Baton Rouge, Louisiana-based Beacon Behavioral Partners and its private equity backer, Latticework Capital, are prepping the psychiatric services provider for an exit, according to media reports.

Axios reported last week that the sale process will be a competitive auction set to begin in early 2026. The report also states that Beacon Behavioral Health is bringing a roughly $20 million EBITDA to the process, which is being advised by Jefferies. 

Beacon Behavioral Partners and Latticework Capital have not yet responded to a request for comment.

Behavioral Health Business previously highlighted Beacon Behavioral Health as a company to watch in the outpatient mental health space. The company has used its strategy of partnering with psychiatrist practice owners to great effect.

Since 2022, the company has partnered with dozens of psychiatrist owners in deals that compensate the owners with cash and roll over equity in the larger enterprise, a move intended to keep clinicians in practice and solely focused on clinical care. The company has over 30 such “partners” that presently operate in eight states and see about 250,000 patients, said Beacon Behavioral Partners CEO Sean Wendell during a panel talk at BHB’s event INVEST 2025.

He said that the company intends to soon expand the reach of Beacon Behavioral Partners to a total of 14 states and double its census to 500,000 within the next 18 months. The company’s services include therapy, medication management, intensive outpatient programs (IOPs), residential care and several interventional psychiatry services such as transcranial magnetic stimulation (TMS) and ketamine treatments.

“We’re in this space, really, for two reasons,” Wenddell said during the panel talk. “One is to expand access to care and two, and more importantly, are the outcomes — to drive better outcomes.”

Wendell did not mention anything about Beacon Behavioral Partners’ own prospects as an acquisition target. However, such notable increases in scale often require a reworking of capital involved in a platform company such as Beacon.

Previously, staff at Beacon Behavioral Partners have indicated that a trade of Beacon Behavioral Partners was part of the company’s near-term plans. In the long term, the company intends to establish its arrangements with its psychiatrist partners to generate returns across multiple exits in the future.

The company has completed 18 acquisitions, according to Wendell, noting that the company has done so without layoffs or reductions in pay.

Wendell noted that the company’s expansion was enabled by its involvement with Latticework Capital, namely in allowing Wendell to “go out and hire the best folks.”

The company has also worked to unify the practices on a single electronic health record. This will help the company establish standards of care for itself and the broader world of psychiatry, especially as more interventional psychiatry services become available.

Latticework Capital acquired Beacon Behavioral Partners in December 2020, marking the reported exit timeline as the end of the typical five-year hold period.

In May 2025, the organization disclosed that it had acquired five practices. The M&A streak will likely continue. Wendell said the company is integrating and acquiring along the way.

“We are going to continue to be aggressive with M&A [and] start to do some de novos as well,” Wendell said.