Covington Associates

Covington Associates Announces Advisory Role in the Sale of Walden Behavioral Care to Monte Nido & Affiliates

September 9, 2021 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Walden Behavioral Care, a Waltham, MA-based health organization that treats eating disorders and psychiatric disorders, in the sale of its business to Monte Nido & Affiliates, one of the nation’s most established and premier eating disorder treatment providers. This expands Monte Nido & Affiliates’ footprint, with Walden Behavioral Care joining Monte Nido, Rosewood Centers for Eating Disorders, Clementine Programs and Oliver-Pyatt Centers as the fifth Monte Nido Affiliate. “For decades, Monte Nido & Affiliates has offered outcome-backed, eating disorder programming and we are thrilled that Walden Behavioral Care has now been added to our family of trusted programs.” said Candy Henderson, MS, Chief Executive Officer of Monte Nido & Affiliates.

This acquisition also leads to the appointment of Stuart Koman, Ph.D., Founder and Chief Executive Officer of Walden Behavioral Care to the role of Chief Strategy Officer at Monte Nido & Affiliates. “Our team of dedicated professionals have been providing eating disorder and psychiatric treatment for almost two decades; this has been my mission for the past thirty years, and I am excited to continue this with Candy and the Monte Nido & Affiliates family.” Dr. Koman will retain his current role while taking on the Chief Strategy Officer position.

Founded in 2003, Walden Behavioral Care is an industry pioneer, offering inpatient, residential, partial hospitalization and intensive outpatient programs in MA, CT and GA for eating disorders and related psychiatric treatment. Last year, the company opened the Walden Behavioral Care Center for Recovery, the largest 24-hour inpatient and residential care facility dedicated to the treatment of eating disorders in the U.S.

Covington Associates advised Walden Behavioral Care and its investor, Seacoast Capital, on the transaction. Monte Nido & Affiliates was advised by Honigman LLP and Polsinelli LLP. Monte Nido & Affiliates is a portfolio company of Levine Leichtman Capital Partners, a Los Angeles-based private equity firm.


Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization.  Since its inception, Covington Associates has completed over 350 transactions globally for both private and publicly traded companies totaling over $20 billion. Further information can be found at http://www.covingtonassociates.com/overview/.


Walden Behavioral Care is a rapidly-growing, national mental healthcare system specializing in the treatment of eating disorders and mental health conditions. They are one of the only organizations in the country to welcome individuals of all ages and all genders at all levels of care. Since 2003, they have helped more than 20,000 individuals progress in their path to healing. With 15 locations and more than 450 dedicated care professionals across Connecticut, Massachusetts and in Georgia, they are committed to changing lives, one person at a time. Using evidence-based treatment, proven to support long-term recovery, they are passionate about providing all individuals with the specialized care they need and deserve. Further information can be found at https://waldenbehavioralcare.com/.


Monte Nido & Affiliates is one of the country’s leading eating disorder treatment providers, offering a full continuum of care: inpatient, residential, partial hospitalization and intensive outpatient programs. Founded in 1996, Monte Nido & Affiliates currently operates forty-four programs in thirteen states under the program brands of Monte Nido, Walden Behavioral Care, Clementine Programs, Oliver-Pyatt Centers, and Rosewood Centers for Eating Disorders. Serving children, teens and adults of all genders and eating disorder diagnoses, our programs have helped tens of thousands of individuals take the steps towards full recovery. Further information can be found at https://www.montenido.com/.

Walden acquired by Monte Nido

Get updates on news, events, and opportunities.