Press Release
October 10, 2024

Holland & Knight Advises Thriveworks in Acquisition of Synchronous Health

NASHVILLE (October 10, 2024) – Holland & Knight represented Thriveworks, a leading provider of in-person and online mental health services nationwide backed by Regal Healthcare Capital Partners, in its acquisition of Synchronous Health, an innovative behavioral healthcare provider. The transaction was announced on October 2.

The acquisition will expand access to quality mental health services within the health systems in which Synchronous Health is embedded, including Tufts Medicine, Adventist Health and the Medical University of South Carolina. Thriveworks, which offers both in-person and online therapy services, will broaden the reach and scale of these integrated behavioral health models, delivering positive overall health outcomes and lowering the total cost of care to even more patients.

Headquartered in Lynchburg, Virginia, Thriveworks is a leading mental health provider of therapy and psychiatry services, with more than 340 offices and 2,200 clinicians in 49 states and Washington, D.C.

Nashville, Tennessee-based Synchronous Health is a leading provider of evidence-based and measurement-based behavioral healthcare. The clinician-founded company combines person-to-person telehealth sessions with its digital platform, Karla®, which leverages artificial intelligence (AI) to deliver coaching support between sessions.

Regal Healthcare Capital Partners, based in New York, focuses exclusively on providing equity capital and expertise to help healthcare organizations grow and enhance access to quality care.

Holland & Knight's representation of Thriveworks was led by Partners David Marks, Lee Johnston and Shane Morris and Associate Sarah Caron. They were assisted by Partner Colbey Reagan and Associate Tayler Chambless.

"Thriveworks' acquisition of Synchronous Health represents a transformative moment in both of our companies' histories. Holland & Knight understood our vision and brought a deep understanding of the complexities unique to healthcare. Their dedication and precision were pivotal in closing the deal, positioning us for continued growth and success in integrating quality mental health care within primary health systems," said Dr. Dan Frogel, CEO of Thriveworks.

"Thriveworks and Synchronous coming together provides both companies an unparalleled ability to service more patients and their mental health needs in a health system setting. The Holland & Knight team, which has worked on Thriveworks since Regal's initial investment in 2019, brought both deep knowledge of the mental health sector and the transactional skills needed to work through complex deal dynamics that were critical to a successful closing," said Terry Wang, partner at Regal Healthcare Capital Partners.

More information on the transaction can be found here.

Recently recognized as the Private Equity Law Firm of the Year by the Global M&A Network, Holland & Knight regularly ranks among the leading M&A and private equity law firms in reputable, benchmarking league tables published by Bloomberg, LSEG, Mergermarket, PitchBook and The Deal. The firm is also ranked the most active law firm in the country for healthcare private equity transactions through the first half of 2024. Through the HK Deal Flow℠ program, Holland & Knight facilitates deal leads for clients and prospective clients by matching acquisition or capital raising opportunities with buyers and investors.

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