Audax Private Equity announced that it has completed the sale of Proud Moments, an applied behavioral analysis (ABA) therapy provider, to children with autism. And Providence-based private equity firm Nautic Partners acquired Proud Moments. The terms of the deal were undisclosed.
Proud Moments clinicians help individuals with developmental disorders (most commonly autism) learn new skills, improve social interactions, and reduce challenging behaviors.
During Audax’ hold, Proud Moments grew from operating 7 locations, concentrated in the New York tri-state area, to 70+ clinics across 12 states. Now it provides a balance of home- and center-based care. Proud Moments currently works with approximately 3,000 children on a weekly basis, representing more than fourfold growth in patients since Audax’s original investment in 2019.
Proud Moments provides applied behavioral analysis therapy for children diagnosed with the Autism Spectrum. The company’s mission is to provide the Gold Standard of Care and expand access to all families seeking ABA therapy.
Calex Partners served as advisor to Audax Private Equity and Proud Moments on the sale.
KEY QUOTES:
“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. We did this through building out the corporate infrastructure and management team; investing in de novo growth; completing seven acquisitions to expand the company’s geographic footprint; and recruiting behavioral technicians and board-certified behavior analysts to enhance and grow the clinical team.”
- Keith Palumbo, Partner and Co-President of Audax Private Equity
“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. 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.”
- Matt Henn, Chief Executive Officer
“This represents the second realization out of our healthcare specialization over the last six months, demonstrating the ability of our Buy & Build strategy to help drive value creation. We first invested in Proud Moments just prior to the global pandemic, and through the combination of organic and inorganic growth initiatives in close collaboration with management, we were able to see our vision and thesis through, benefitting the company, its patients and our investors.”
- Adam Abramson, a Partner at Audax Private Equity
