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Lee Equity Partners Acquires Bradford Health Services
Lee Equity Partners, a middle-market private equity firm, announced it has acquired a majority ownership interest in Bradford Health Services from Centre Partners and other investors. Centre Partners will maintain an ongoing equity stake.
For Lee Equity, the deal marks a return to the behavioral healthcare space. In September 2021, the private equity firm and FFL Partners reached an agreement to sell Summit BHC to Patient Square Capital. Lee Equity and FFL had acquired Summit BHC in 2017.
Bradford Health is an Alabama-based substance use disorder treatment provider with operations across the Southeast. The company, which has operated for more than 40 years, was an early adopter of the value-based behavioral healthcare reimbursement model. Bradford Health provides a continuum of treatment services, which along with a “commitment to clinical quality,” makes Bradford “ideally suited to scale in the company’s current and expansion markets,” Lee Equity Partners noted in a news release announcing the deal.
Bradford Health CEO Mike Rickman and the company’s current management and clinical teams will continue to lead the organization, Lee Equity Partners announced in its news release.
“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 in a statement. “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.”
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