Centra Capital, LLC, an investment and business development firm, has purchased CM Counsel, a leading outpatient behavioral health practice with offices throughout the Greater Philadelphia market. The purchase includes all physical assets and contracts. CM Counsel has been a private, family-owned operation since its establishment in 1989, and terms of the transaction were not disclosed.
CM Counsel will continue to operate under its existing brand name. In compliance with Pennsylvania regulations, Centra Capital will establish a separate management company, CM Counsel Management, LLC, with responsibility for CM Counsel's operations, finances and marketing initiatives.
"As the former CEO of a leading healthcare services company, I have watched CM Counsel deliver quality outpatient behavioral health services here in Philadelphia," said Jordan Klear, Managing Director of Centra Capital, LLC. "When the opportunity arose, I moved quickly to purchase the practice. CM Counsel has significant potential, and we will invest to expand services and market reach as the pandemic has created a mental health crisis unlike anything we have seen in our lifetimes."
With more than 20 years serving its communities, CM Counsel is a well-established healthcare provider with locations in Exton, Plymouth Meeting and King of Prussia, cities west and northwest of Philadelphia. The three offices have more than forty practitioners, including adult and child boarded psychiatrists, nurse practitioners, licensed professional counselors, licensed clinical social workers, psychologists, and marriage and family therapists, as well as administrative staff. Medical staff conduct psychiatric evaluations and prescribe medications as needed as a treatment modality. Clinicians also provide counseling for individuals, children and adolescents, families, and couples.
CM Counsel's providers have experienced heightened demand during the COVID-19 pandemic due to the enormous personal, family, work, and social stresses facing individuals, leading to increased anxiety, depression, and drug and alcohol abuse. The therapists at CM Counsel have continued to provide vital services using a HIPAA-compliant telehealth platform that complies with social distancing requirements.
"The administration and staff are delighted to be partners with Jordan Klear," said Rachel Bennett, Vice President of Operations at CM Counsel. "Demand for our clinical services is strong and Centra Capital's investments will allow us to better serve our communities."
In addition, the CM Counsel Management team is welcoming Phyllis Weisfield, Vice President of Business Development and former CEO of the Horsham Clinic; and Greg Nucifora, Vice President of Finance, who has served in multiple finance roles in the behavioral health sector.
Centra Capital, LLC, is led by Managing Partner Jordan Klear. Prior to his acquisition of CM Counsel, Klear was co-founder and CEO of Medsurant Health, a national leader in intraoperative neurophysiologic monitoring (IONM). Medsurant Health clinicians provide IONM services in more than 400 facilities in 20 states, ranging from community hospitals to academic tertiary care centers. Under Klear's leadership, Medsurant Health's revenues grew 20-fold. Medsurant Health made the 2016 and 2017 Inc. 5000 list of Fastest Growing Companies and the Top Workplaces listing by Philly.com. Klear was a finalist for Ernst & Young's Entrepreneur of the Year award in 2018.
About Centra Capital, LLC:
Centra Capital, LLC, led by Managing Partner Jordan Klear, is a group of entrepreneurs, CEOs and professional investors with decades of experience in acquiring and growing lower middle market healthcare companies. Centra Capital's goal is to fuel stable, long-term growth while preserving the company's core mission and values.
