Generational Equity Advises Carolina Behavioral Care in its Sale to Refresh Mental Health

By Generational Equity


Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of Carolina Behavioral Care to Refresh Mental Health. The acquisition closed April 21, 2021.

Carolina Behavioral Care (CBC) headquartered in Pinehurst, North Carolina, is a multi-site psychiatric practice in Central North Carolina. Clinics are located in Durham, Pinehurst, and Hillsborough.

Each clinic houses an ancillary pharmacy for patient convenience and to improve medication adherence. The practice also has a licensed high complexity urine toxicology lab designed to monitor medication compliance and inform practitioners of dangerous drug/drug interactions. In addition to conventional office visits, the practice has a substantial tele-psychiatry portfolio, servicing rural hospitals and substance abuse facilities through contractual arrangements. Furthermore, the Company conducts clinical trials directly with the pharmaceutical industry and sub-contractually with academic medical centers.

Located in Jacksonville Beach, Florida, Refresh Mental Health (RMH) promotes clinical excellence and client access to high-quality mental healthcare by partnering with leading practices with specialized programs throughout the United States. Their mission is to support the mental health community by providing financial backing, business operations and marketing support to industry leaders.

RMH celebrates diversity among staff and clients and is committed to making mental health services an accessible and routine form of preventative healthcare for all. The RMH team consists of over 3,000 staff working from over 250 locations. Their centers provide the following comprehensive services:

  • Mental Health, Eating Disorders, Relationship, Substance Abuse & Addiction Treatment

  • Residential, Partial Hospitalization, Intensive Outpatient, Outpatient & In-Home Care Services for Children, Adolescent & Adults

  • Individual, Couples, Family & Group Therapy

  • Psychiatry, Medication Management & Medication Assisted Treatment (MAT)

  • Psychological & Neuropsychological Testing

  • Transcranial Magnetic Stimulation (TMS)

Generational Equity Executive Managing Director of M&A – Central Region, Michael Goss and his team, led by Managing Director, Chris Gain, with the support of Vice President, Jacob Mangalath, successfully closed the transaction. Senior Managing Director David Pickard established the initial relationship with CBC.

“Finding a partner with a patient-centric approach that valued the highly-experienced staff was our top priority,” said Gain. “Refresh’s commitment to quality patient outcomes and desire to continue to expand CBC in order make quality mental health care available to more patients in the Carolinas was a perfect fit.”

About Generational

Headquartered in Dallas, Generational is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 17 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. For more information, visit