M&A heating up again- Autism treatment sector

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Private Equity Interest in ABA Businesses Is Growing

If you own an ABA business, you’ve likely seen an increase in interest from private equity firms. After a few quieter years, the ABA market is seeing renewed momentum

Why PE Firms Are Re-Entering the ABA Space

Private equity investors are shifting their view of the industry. Early concerns from high-profile failures like CARD/Blackstone, Kadiant/TPG, and Elemy are now seen as outliers. The sector is maturing, and the demand for autism services continues to rise.

Middle-Market Investors Lead the Charge

Unlike past cycles dominated by large-cap firms, today’s activity is driven by middle-market healthcare investors. These groups see opportunity in helping strong ABA providers scale to meet growing needs.

Challenges Remain — But So Does Opportunity

Labor shortages and insurance reimbursement pressures persist. Still, investors recognize the potential in best-in-class ABA companies that can grow efficiently and deliver quality care.

Recent ABA M&A Activity

May 2025: Alongside ABA Acquires San Diego ABA
Backed by Fletch Equity, Alongside ABA expanded with acquisitions in Los Angeles and San Diego.
May 2025: Behavior Frontiers Sold to NexPhase Capital
Operating in 12 states, Behavior Frontiers transitioned from Lorient Capital to NexPhase Capital.
March 2025: Unison Therapy Sold to Ascend Partners & Autism Impact Fund
A multi-service provider, Unison was previously backed by Ridgemont Equity Partners.

Now may be the right time to explore your options. With investor interest rising, strong ABA providers are well-positioned for strategic growth or sale.

For more information or questions, please contact the Healthcare Services team:

Paul Kacik, Managing Director: pkacik@hexagoncapitalalliance.com

Brad Erhart, Director: berhart@hexagoncapitalalliance.com

Positive M&A Outlook- substance abuse disorder industry

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Recent Conference Insights

Our Healthcare Investment Banking team recently attended the 2025 Treatment Center Investment East Conference, where we had the opportunity to connect with leading investors, operators, and stakeholders across the Substance Use Disorder (SUD) treatment landscape. As we head further into 2025, we are seeing sustained investor interest in behavioral health, particularly in scalable, outcomes-driven treatment models.

Key Market Drivers Supporting Investor Interest

Rising Demand for Behavioral Health Services: Increased public awareness and ongoing efforts to reduce stigma around mental health and addiction continue to drive demand for comprehensive SUD treatment.

Favorable Reimbursement Environment: Investors remain drawn to providers with proven clinical outcomes and strong payer relationships, supported by stable reimbursement structures.

Market Fragmentation: Despite growing consolidation, the SUD space remains highly fragmented, offering significant opportunity for platforms to scale via add-on acquisitions and regional expansion.

Regulatory Tailwinds: Enhanced government funding and policy focus on combatting the opioid crisis continue to provide long-term support for providers and drive investment activity.

For more information or questions, please contact the Healthcare Services team:

Paul Kacik, Managing Director: pkacik@hexagoncapitalalliance.com

Brad Erhart, Director: berhart@hexagoncapitalalliance.com