Summit BHC Sold to Patient Square Capital

After reports surfaced in late July indicating that Lee Equity and FFL Partners were considering a sale of Summit BHC, a deal for the Franklin, Tennessee-based behavioral health and addiction treatment provider was announced on Thursday morning.

Healthcare investment firm Patient Square Capital is acquiring Summit BHC. Financial terms of the transaction were not disclosed.

“We anticipate dramatic growth in behavioral healthcare services, driven by increasing societal recognition of its importance and continued need for expanded access,” Patient Square founding partner Alex Albert said in a news release. “Over a more-than-dozen-year relationship with Summit’s leadership team, we’ve built strong conviction in our alignment with their mission, values and patient-centric approach.”

Summit BHC provides substance use disorder and acute psychiatric treatment services at 24 facilities operating in 16 states. The newest of those centers is Johnstown Heights Behavioral Health, a 92-bed facility for adults, adolescents and children that opened in July in Colorado.

In network with most commercial insurers, the company offers acute inpatient care, detox programs, and residential and outpatient services. Summit BHC has aggressively grown since being acquired by FFL and Lee Equity in October 2017, completing 7 acquisitions in the SUD space and expanding into acute psychiatric care, which now accounts for more than one-third of Summit’s business. The company has also expanded 8 facilities and opened an additional 5 since being acquired by FFL and Lee Equity.