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Healthcare

Psych Associates of Maryland

Headquarters

Towson, MD

Investment Date

July 2021

Revenue Growth

70% CAGR (two years prior to closing)

Psych Associates of Maryland mental health therapy session

New Harbor identified outpatient mental health as a focus area in 2014 and executed this thesis with an investment in Community Psychiatry in 2015. After exiting Community Psychiatry in August of 2020, New Harbor revisited its original behavioral health thesis and found that many of the macro trends that initially drew us to the sector were just as, if not more, favorable today than they were initially in 2014. So, we set out to find a local market leader in the Mid-Atlantic region to execute a strategy to increase access to in-network mental health services in the region. As part of this outreach, we met Dr. Nithin Krishna, the physician-owner of Psych Associates of Maryland (“PAM” or the “Company”).

PAM has been providing services to the Maryland market for decades, with Dr. Krishna taking over ownership of the Company in 2018. Under his leadership, the Company had experienced rapid growth. Today, PAM is the largest group in Maryland with over 50 affiliated clinicians (prescribers and therapists). The Company boasts a comprehensive suite of outpatient mental health services, is in-network with all major insurance plans, and has developed a proprietary practice management and EMR platform to serve the mental health market.

“We are very excited to partner with the New Harbor team. Their experience and success in growing mental health companies is unique. When evaluating a private equity partner, this track record gave me confidence New Harbor will be value-added in supporting PAM’s growth from a local market leader to a regional leader, all while maintaining our mission to provide a first-rate experience to both providers and patients alike.”

Dr. Nithin Krishna, Physician-Owner of Psych Associates of Maryland Dr. Nithin Krishna
Physician-Owner, Psych Associates of Maryland

New Harbor partnered with Dr. Krishna to help him realize his goal of becoming the leader – both in scale and quality – in the Mid-Atlantic region, where the Company has been recognized for creating an environment where both providers and patients are valued.

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