Lee Equity Partners buys majority stake in Bradford Health Services

Lee Equity Partners, a growth oriented middle market private equity firm, announced that funds managed by the firm acquired a majority ownership interest in Bradford Health Services.

Lee Equity acquired Bradford Health from Centre Partners and certain other investors, with Centre Partners maintaining an ongoing equity stake. Terms of the transaction were not disclosed.

Based in Birmingham, Alabama, Bradford Health is a leading substance use disorder (“SUD”) treatment provider in the Southeast. The Company has a 40+ year operating history in its core geographies and is an early pioneer in value based behavioral healthcare reimbursement. Bradford Health is a regional leader in the Southeast with a strong market presence in Alabama, Tennessee, Mississippi, North Carolina, and Arkansas. The Company’s ability to provide the complete continuum of care and its commitment to clinical quality make it ideally suited to scale in the Company’s current and expansion markets.

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Mike Rickman, Chief Executive Officer of Bradford Health, along with the current management and clinical teams, will continue to lead the company, and are committed to continuing the expansion of Bradford Health’s business. “We are pleased to be partnering with Lee Equity given their long-term track record of building market-leading healthcare businesses and developing clinically excellent organizations, specifically in behavioral health,” Rickman said. “Centre Partners has been a truly valuable partner. Their strategic guidance and resources were critical in driving Bradford Health’s growth and we are pleased that they remain an investor.”

“We are excited to partner with Mike Rickman and his talented team at Bradford Health to provide much needed SUD care to communities throughout the Southeast” said Lee Equity Principal, Christian Chauvet. “We believe that the Company is well positioned for the future and will accelerate its growth trajectory while continuing to deliver high quality patient care,” added Mark Gormley, Partner at Lee Equity.

“This transaction is the culmination of our strategy to identify and invest in a market-leading business within the growing and underserved behavioral healthcare industry,” said Jeff Bartoli, Senior Partner at Centre Partners. “We greatly appreciate the dedication and leadership of Bradford Health’s management team and look forward to supporting the Company in its next chapter of growth.”

Fifth Third and Comvest provided financing for the transaction. McDermott Will & Emery acted as legal counsel to Lee Equity. Harris Williams and Coker Capital served as advisors and Dechert LLP and Burr Forman LLP acted as legal counsel to the Company.

Source: PR Newswire