PHA Wellness Acquisition by Riverside Mental Health | True North M&A Press Release.

True North Mergers & Acquisitions April 2026

National Behavioral Health Platform Expands into Minnesota with Strategic Mental Health Practice Acquisition

Minneapolis, MN – April 2026 – True North Mergers & Acquisitions (“TNMA”) announced today that Riverside Mental Health, a Colorado-based national behavioral health platform, has acquired Psychotherapy & Healing Associates, LTD (“PHA Wellness”), headquartered in St. Louis Park, Minnesota. Transaction terms were not disclosed. True North Mergers & Acquisitions initiated, negotiated, and closed the transaction on behalf of PHA Wellness. The advisory team included Krista Post, Randy Krivo, Brad Peterson, and Clay Geary.

PHA Wellness is a nationally recognized outpatient mental health practice specializing in perinatal mental health, infertility support, perinatal loss, and family-building services. Over its 22-year history, the Minnesota-based practice has developed into a comprehensive behavioral health provider offering individual therapy, group counseling, medication management, and a wide range of clinical services. The organization is supported by a multidisciplinary team of licensed mental health professionals, psychiatrists, social workers, and therapists.

Riverside Mental Health operates a growing portfolio of behavioral health practices across multiple states, including California and Colorado. The acquisition of PHA Wellness represents Riverside’s first expansion into Minnesota and supports its ongoing strategy of building a scalable, multi-state behavioral health platform through targeted acquisitions.

All employees will remain with the organization following the transaction, including 6 full-time employees and 82 independent contractor therapists, ensuring continuity of care for patients and operational stability across the practice.

The transaction reflects continued momentum in behavioral health M&A activity, particularly within outpatient mental health services, as strategic buyers continue to expand into high-growth regional markets such as Minnesota.

TNMA advised PHA Wellness throughout the process, guiding the transaction from initial positioning through marketing, buyer outreach, negotiation, and closing. The process generated strong interest from both strategic and financial buyers, resulting in multiple indications of interest and competitive offers.

The final outcome reflects a successful alignment of financial objectives and long-term strategic goals, ensuring continued growth and stability for the practice under new ownership.

ABOUT PSYCHOTHERAPY & HEALING ASSOCIATES, LTD (PHA WELLNESS)

Psychotherapy & Healing Associates, LTD (PHA Wellness) is a Minnesota-based mental health practice headquartered in St. Louis Park. For more than 22 years, the organization has specialized in behavioral health services, with a focus on perinatal mental health, infertility counseling, and family-building support. Today, PHA Wellness operates as a full-service outpatient mental health provider serving patients across Minnesota.

ABOUT RIVERSIDE MENTAL HEALTH

Riverside Mental Health is a Colorado-based behavioral health platform with operations across multiple states, including California and Colorado. The organization focuses on acquiring established mental health practices as part of its growth strategy.

Riverside Mental Health is a purpose-driven community of mental health practices, each with distinct missions, strengths, and specialties. Its mission is to support clinical excellence and expand reach while preserving the local heart of each practice within its community. Each practice operates independently, supported by a small central team passionate about expanding quality mental health care. Riverside prioritizes clinicians, clients, and sustainable business practices and seeks to work with like-minded clinicians nationwide.

For more information, visit riversidementalhealth.com.

ABOUT TRUE NORTH MERGERS & ACQUISITIONS

True North Mergers & Acquisitions is a national lower middle market advisory firm specializing in founder- and family-owned business transitions, with a focus on healthcare M&A and behavioral health M&A.

The firm provides end-to-end advisory services including valuation, strategic preparation, buyer outreach, negotiation, and closing support, helping clients achieve optimal outcomes while maintaining confidentiality and process discipline.

More information is available at www.tnma.com.