Pantogran, LLC, led by Founder Dr. Doreen Granpeesheh, to Acquire 112 CARD Centers and All CARD Intellectual Property
Proud Moments ABA and New Story to Acquire 18 Centers, Including All Centers in Virginia, New Jersey, and Nevada, and 3 Centers in New York
All Centers to Remain Open and to Continue Providing Care to Patients
HENDERSON, Nev., July 27, 2023 (GLOBE NEWSWIRE) -- Center for Autism and Related Disorders (CARD®) today announced that Pantogran, LLC, Proud Moments ABA, and New Story have been named the winning bidders to acquire substantially all of CARD’s assets following a comprehensive sale process and a competitive auction conducted under Section 363 of the U.S. Bankruptcy Code. Pantogran, LLC is led by CARD founder and former CEO Dr. Doreen Granpeesheh. Proud Moments ABA is a national provider of ABA services, and New Story is a leading provider of special and alternative education and pediatric mental health services. The United States Bankruptcy Court for the Southern District of Texas approved all transaction agreements at a hearing that took place on July 26, 2023.
Under the terms of the agreements:
- Pantogran, LLC, is acquiring 112 centers across the United States, including the centers located in Mamaroneck, New York and Bayside, New York. Pantogran, LLC, is also acquiring all intellectual property and longitudinal data including CARD’s clinical database, Skills® Global.
- Proud Moments is acquiring 2 centers in Nevada, 1 center in New Jersey and 3 centers in New York not being acquired by Pantogran.
- New Story is acquiring all locations in Virginia, including 3 special education schools and 9 ABA centers.
“We are pleased to have reached an outcome that ensures our centers will stay open and our patients will continue to receive outstanding care,” said Jennifer Webster, Chief Executive Officer of CARD. “Both Dr. Granpeesheh and the teams at Proud Moments and New Story bring considerable expertise and track records of excellence in this space, and I am confident our patients are in good hands. I would also like to acknowledge the entire CARD team for their unwavering focus and steadfast commitment to our patients throughout this process.”
“I am eager and excited to get back to work helping CARD families and supporting CARD’s clinical teams. I have closely followed CARD’s journey over the past few years and look forward to coming back to lead its next chapter,” said Dr. Granpeesheh. “When I realized that Proud Moments and New Story were interested in acquiring certain CARD locations, I seized the opportunity to involve providers that share my commitment to top-quality ABA and special education. Their involvement will provide critical resources to meet patients’ needs in the locations they are acquiring, and I am confident that Proud Moments and New Story will be strong stewards of those centers.”
“Today’s announcement is a testament to our commitment to the population we serve as we add CARD’s six centers to our portfolio and position Proud Moments to serve more patients across the autism community,” said Matt Henn, CEO of Proud Moments ABA. “We are eager to build on CARD’s legacy of industry-leading clinical care at these locations.”
“Given our experience in providing comprehensive services and support to students throughout the United States, we are excited to add the CARD Centers and Academies in Virginia to the New Story family,” added Jon Bicknell, CEO of New Story. “We look forward to providing the same warm and passionate care patients and their families have come to expect.”
The transactions are subject to certain closing conditions and are expected to close by August 25, 2023.
Additional information regarding the court-supervised process is available at https://cardrestructuring.com. Court filings and other information related to the proceedings are available on a separate website administrated by the company’s claims agent, Stretto, at https://cases.stretto.com/CARD, by calling Stretto toll-free at (855) 925-7872 (or +1 (949) 892-1668 for calls originating outside of the U.S.), or by sending an email to TeamCARD@stretto.com.
Advisors
Livingstone Partners is serving as financial advisor to CARD, Kirkland & Ellis is serving as its legal advisor and Portage Point Partners is serving as restructuring advisor, with Steven Shenker serving as Chief Restructuring Officer.
Calex Partners is serving as exclusive financial advisor, Nevers, Palazzo, Packard, Wildermuth & Wynner is serving as legal advisor, and Locke Lord is serving as bankruptcy and restructuring counsel to Dr. Granpeesheh and Pantogran, LLC.
Fredrikson & Byron P.A. is serving as legal advisor to Proud Moments ABA and New Story.
Center for Autism and Related Disorders (CARD)
CARD was founded in 1990 and employs a dedicated team of exceptional clinicians across the nation. CARD treats individuals of all ages diagnosed with autism spectrum disorder (ASD) using the principles of applied behavior analysis (ABA), which is empirically proven to be the most effective method for treating individuals with ASD. CARD is committed to success for every individual it treats, so that each person can fulfill their maximum potential, find their own unique voice, and achieve happiness in life. For more information, visit centerforautism.com.
Proud Moments ABA
Proud Moments is an industry leading provider of applied behavioral analysis therapy for children diagnosed on the Autism Spectrum. It is our mission to provide the Gold Standard of Care and expand access to all families seeking ABA therapy. We are committed to providing the resources, education and continued advancement of our professional team to attract, retain and develop top-tier talent. We have partnered with some of the highest quality providers in the field of ABA and are excited by the opportunity to continue building on our mission in the areas we serve. For more information, visit www.proudmomentsaba.com.
New Story
New Story is a leading provider of special and alternative education and therapeutic services. New Story offers integrated academic and therapeutic programming to children and young adults with autism spectrum disorder, mental illness, emotional and behavioral challenges. Building upon our 25-year legacy of collaboration and commitment to putting students and clients first, we partner with districts, families, providers, and communities to serve thousands of families in need each year. Our passionate teams, evidence-based and best practice programming empower children and young adults to reach their highest potential. For more information, visit www.newstory.com/.
Contacts:
Center for Autism & Related Disorders, LLC
Jodi Taylor, CARD, media@centerforautism.com
Meaghan Repko / Jed Repko
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
