Livingstone advises Total Spectrum on sale to LEARN Behavioral

Livingstone is pleased to announce the firm’s healthcare team has advised Total Spectrum, a premier provider of Applied Behavior Analysis (ABA) services for families and children with Autism Spectrum Disorder (ASD), on its partnership with LEARN Behavioral, a portfolio company of LLR Partners and leading network of providers serving children with ASD and other developmental disorders. Livingstone acted as exclusive financial advisor to Total Spectrum.

Total Spectrum, based in Elmhurst, Illinois with operations across Illinois, Indiana, Michigan, and Wisconsin, provides high-quality in-home and clinic-based ABA services for families and children with ASD. Total Spectrum has experienced an average of more than 80% average annual revenue growth over the last 3 years and is currently providing nearly 150,000 hours of service to more than 400 individual clients a year. The partnership with LEARN Behavioral will enable Total Spectrum to accelerate its growth plan to further penetrate existing markets and expand into new ones, bringing individualized treatment plans and outcome-driven services to more clients and families.

“Livingstone successfully executed an efficient yet comprehensive process, managing significant preemptive interest, uncovering a range of options for management and shareholders, and achieving credit for our recent performance and accelerating growth trajectory,” said Brian Dacy, CEO of Total Spectrum. “We selected LEARN Behavioral as a partner because of a strong cultural fit and well-aligned vision and objectives.”

Baltimore-based LEARN Behavioral encompasses a network of providers that serve over 3,000 families annually and delivers more than 1.5 million hours of service each year. LEARN is a pioneer in the delivery of interventions based on the science of ABA and has extensive expertise in developing thoughtful, family-focused programs that result in meaningful progress for clients.

“Livingstone is excited to have assisted Total Spectrum in finding an ideal partner for growth and realizing the shareholder’s goals identified at the outset of the process,” said Jim Moskal, partner at Livingstone. “The increasing awareness and prevalence of ASD has driven meaningful demand in the highly fragmented, evolving sector for ABA service providers. Positioning is critical for small, rapidly-growing providers to realize value for recent investment, growth, and expected future performance.”

Total Spectrum is Livingstone’s 11th healthcare transaction to close in the last two years, including successful sell-side transactions involving P3 Dental, SYNERGY HomeCare, Agility Health, Kurtz Ambulance, and Homewatch CareGivers.