What did NexPhase Capital pay for Behavior Frontiers?

NexPhase Capital acquired Behavior Frontiers for $210.0M in 2025 (14.0x EBITDA). Target EBITDA was approximately $15.0M.

What does Behavior Frontiers do?

Behavior Frontiers is a mental health business.

What multiple did NexPhase Capital pay for Behavior Frontiers?

14.0x EBITDA, based on disclosed deal value of $210.0M and disclosed financials.

M&A TRANSACTION · 2025

Behavior Frontiers acquired by NexPhase Capital

$210.0M· 14.0x EBITDA

Target

Behavior Frontiers

Acquirer

NexPhase Capital

Disclosed financials at time of acquisition

Revenue

—

EBITDA

$15.0M

Deal Value

$210.0M

EV/EBITDA

14.0x

Context

This $210.0M acquisition of Behavior Frontiers by NexPhase Capital sits in the mental health sub-vertical. The 14.0x EBITDA multiple paid in 2025 can be compared against the population median for mental health transactions of similar size on our Mental Health valuation hub.

Source

Data sourced from Press reporting. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology

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Citation: ExitValue.ai. (2025). Behavior Frontiers acquired by NexPhase Capital. https://exitvalue.ai/deals/behavior-frontiers-acquired-by-nexphase-capital-hc-2025-0012