New Harbor portfolio company Psych Associates of Maryland (“PAM”) has merged with Comprehensive Behavioral Health (“CBH”), a leading multidisciplinary mental health treatment provider, to form Bloom Health Centers (“Bloom” or the “Company”). Bloom’s aim is to provide improved access to care and better outcomes for patients and communities alike by harnessing the power of a unique care team model, coupled with proprietary technology and advanced therapies.
The organizations share a common mission: to create a world where no one feels alone by providing comprehensive, integrated, and in-network mental health services. The combination dramatically expands the reach of each organization, doubling the physical footprint and provider base, which will greatly improve access to care for patients throughout the Mid-Atlantic region.
CBH, since its founding in 2017 by Dr. Neel Nene, has grown rapidly, providing a full continuum of mental health services, including psychiatry, psychotherapy, transcranial magnetic stimulation, and Spravato® (esketamine) therapy in outpatient and inpatient settings in partnership with local mental health hospitals.
The M&A market for healthcare companies continues to strengthen in 2022 ahead of projected increases in US capital gains taxes. There is unprecedented capital in market, the lowest interest rates in US history and strong acquirer motivations for high quality healthcare companies. Across the continuum of care, buyers and investors are looking for well established, profitable businesses and offering strong valuations and options for management.
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