QCF/I, Inc., a nonprofit that exists to own and operate addiction treatment and mental health facilities, is poised to acquire Laurel Springs, New Jersey-based Advantage Behavioral Health and Wellness.
Lawrenceville, Georgia-based QCF intends to finance the deal through a New Jersey Economic Development Authority (NJEDA) conduit bond. Publicly available documents say the bond financing is not to exceed $653.4 million with Cain Brothers as an underwriter. The transaction was approved yesterday by the NJEDA board via unanimous vote.
As part of the transaction, QCF would obtain all of Advantage Behavioral Health’s 48 locations in New Jersey as well as its additional locations in California, Florida, Indiana, Ohio, Maryland, Massachusetts and Pennsylvania. The bond financing, however, only applies to the facilities in New Jersey. Other capital might be used to close the transaction alongside the bond proceeds for the locations in other states.
Behavioral Health Business reached out to QCF and Advantage Behavioral Health for comment on the transaction. Both organizations have yet to return a response.
Advantage Behavioral Health was founded in 2017. It expanded into a broader network of behavioral health companies in July 2020. It offers a range of behavioral health services, including outpatient treatment for mental health, eating disorders and substance use disorder care. The company also has a telehealth component that specializes in individual and family therapy, psychiatric evaluations and medication management.
In April 2025, Advantage Behavioral Health received an investment from the private equity firm Clearview Capital to propel its growth. Average hold periods last between 3 and 7 years. The deal could see Clearview Capital exit after just one year.
“The project to be undertaken with the proceeds of the 2026 bonds [has] two parts. The first is the purchase of all of the membership interests in the three New Jersey limited liability companies…” Marina Scarth, a credit underwriter at the NJEDA, said during the June 10 board meeting. “The second use of proceeds will be for the financing of the acquisition, construction, expansion, renovation, and equipping of all of the property building lands located at the 48 New Jersey locations.”
The three New Jersey organizations involved are Advantage Behavioral Health and Wellness LLC, Advantage Behavioral Health Services Two LLC, and ABC Real Estate Holdings LLC, and one California limited liability company, Victory Bay Residential Holdings CA, LLC. All of which will be named as a borrower on the bond project in addition to QCF.
Post-acquisition, Advantage Behavioral Health’s existing management team and other key employees will continue to oversee the organization via a management services agreement.
The final closing of the bond issuance is slated to take place on July 30, 2026.