Greenbrook TMS Inc., a leading provider of Transcranial Magnetic Stimulation (TMS) therapy in the United States, announced that its wholly-owned subsidiary, TMS NeuroHealth Centers Inc., will acquire all the issued and outstanding equity interests in Success TMS from its parent company, Success Behavioral Holdings LLC. TMS therapy provides local electromagnetic stimulation to specific brain regions known to be directly associated with mood regulation.
The purchase price for the acquisition is valued at approximately $27.3 million, of which approximately $20.5 million will be payable on closing of the acquisition and $6.8 million will be held in an escrow account following determination of certain adjustments and indemnities.
According to the LevinPro HC database, the acquisition of Success TMS marks the 41st transaction within the Behavioral Health Care (BHC) sector since the start of 2022. While the BHC market has been rather busy, this is the first transaction involving a TMS provider since Greenbrook TMS acquired Achieve TMS East and Achieve TMS Central in October 2021 for $8 million. With that deal, Greenbrook TMS added 17 additional TMS centers to its existing service delivery platform.
Check Five LLC, a Delaware limited liability company doing business as Success TMS, is one of the largest and fastest-growing providers of TMS therapy in the United States. Since founding its first TMS center in Florida in 2018, Success has grown to 45 active locations throughout Florida, Pennsylvania, Illinois, New Jersey, Nevada and Wisconsin.
Operating through 132 company-operated treatment centers, Greenbrook is a leading provider of TMS therapy, an FDA-cleared, non-invasive therapy for the treatment of Major Depressive Disorder and other mental health disorders, in the United States. Greenbrook has provided more than 675,000 TMS treatments to over 19,000 patients struggling with depression. Since 2011, Greenbrook TMS NeuroHealth has provided more than 320,000 TMS treatments to over 9,000 patients.
Following completion of the acquisition, Greenbrook’s TMS center network will grow to 191 active TMS centers across the United States. Success TMS’ footprint will complement Greenbrook’s existing geographical regions and will provide Greenbrook with a new presence in additional states, including new management regions in Illinois, New Jersey, Nevada, Pennsylvania and Wisconsin.
