Private equity firm Patriot Capital has announced a growth capital partnership with behavioral health provider Turnwell Mental Health Network.
Based in Dallas, Texas, Turnwell is an integrated mental health group that provides behavioral health care for individuals with mental health disorders. It is particularly focused on serving patients in underserved markets.
He also operates “several” independent outpatient clinics in Arizona and Montana. Services include mental health counseling, primary care, and patient and family education. It also offers psychiatric services including medication management, TMS, ketamine and spravatone.
The company, which did not list the exact locations on its website, plans to use the new capital for expansion.
Turnwell has partnered with several behavioral health providers. In February, for example, based on Arizona Scottsdale Institute of Mental Health and Welfare He announced that he has joined the Turnwell Network.
Mental health is an attractive area for investment this year. In fact, 60% of behavioral health respondents report that mental health is the most attractive investment target, a Behavioral Health Business Survey.
Additionally, survey takers identified treating untapped populations as a great opportunity for the industry by 2023.
This isn’t Patriot Capital’s first behavioral health investment. In September, the middle-market PE firm invested in Global Behavior Education Alliance, an autism-focused provider that offers assessment, applied behavior analysis (ABA), counseling, therapies and educational support.
In the year In 2021, Patriot Capital sold D&S Community Services, a provider of residential and community services for individuals with intellectual and developmental disabilities, to Mentor Network.
With veteran capital, many others Private equity Companies are paying attention to the behavioral health space. Looking back, 2022 was the second-best year for behavioral health transactions in history, according to M&A advisory firm The Braff Group, at least. 201 offers.
“It’s hard to find many sectors of the economy that show the same tailwind,” John Hengan, founding partner of private equity firm Shore Capital, said during a Behavioral Health Business webinar. “We’re seeing a growing stigma and acceptance from previous generations until it grows in an environment where it’s comfortable to talk about behavioral health and use the services.”