Mertz Taggart Research
Advisory Approach
Mertz Taggart is an industry-leading healthcare mergers and acquisitions advisory firm that operates with a singular focus: exclusively serving healthcare services companies. This specialization is not a marketing slogan—it is the foundation of their identity and competitive advantage. Founded in 2006, the firm has completed over 160 healthcare transactions, bringing deep sector-specific knowledge that generalist M&A advisors cannot replicate.
The firm's thesis is built on the belief that healthcare M&A requires distinct expertise in regulatory landscapes, reimbursement models, clinical operations, and the unique dynamics of healthcare subsectors. Their principals have first-hand experience owning and operating a healthcare company—Kevin Taggart was co-owner of a home care company that successfully sold to a large publicly traded company in 2010. This operator perspective shapes their approach: they understand that selling a healthcare business is often the most significant financial event in a founder's life, with implications for retirement, future ventures, and personal net worth.
Mertz Taggart's sweet spot is founder-owned and entrepreneur-led healthcare businesses in the $5M-$100M enterprise value range. They excel at helping business owners who may be navigating their first sale, providing guidance on everything from timing the market to preparing for due diligence. Their process emphasizes creating confidential, competitive buyer environments that maximize value while minimizing disruption to ongoing operations.
Sector Focus
Mertz Taggard focuses exclusively on healthcare services, with particular depth in four core verticals:
Home-Based Care: Home health, hospice, home care, and personal care services. This is their largest practice area, built on decades of cumulative experience understanding CMS reimbursement models, state regulations, certificate-of-need requirements, and the operational complexities of running decentralized care networks.
Behavioral Health: Mental health practices, addiction treatment facilities, and eating disorder centers. The firm has been at the forefront of behavioral health M&A through periods of market expansion and contraction, giving them unique insight into valuation dynamics and buyer appetites across subsectors.
Autism & I/DD Services: Applied Behavior Analysis (ABA) therapy providers and intellectual/developmental disability service organizations. They have tracked and participated in the consolidation wave that has transformed this highly fragmented market.
Specialized Healthcare Services: Infusion therapy, ambulatory surgery centers, and other niche healthcare segments where specialized clinical and operational knowledge is critical to successful transactions.
Deal Track Record
Mertz Taggart has completed over 160 transactions since 2006, establishing themselves as one of the most active healthcare M&A advisors in the lower middle market. Recent closed transactions illustrate their breadth across healthcare subsectors:
2025 Transactions:
- Advised St. Joseph's Recovery Center (West Virginia) on a platform transaction to an East Coast private equity group
- Represented Modern Recovery/Avery's House (Arizona/Idaho), a teen mental health program
- Advised a Northeast ABA provider as a platform investment for a Canadian private equity firm
- Facilitated the sale of As Close As Family (Alabama, 9 locations) to Avenues Home Care
2024 Transactions:
- Advised First Steps Recovery (California, addiction treatment) on investment by Avesi Partners
- Facilitated Mindsoother Therapy Center (New Jersey) joining ARC Health
2023 Transactions:
- Manhattan Psychology Group (New York, multi-location behavioral health practice) to ARC Health
- GROW Counseling (Georgia, mental health with network across 46 states) to ARC Health
Earlier Representative Transactions:
- Jaywalker Lodge (Colorado addiction treatment) to 1888 Equity
- Sellati & Co. (North Carolina behavioral health) to Acadia Healthcare
- Evergreen Counseling (mental health) to Riverside Impact Capital
- Soma Therapy (mental health) to Traverse Pointe Partners
Process & Fee Structure
Mertz Taggart executes a disciplined five-phase sell-side process:
Phase 1 - Pre-Planning: Collaborative engagement over months or even years to understand exit objectives, identify potential transaction pitfalls, and develop a bridging plan to address gaps.
Phase 2 - Planning & Documentation: Development of go-to-market strategy, curation of targeted buyer/investor lists, and preparation of professional confidential teasers, offering memoranda, and comprehensive data books.
Phase 3 - Marketing & Negotiation: Systematic buyer outreach, management presentation coordination, and negotiation of terms through letter of intent execution.
Phase 4 - Due Diligence & Definitive Agreements: Information confirmation, surprise mitigation through organized data rooms, and negotiation of definitive documentation.
Phase 5 - Closing & Post-Closing: Meeting closing conditions, fund transfer, and post-closing support including working capital reconciliation.
The firm requires exclusivity and typically engages on a retainer-plus-success-fee basis, though specific fee structures are negotiated on a case-by-case basis depending on transaction complexity and client needs.
Buyer Network
Mertz Taggart has cultivated deep relationships across the healthcare buyer spectrum:
Private Equity Firms: Strong relationships with healthcare-focused PE firms including Thurston Group, Avesi Partners, 1888 Equity, Riverside Impact Capital, Traverse Pointe Partners, and dozens of other lower-middle market and middle-market sponsors. They understand each firm's acquisition criteria, investment thesis, and decision-making processes.
Strategic Buyers: Ongoing relationships with public companies including Acadia Healthcare, as well as regional and national healthcare providers seeking add-on acquisitions.
International Buyers: Network extends to Canadian private equity firms and international strategic buyers interested in U.S. healthcare platforms.
Family Offices and High-Net-Worth Individuals: Access to capital sources seeking direct investments in healthcare businesses.
Competitive Positioning
Mertz Taggart differentiates through three core advantages:
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Pure Healthcare Focus: While many M&A advisors cover multiple industries, Mertz Taggart has been exclusively healthcare-focused since 2006. This singular focus means they understand regulatory changes, reimbursement trends, and valuation multiples specific to healthcare subsectors.
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Operator Perspective: With principals who have owned and operated healthcare companies, they bring practical insight to the sale process that goes beyond financial engineering. They understand what buyers look for in quality-of-earnings adjustments, what operational red flags derail deals, and how to position healthcare businesses for maximum value.
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Market Intelligence: The firm publishes quarterly M&A reports tracking transaction volume, valuation trends, and buyer activity across behavioral health, home-based care, autism/I/DD, and other healthcare verticals. This research—widely cited in industry publications—gives them real-time market intelligence that informs client pricing expectations and buyer targeting strategies.
The firm's recognition includes M&A Source's Top Firm of the Year award and inclusion in Axial's Top 50 Lower Middle Market Healthcare Investors/M&A Advisors list. They maintain active memberships in the Home Care Association of Florida, National Association for Home Care & Hospice, and Home Care Association of America.
Not a Fit If
Mertz Taggart typically declines engagements where:
- The business is outside healthcare services (they do not work with technology, manufacturing, or other non-healthcare sectors)
- Transaction size is below $3M enterprise value (their process economics require larger deals)
- The seller is not serious about selling or has unrealistic valuation expectations unsupported by market data
- There are unresolved regulatory issues, significant pending litigation, or compliance problems that would preclude a successful transaction
- The seller wants to run a limited process rather than creating broad buyer competition
Team
The firm is led by Managing Partners Cory Mertz and Kevin Taggart, supported by a team of professionals with diverse healthcare, legal, financial, and operational backgrounds:
Cory Mertz, M&AMI – Managing Partner: Track record of successful healthcare transactions with experience in business development and operations management. Speaker at regional and national healthcare conferences on maximizing company value and the M&A process. Based in Fort Myers, FL.
Kevin Taggart, CM&AP – Managing Partner & Co-Founder: Former co-owner of a home care company sold to a publicly traded company in 2010. Frequently quoted in Wall Street Journal and invited speaker at national healthcare conferences. Previously founded a land development and home-building company. Based in Tampa area, FL.
Bruce Vanderlaan, JD – Managing Director: 26 years representing businesses and healthcare practices in negotiations and transactions. Built a successful practice in healthcare law before joining Mertz Taggart. Based in Fort Myers, FL.
Sandra Zervoudakis, MS, LMHC, CAP – Senior Managing Director: Industry expert in mental health/substance abuse market. Former operator of hospitals and behavioral health facilities owned/operated by HCA, Psychiatric Solutions, and UHS. Based in Boca Raton, FL.
Peter Thiessen, MBA – Managing Director: Involved in nearly 40 transactions since 2004, overseeing acquisition of 200+ locations at Humana and BayMark Health Services. Former CFO/Controller with public company reporting experience. MBA from Duke University. Based in Dallas, TX.
Anke Stugk, Ph.D. – Director of M&A Analytics: Former Head of Research at a public business development firm and Program Chair for business and finance. Accomplished researcher in critical thinking, financial analysis, and strategic planning. Based in Fort Myers, FL.
Michael Lloyd – M&A Associate: Extensive knowledge of home health and hospice market. Former Patient Care Representative for national provider, later at industry-leading consulting firm providing clinical and financial services. Leads M&A activities in Home Care Division. Based in Charlotte, NC.
Crystal Schmandt – Administrator: Leads inside business development, CRM management, and market research initiatives. Licensed Real Estate agent in Florida with degree from Ridgewater College. Based in Fort Myers, FL.
Jaswant Maddipatla – M&A Analyst: Supports home-based care vertical. Former experience at Optum's behavioral health arm supporting roll-up M&A strategy, and at Paycor focusing on M&A and strategic partnerships. University of Florida graduate. Based in Chicago, IL.
Geographic Coverage
Headquartered in Fort Myers, Florida, with team members across Florida (Fort Myers, Tampa, Boca Raton), Texas (Dallas), North Carolina (Charlotte), and Illinois (Chicago). The firm represents healthcare companies nationally, with particular depth in transactions across the Southeast, Midwest, Texas, and Mountain West regions. Their transactions span 40+ states, and they have facilitated cross-border transactions involving Canadian buyers.