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Pine Tree Equity is selling residential behavioral health treatment provider Altior Healthcare, Axios Pro has learned.

The big picture: Altior joins several other behavioral health companies in private equity's mixed auction pipeline. 

The latest: Raymond James was hired to run the process, which launched recently, two sources say.

Altior is being marketed on about $30 million of EBITDA.

Catch up quick: Pine Tree created Altior in 2021 by merging four residential treatment and therapeutic boarding school businesses.

How it works: Altior offers residential psychiatric treatment for teens, young adults and adults at 15 locations across five states. 

Friction point: Medicaid accounts for a quarter of all U.S. spending on mental health treatment services. 

Proposed federal slashes and other health policy changes will likely force states to make corresponding reductions to their programs.

Between the lines: Altior serves states where reimbursement rules vary widely. 

New Hampshire has a statewide daily Medicaid payment rate; California reimbursement is shaped by county-level Medi-Cal contracting; Maine is currently in the middle of rate reform; Texas' Medicaid rates are lower than other states' and depend on legislative funding; and Idaho's rates are individually negotiated. 

State of play: Private equity investors have placed targeted bets on residential behavioral providers in recent years.

Consonance Capital Partners acquired a majority stake in youth-focused Embark Behavioral Health for a reported $400 million in 2023.

Your Behavioral Health secured backing from Comvest Partners in 2023 and acquired Insight Treatment Programs the following year. 

Health Enterprise Partners, Five Points Capital and NaviMed Capital acquired Family First Adolescent Services in 2023 for an undisclosed price.

Yes, but: Some haven't had the easiest time exiting.

Enhanced Healthcare Partners paused its sale process for residential treatment company NeuroPsychiatric Hospitals earlier this year.

Pine Tree and Raymond James did not respond to a request for comment.

Scoop: Pine Tree Equity selling residential psychiatric provider Altior Healthcare

Altior joins several other behavioral health companies in private equity's mixed auction pipeline.

Illustration of a hundred dollar bill with a brain in place of Benjamin Franklin

Pine Tree Equity is selling residential behavioral health treatment provider Altior Healthcare, Axios Pro has learned.The big picture: Altior joins several other behavioral health companies in private equity&#x27;s <a class="gtmContentClick" data-vars-link-text="mixed auction" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2026/01/26/private-equity-behavioral-deal-auctions" data-vars-content-id="6f5439f1-2e11-4472-aa25-dc29997c67ca" data-vars-headline="Scoop: Pine Tree Equity selling residential psychiatric provider Altior Healthcare" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2026/01/26/private-equity-behavioral-deal-auctions" target="_self">mixed auction</a> pipeline.

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Scoop: Pine Tree Equity selling residential psychiatric provider Altior Healthcare

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