase Capital has a history of investing in autism therapy businesses. In 2022, it sold Action Behavior Centers, the largest provider of autism therapy services, to Charlesbank Capital Partners.
Lorient Capital and Behavior Frontiers previously moved to make a big acquisition that would have ballooned its national footprint in a big way. In 2023, it was among the bidders participating in the Centers for Autism and Related Disorders (CARD) bankruptcy sale process. However, CARD founder and now-CEO Doreen Granpeesheh and her business partner emerged as the court-appointed winner of that process.
When Behavioral Health Business and Autism Business News connected with Mader at the end of 2024, the CEO predicted that technology would continue to define the industry in 2025. Mader additionally predicted that the workforce landscape would improve — and that applied behavior analysis (ABA) would continue to be “an attractive market” for investors.
“As we join forces with NexPhase, we’re more energized than ever about the road ahead,” Mader continued. “Our mission remains the same, and our potential has never been greater.”
This is a developing story. This story may be updated, or BHB may publish a follow-up story with additional information as it becomes available.
