{"id":18162,"date":"2023-08-25T00:00:00","date_gmt":"2023-08-25T04:00:00","guid":{"rendered":"https:\/\/livingstagenew.wpenginepowered.com\/transaction\/livingstone-advises-centers-for-autism-related-disorders-2\/"},"modified":"2026-06-16T11:46:22","modified_gmt":"2026-06-16T15:46:22","slug":"livingstone-advises-centers-for-autism-related-disorders-2","status":"publish","type":"transaction","link":"https:\/\/livingstonepartners.com\/sv\/transaction\/livingstone-advises-centers-for-autism-related-disorders-2\/","title":{"rendered":"Livingstone Advises Centers for Autism & Related Disorders"},"content":{"rendered":"\n

Livingstone is pleased to announce three successful sales for\u00a0Centers for Autism & Related Disorders, LLC<\/a> (\u201cCARD\u201d or the \u201cCompany\u201d).\u00a0 With 130 centers across 13 states and approximately 2,500 employees and healthcare professionals supporting its over 3,500 patients, CARD is one of the largest autism therapy service providers in the U.S.<\/strong><\/p>\n

On June 11, 2023, CARD filed voluntary petitions for relief under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas.\u00a0 At the time of filing, the Company had roughly $275 million in funded debt and faced various headwinds and effects from a sudden onset of the COVID-19 pandemic.\u00a0 Livingstone was retained to pursue a sale of the Debtors\u2019 assets pursuant to \u00a7363 of the Bankruptcy Code.<\/p>\n

Pantogran, LLC, led by CARD\u2019s founder and former CEO, Dr. Doreen Grenpeesheh, has acquired the majority of the Company\u2019s assets, including 112 centers across the U.S. as well as all intellectual property, including CARD\u2019s clinical database (Skills\u00ae Global).\u00a0 New Story Schools, a portfolio company of Audax Group, acquired all assets and clinical operations in Virginia, including nine centers and three special education schools.\u00a0 Proud Moments ABA, a separate portfolio company of Audax Group, acquired select assets and clinical operations, including two centers in Nevada, one center in New Jersey, and three centers in New York.<\/p>\n

\u201cWe are pleased to have reached an outcome that ensures our centers will stay open and our patients will continue to receive outstanding care,\u201d<\/em>\u00a0said\u00a0Jennifer Webster, Chief Executive Officer of CARD<\/strong>.\u00a0\u201cBoth Dr. Granpeesheh and the teams at Proud Moments and New Story bring considerable expertise and track records of excellence in this space, and I am confident our patients are in good hands. I would also like to acknowledge the entire CARD team for their unwavering focus and steadfast commitment to our patients throughout this process.\u201d<\/em><\/p>\n

Livingstone Partner Joe Greenwood<\/strong><\/a>\u00a0stated,\u00a0\u201cAfter an intense multi-day auction, marked by spirited bidding and complex negotiations, we are thrilled with the positive result for our client, its patients and the Company\u2019s other stakeholders. This challenging transaction, culminating in three successful sales, is a testament to our team\u2019s resilience, commitment, and expertise.\u201d<\/em><\/p>\n

\u201cSince the onset of the pandemic, the ABA industry has experienced various headwinds, including staffing shortages, wage inflation, and stagnant reimbursement rates. Though, with the growing prevalence \u2013 as many as 1 in 36 children have been identified with autism \u2013 demand far outstrips market challenges, and many market participants have successfully navigated the challenging environment,\u201d<\/em>\u00a0commented\u00a0Jim Moskal, Partner at Livingstone<\/strong><\/a>.\u00a0\u201cThe attractive industry dynamics that drove buyer interest and valuations prior to the pandemic remain, and through our recent transaction experience, we have an in-depth understanding of the ABA market landscape, investor universe, and attributes that drive value,\u201d<\/em>\u00a0he added.<\/p>\n

The CARD transaction illustrates the multi-disciplinary service delivery that is the foundation of Livingstone, combining in-depth industry experience (Healthcare) and complex transactional expertise (Special Situations). This transaction furthers Livingstone\u2019s extensive experience in the Behavioral Health sector, specifically in Autism \/ ABA therapy, which is one of the firm\u2019s most active sub-sectors. Also, CARD bolsters the firm\u2019s Special Situations practice, which has extensive experience advising middle-market companies through M&A, financing, and balance sheet restructuring transactions during periods of underperformance, distress, and insolvency.<\/p>\n

Livingstone Partners served as financial advisor to CARD while Kirkland & Ellis served as legal counsel, and Portage Point Partners served as restructuring advisor, with Steven Shenker serving as Chief Restructuring Officer.<\/p>\n","protected":false},"excerpt":{"rendered":"

Livingstone is pleased to announce three successful sales for Centers for Autism & Related Disorders. With 130 centers across 13 states and approximately 2,500 employees and healthcare professionals supporting its over 3,500 patients, CARD is one of the largest autism…<\/p>\n","protected":false},"featured_media":3914,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"client-type":[],"region":[],"sector":[],"service":[],"transaction-type":[],"class_list":["post-18162","transaction","type-transaction","status-publish","has-post-thumbnail","hentry"],"acf":{"team_members":[1932,1938,1944,1870,1874],"date":"20230825","client_type":null,"type":[1054],"region":[410],"services":[472,469],"sectors":[900,933],"related_transactions":[17370],"related_testimonials":null,"contacts":""},"yoast_head":"\nLivingstone Advises Centers for Autism & Related Disorders - Livingstone Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/livingstonepartners.com\/sv\/transaction\/livingstone-advises-centers-for-autism-related-disorders-2\/\" \/>\n<meta property=\"og:locale\" content=\"sv_SE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Livingstone Advises Centers for Autism & Related Disorders - Livingstone Partners\" \/>\n<meta property=\"og:description\" content=\"Livingstone is pleased to announce three successful sales for Centers for Autism & Related Disorders. 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