Market Overview

TripleTree Advises Caravel Autism Health on Its Strategic Investment by Frazier Healthcare Partners


TripleTree, LLC, a strategic advisor and merchant bank serving
innovative companies in healthcare, is pleased to announce that its
client, Caravel Autism Health ("Caravel" or the "Company"), a leading
provider of Applied Behavioral Analysis ("ABA") therapy to children on
the autism spectrum has received a strategic investment by Frazier
Healthcare Partners.

The investment will allow Caravel to pursue geographic expansion and
additional treatment models to serve the needs of more children and
their families. It will also support the Company's focus on clinical
excellence and best-outcomes using ABA therapy. Finally, the additional
investment in technology initiatives will enhance quality, outcome data
tracking and efficiency in delivery of autism treatment.

"Frazier Healthcare Partners brings deep healthcare expertise that
aligns with our mission, values and strategic growth plan to provide ABA
therapy to children on the autism spectrum," said Caravel CEO Mike
Miller. "TripleTree's deep knowledge of the behavioral health sector and
their exceptional strategic advice over the last year were essential in
helping us extend our treatment to more families in Illinois, Wisconsin
and additional states."

"Caravel is on the forefront of clinical excellence in the field of
autism health, innovating standards of care through advances in quality
measurement, early intervention and family support," said Peter
Erickson, TripleTree Managing Director. "We are thrilled about the
Caravel and Frazier Healthcare Partners partnership, which positions the
Company for its next phase of growth in accelerating these initiatives."

"With an incidence of 1 in 59 children, Autism Spectrum Disorder (ASD)
is the fastest growing developmental disability, according to the
Centers for Disease Control and Prevention (CDC)," said Jon Hill,
TripleTree Senior Director. "Caravel has been a leader in creating
effective autism treatments, and the strategic investment by Frazier
Healthcare Partners allows them to enhance their capabilities in current
service areas while extending their reach to more families in new

TripleTree acted as the exclusive strategic and financial advisor to
Caravel for this transaction.

About TripleTree
TripleTree is an independent merchant bank
focused on mergers and acquisitions, growth capital, recapitalizations,
strategic advisory and principal investing. Since 1997, the firm has
advised and invested in some of the most innovative, high-growth
businesses in healthcare. For more, visit

About Caravel
Founded in 2009, Caravel Autism Health is
devoted to helping families navigate the challenges of childhood autism.
Caravel's team of autism health experts specializes in the evaluation,
diagnosis and treatment of children on the autism spectrum. Caravel
offers research-based programs using the principles of Applied Behavior
Analysis, helping children living with autism reshape their development
and embrace new ways of interacting with the world. Caravel operates
nine clinics across Illinois and Wisconsin, providing in-home,
individualized treatment programs designed to help children develop
skills, create connections and build confidence.

For more information about Caravel, visit the company's website at:

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