The Stepping Stones Group Acquires EBS Healthcare

BOSTON, MA - The Stepping Stones Group (Stepping Stones) is delighted to announce the acquisition of EBS Healthcare (EBS), a Pennsylvania-based therapeutic and behavioral company. The combination of Stepping Stones and EBS creates a premier, national provider of therapeutic, behavioral, autism, nursing, and educational services to children in school, home, and community settings. As a mission-driven organization, the combined company will transform the lives of children, families and communities in over 900 school districts across 42 states.

While EBS and Stepping Stones will remain legally separate companies marketing their respective brands, they will be led and managed by a combined leadership team. Mark Stubits, Founder, and CEO of EBS will continue to play an instrumental role in the company’s future as a shareholder and will become Vice Chairman of Stepping Stones’ Board of Directors. He will work closely with the group’s Chief Executive Officer Tim Murphy on bringing the organizations together and developing strategies for future growth.


“Today’s announcement is a transformational moment for EBS Healthcare and The Stepping Stones Group employees and stakeholders. By joining forces, we better fulfill our mission of transforming the lives of children, families, and communities we serve,” remarked Chief Executive Officer Tim Murphy. “Mark and his team have built a phenomenal company based on clinical excellence, professional development of tomorrow’s therapeutic and behaviorist leaders, and fantastic customer service. I look forward to partnering with Mark and the EBS team – together we will become the leading provider of therapeutic, behavioral, and autism services for children across the country.”  


“With Stepping Stones, I believe we enhance our mission “to make a difference, every day, in the lives we touch” by expanding our reach nationally to serve more school districts and be the employer of choice for therapists, behaviorists, and educators,” added Mark Stubits, Founder, and CEO of EBS Healthcare. “Stepping Stones has grown their presence both organically and by partnering with other founder-led companies, like EBS. I believe their success is the result of a commitment to quality of care and customer service. Moreover, their openness to different ideas and new teams through their prior successful partnerships signifies to me their respect for legacy. I am greatly enthused at the prospect of working with Tim and his leadership team to make our combined company the industry standard.”  


“This transaction marks a major milestone in our investment thesis of scaling nationally to address the unmet needs of families, school districts, and diagnosticians seeking a partner to deliver critical developmental services to children and adolescents,” commented Michael Langer, Partner at Five Arrows Capital Partners. “We are proud to support Stepping Stones’ acquisitive growth strategy as they continue to expand the company’s national footprint, service offerings, and settings.”


The Stepping Stones Group was represented by Troutman Pepper Hamilton Sanders LLP for legal advisory services. Madison Capital Funding LLC led the debt financing. EBS Healthcare was represented by Capstone Headwaters as exclusive financial advisor and Polsinelli for legal advisory services.


About The Stepping Stones Group

The Stepping Stones Group is the leading provider of therapeutic and behavioral services to children including those with special needs and autism. The company serves over 600 clients and 140,000 children annually across 37 states. With over 30 years of experience, our team consists of over 4,500 employees including licensed clinicians and special educators, dedicated to delivering high-quality therapeutic and behavioral services. For more information:


About Five Arrows Capital Partners

Five Arrows Capital Partners (FACP) is the North American corporate private equity arm of Rothschild & Co’s Merchant Banking business. Merchant Banking manages over $18 billion which includes approximately $4.5 billion dedicated to corporate private equity, as well as a series of funds focused on senior and junior credits, a primary and secondary fund investing, and co-investments, with offices in Paris, London, New York, Los Angeles, and Luxembourg.


FACP is focused on investing in middle-market companies with highly defensible market positions; strong management teams; business models with high visibility of organic unit volume growth and strong free cash flow conversion; and multiple operational levers that can be used to unlock latent value. Sectors are limited to data and software, technology-enabled business services, and healthcare.


For more information:


About EBS Healthcare

EBS is a leading provider of clinic, school, and home-based behavioral and therapeutic services to children with autism, special needs, and developmental/behavior issues. For more information:




The Stepping Stones Group LLC

Tiffany Baxter


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Disclaimer: The information provided in this blog is for general informational purposes only and should not be considered as professional advice. The content is based on the author's personal experiences, research, and opinions. It is always recommended to consult with a qualified professional or expert before making any decisions or taking action based on the information provided in this blog.

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