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Strategic Advisor·Behavioral Health

Mike Moran

Founder & Managing Director at M&A Healthcare Advisors

Calabasas, CA

MM
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Why they matter

Founder of a boutique healthcare M&A bank with 50+ closed lower-middle-market deals across behavioral health, home health, and pharmacy — a direct line to founder-owned targets.

Background

Mike Moran is Founder & Managing Director of M&A Healthcare Advisors (MAHA), a boutique investment bank he co-founded in 2021 with Andre Ulloa and Mark Thomas after the trio closed 50+ healthcare M&A deals together. Based in Calabasas, CA, he leads sell-side advisory for lower-middle-market healthcare businesses (roughly $5M-$100M revenue) across behavioral health, home health/hospice, autism/I-DD, physician practices, and pharmacy. He holds a B.S. in Finance and Psychology from Syracuse University.

Notable deals

  • 2021
    Co-founded M&A Healthcare Advisors after 50+ prior healthcare transactions with his future partners
  • 2021
    Featured in Top 100 Magazine as Partner & Executive Advisor at MAHA
  • 2023
    Led sell-side advisory on Summit Home Care's sale to LHC Group, Inc.
  • 2025
    Led MAHA's sell-side advisory on Greater Boston Long Term Care Pharmacy's sale to Tarrytown Expocare Pharmacy, the firm's first deal as a registered broker-dealer agent

Call-prep brief

Background

  • Founder & Managing Director of M&A Healthcare Advisors (MAHA), co-founded 2021 with Andre Ulloa and Mark Thomas after 50+ prior joint transactions.
  • Based in Calabasas, CA; B.S. Finance & Psychology, Syracuse University.
  • MAHA is a sell-side boutique investment bank serving lower-middle-market healthcare owners ($5M-$100M revenue / ~$2M-$20M EBITDA), with named expertise in behavioral health, home health/hospice, autism/I-DD, physician practices, staffing, and pharmacy.

Current focus

  • Sell-side representation for founder-owned healthcare operators nationwide.
  • MAHA became a registered broker-dealer agent in July 2024, enabling larger and more complex transaction structures — the Greater Boston LTC Pharmacy → Tarrytown Expocare deal (Jan 2025) was its first under that new capacity.

What he cares about

  • Founder-level, hands-on attention to sellers ("treated us as if we were his only client" — client testimonial).
  • Maximizing enterprise value for owner-operators in an underserved lower-middle-market segment.
  • Institutional-grade execution rather than simple buyer introductions.

Sensitivities

  • He represents sellers, not buyers/investors — frame outreach as relationship-building around deal flow, not a fit-for-portfolio pitch.
  • Client identities beyond announced deals are confidential; don't press for names of active mandates.

Questions to ask

  1. What's MAHA's current pipeline of behavioral health sell-side mandates, and typical seller profile (revenue/EBITDA band)?
  2. Since the 2024 broker-dealer registration, has deal size or buyer mix (PE vs. strategic) shifted?
  3. Which behavioral health sub-verticals (autism/IDD, outpatient, SUD) are seeing the most seller interest right now?

Outreach draft

Subject
Behavioral Health Deal Flow — Quick Call?
Hi Mike, I came across MAHA's recent work in behavioral health and home health M&A — congrats on the Greater Boston LTC Pharmacy/Tarrytown Expocare deal and the broker-dealer registration milestone. We're a private equity team building a platform in behavioral health services and always look to build relationships with advisors who have real visibility into founder-owned sellers in the $5M-$100M range. Would you be open to a 20-minute call to compare notes on what you're seeing in the behavioral health/IDD/autism space — deal volume, valuation trends, and any sellers who might be a fit for a longer-term partner? Happy to work around your schedule. Best, [Your Name]

Linked companies

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