Physician Growth Partners (PGP) announced that it advised on the acquisition of Oasis Behavioral Health Urgent Care and GBCC Behavioral Health by Orchard Mental Health Group. The deal was announced in February 2025.
PGP is a sell-side healthcare investment banking firm dedicated to representing independent physician practices in transactions with private equity. As part of the deal, GBCC acquired Oasis, and then Orchard acquired the combined entity. PGP advised GBCC in the deal.
GBCC Behavioral Health is a comprehensive mental health center that has been providing services since 1996. The company’s provider network offers psychological evaluations, individual, family, as well as couples counseling and psychiatric medication management. Many services are also available via telehealth.
Oasis Behavioral Health Urgent Care is a mental health walk-in center for people in urgent need of care. Its services include brief counseling, safety screenings and referrals to other resources. The company, founded in 2005, operates one location in Annapolis, Maryland. It also offers group and individual services.
Formerly known as Quince Orchard Psychotherapy, Orchard Mental Health Group offers in-person and virtual therapy, medication management, diagnostics and psychiatric services. Founded in 2015 and based in Rockville, Maryland, the company partnered with the private equity firm The Graham Group in May 2023.
After adding the two practices to its footprint, GBCC and Oasis operate six locations with more than 80 clinicians. All three entities operate and are located throughout the greater Washington D.C. MSA. Financial terms of the deal were not disclosed.
The LevinPro HC team spoke with Sali Asani, Vice President at PGP, about PGP’s role in the transaction and the broader trends shaping the Behavioral Health Care (BHC) M&A market.
In our conversation, Asani emphasized why the leadership team of GBCC Behavioral Health felt that Oasis was a right fit.
“Founders Laura Steensen and Juliet Goozh built something really special over the last couple of decades and were looking for a like-minded partner that would help them continue to expand upon their ability to deliver premium care to their patients and maintain the company culture and values that have been a cornerstone for their provider team and support staff,” said Asani.
Asani went on to discuss how this transaction builds upon the idea that BHC is drawing a greater interest from investors than before and will likely see an increase in deal volume over the coming months and years.
“The industry remains fragmented and thus we’re bullish on the space as a whole, especially for assets who have a proven track record and can drive market density and provider base accretion in a competitive hiring environment,” he said.
According to data captured in the LevinPro HC database, at the time of writing, there have been 21 BHC transactions in 2025, five of them in the counseling and psychiatric care specialty. Throughout all of 2024, there were 70 BHC acquisitions and 18 counseling and psychiatric care deals. If 2025 continues on the streak that it has been going on, it will surpass 2024 in terms of BHC deal activity. This (hopefully increased) activity backs up the notion that investors have been optimistic about the BHC market and will likely see continued interest going forward.
He even noted improving access to behavioral health has been a focus for many investors for some time due to the increasing prevalence of mental health needs.
“Investors continue to ride the secular tailwinds from rising demand for behavioral health care services in the wake of COVID-19,” he said. “Nevertheless, as consolidation continues to increase, the groups that will set themselves apart will be the ones that appropriately balance provider, service, care delivery, and payor mix whilst excelling in a competitive hiring/retention environment.”
For more stories with PGP’s perspective on dealmaking, explore the stories below:
- Behind the Deal: PGP Advises on Women’s Health Transaction with Webster Backed Nova Women’s Health
- Behind the Deal: PGP Advises Contour Dermatology On Acquisition
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- Behind the Deal: PGP Advises On CVAUSA Acquisition
- Behind the Deal: PGP Advises on Urology Transaction
- The Benefits and Pitfalls of Selling Physician Practices
- Interview with Robert Aprill, Physician Growth Partners
- Interview with John Tiedmann, Physician Growth Partners
- Why Invest in the Nephrology Market
- Why Invest in the ENT Market
