The Stepping Stones Group, a leading autism and behavioral health provider, recently announced its pediatric behavioral health acquisition of HM Therapy, a California-based therapeutic behavioral health company. While the financial details of the deal remain undisclosed, this acquisition marks another significant step in Stepping Stones’ ongoing strategy to expand its reach and deepen its service offerings for children and families affected by developmental and behavioral health challenges.
Founded in 2006, HM Therapy has grown steadily by providing a comprehensive suite of pediatric behavioral health services. Their specialties include occupational therapy, physical therapy, speech language pathology, psychology, behavioral services, education services, and infant education. One of HM Therapy’s key strengths is its versatile service delivery model. The company offers care across multiple environments — including in-home, community spaces, schools, through teletherapy, or hybrid combinations — enabling personalized treatment that adapts to the unique needs and circumstances of each child and family. This flexibility is particularly important in today’s landscape where access and convenience often determine the quality of care received.
HM Therapy’s Comprehensive Service Model
HM Therapy’s broad array of services supports children across a spectrum of developmental needs. Occupational therapy focuses on helping children develop skills required for daily living and independence. Physical therapy supports gross motor skills and physical functioning, while speech language pathology addresses communication challenges. Their psychology and behavioral services offer critical support for managing emotional, social, and cognitive development. In addition, education and infant education services help to ensure that developmental milestones are met in early childhood, a period critical for long-term outcomes.
This comprehensive and integrated approach to pediatric care aligns closely with Stepping Stones’ mission and existing service lines, setting the stage for seamless integration following the acquisition.
Expanding Reach Through Acquisition
Stepping Stones has been a trusted name in pediatric behavioral health for three decades. Serving over 1,000 clients directly and impacting approximately 200,000 children across 42 states, the organization is one of the largest providers in the field. Like HM Therapy, Stepping Stones delivers pediatric behavioral health services in schools and home environments, with an emphasis on accessibility and community-based care.
The acquisition of HM Therapy will significantly bolster Stepping Stones’ presence in the San Diego region, where HM Therapy has established a solid local reputation. This expansion enhances Stepping Stones’ ability to provide developmental services to infants and adolescents within familiar, supportive environments such as schools and homes, while also increasing the capacity for teletherapy options. The acquisition represents a natural geographic and operational extension of Stepping Stones’ existing service footprint.
Leadership Integration and Future Growth
Key leadership from HM Therapy will join Stepping Stones’ executive team, ensuring continuity of vision and expertise. Kyle Heeber, founder and CEO of HM Therapy, will become a Senior Advisor to Stepping Stones, lending his experience and insight to help guide the combined organization’s growth. Alice Heeber, co-owner of HM Therapy and director of school-based services, will step into the role of President and Chief Operating Officer of Stepping Stones’ K-12 Practice. This leadership integration is expected to drive innovation and improve service coordination across educational settings.
Tim Murphy, CEO of Stepping Stones, expressed enthusiasm about the acquisition, emphasizing its strategic value: “This is an exciting opportunity for us to continue to provide developmental services to infants and adolescents in schools and homes and expand our presence in the San Diego area. We are delighted to have HM Therapy join our team.”
Stepping Stones’ Acquisition Strategy
This pediatric behavioral health acquisition fits into Stepping Stones’ broader growth strategy, which relies heavily on mergers and acquisitions to expand clinical services, geographic reach, and operational scale. Earlier in 2025, Stepping Stones acquired The Southcoast Autism Center, further expanding their footprint on the East Coast. In 2021, the organization completed three acquisitions: EBS Healthcare, Futures, and Behavioral Learning Center. Previous notable additions include New England ABA, Star of CA, and Ador School Solutions.
These acquisitions reflect Stepping Stones’ focus on building a comprehensive, multi-state network of pediatric behavioral health providers that can offer consistent, high-quality care across a variety of service settings and therapeutic modalities.
Ownership and Market Trends
Since 2017, Stepping Stones has been owned by private equity group Five Arrows Capital Partners. In 2021, Five Arrows initiated a competitive sale process, seeking new private equity buyers interested in the growing behavioral health market. Despite this process, Stepping Stones remains part of Five Arrows’ portfolio and continues to execute on its strategic growth initiatives.
The behavioral health sector overall has seen a surge in mergers and acquisitions activity, driven by increasing demand, payer interest, and the need for operational efficiencies. While mental health and substance use disorder treatment have led the wave of deals, the autism and pediatric behavioral health segment is also experiencing rapid consolidation. According to research by Dexter Braff, nearly 200 M&A deals have taken place in the autism space over the last five years, underscoring a robust appetite for growth and expansion in this specialty area.
Impact of the Pediatric Behavioral Health Acquisition
This pediatric behavioral health acquisition positions Stepping Stones to better meet the rising demand for coordinated, multidisciplinary care for children with autism and other developmental disabilities. Integrating HM Therapy’s services and flexible care delivery model will improve continuity and convenience for families, particularly as hybrid and teletherapy options become increasingly important.
The expanded service portfolio also allows Stepping Stones to innovate in care delivery, tailoring interventions to individual needs across multiple environments — from classrooms to homes to virtual settings. Such flexibility can improve treatment adherence and outcomes, helping children develop the skills they need to thrive.
Looking Ahead
As the need for pediatric behavioral health services continues to grow nationwide, acquisitions like this one demonstrate how providers are adapting to serve families better. Stepping Stones’ pediatric behavioral health acquisition of HM Therapy signals a commitment to expanding access, improving quality, and offering diverse care options that meet children where they are.
For families navigating the challenges of autism and related conditions, having access to a broad network of experienced providers can make a meaningful difference in a child’s development and overall quality of life. Stepping Stones’ latest acquisition is an important milestone in building that network and advancing the standard of pediatric behavioral health care.
In summary, the pediatric behavioral health acquisition of HM Therapy by Stepping Stones Group not only strengthens the company’s geographic reach and service offerings but also reflects broader trends in the behavioral health market toward consolidation and integrated care delivery. As providers continue to merge and expand, families can expect greater access to innovative, flexible, and high-quality pediatric behavioral health services in the years ahead.
