A local behavioral health care company on an acquisition tear is two deals closer to its goal of doubling its size in a five-year span.
Richmond-based ncgCare has acquired Therapeutic Interventions, a mental health and foster care agency based in Exmore on the Eastern Shore, and Carolina Outreach, a mental health and substance use disorder services provider based in Durham, North Carolina.
Both transactions closed in December. Terms were not disclosed.
The deals add 460 employees to ncgCare’s ranks: 360 from Carolina Outreach and 100 from Therapeutic Interventions. They also add to ncgCare’s growing network, which now includes Carolina Outreach’s seven-county service area and Therapeutic Interventions’ reach across six counties and four cities in and around Virginia’s Tidewater area.
The acquisitions are the latest in ncgCare’s plan to double its size in a five-year span. That effort, which got underway in 2015 and is now entering the homestretch, has seen multiple acquisitions that expanded the network’s reach to West Virginia, western North Carolina, Pennsylvania and, last year, Georgia.
The company’s buying spree started in late 2015 with its purchase of North Carolina-based Turning Point Family Care, a behavioral health agency with offices in Durham and Raleigh. At that time, ncgCare totaled $60 million in annual expenditures – a figure CEO Frank Viera said the company planned to double in five years.
Based in Exmore, Therapeutic Interventions serves school-age youth with disruptive behaviors in areas including Accomack, Isle of Wight, Northampton, Prince George and Southampton counties; Northern Virginia; and the cities of Chesapeake, Franklin, Gloucester, Hampton, Newport News, Norfolk, Petersburg, Portsmouth, Suffolk and Virginia Beach.
Founded in 2003, Carolina Outreach serves children and adults with a variety of services in offices in Charlotte, Fayetteville, Kinston, Raleigh, Smithfield and Wilson, in addition to its Durham headquarters.
With the latest acquisitions, ncgCare’s staff count exceeds 2,000 employees across a network of providers that includes National Counseling Group, Embrace Treatment Foster Care, Avenues to Wellness, Envision Counseling and Turning Point.
Started in 1993 as Northern Virginia Counseling Group, ncgCare is the parent entity of Virginia-based National Counseling Group and its subsidiaries. The network serves thousands of children, adults and families annually with mental health services, foster care and outpatient services.
The company secures its acquisitions with growth capital provided by NewSpring Mezzanine, a small business investment division of Pennsylvania-based NewSpring Capital.