Advanced Recovery Systems Acquires Promises Behavioral Health
By Chris Larson | August 20, 2026
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M&A
Winter Park, Florida-based Advanced Recovery Systems acquired Promises Behavioral Health in early July. A representative of the company stated that the deal "puts together two organizations focused on providing evidence-based, expert care for individuals with addiction and mental health conditions." Together, they operate 24 facilities across 14 states, offering medical detox, inpatient, residential, and outpatient mental health and addiction treatment services.
The financial details of the deal remain undisclosed, as Advanced Recovery Systems chose not to comment on specific terms. Previously, Promises Behavioral Health was backed by Assured Healthcare Partners, who converted their debt into equity in 2021. BlueMountain Capital Management acquired the assets of bankrupt Elements Behavioral Health in 2018 and launched them as Promises Behavioral Health the following year.
In January, Axios reported that Goldman Sachs Asset Management, the backer of Advanced Recovery Systems, halted the auction of the company. Wayne Orvis, a 25-year veteran of Walgreens, was appointed CEO in June 2026.
Meanwhile, Promises Behavioral Health closed three facilities in late 2026, affecting 122 employees.
Dealmaking in the Addiction Treatment Space
Dealmaking in this sector has significantly slowed down. The second quarter of 2026 saw only two closures, and six for the first half of the year—a 68% reduction from the same period in 2025. Despite this trend, industry insiders believe there are still opportunities for good deals, primarily for companies with a proven track record of care quality and successful operations. Uncertainty surrounding Medicaid reforms exerts considerable pressure on dealmaking, however.