Franklin-based behavioral health and addiction treatment provider Summit BHC has a new owner, with Patient Square Capital buying the 24-facility network of clinics from private equity firms based in San Francisco and New York.
Financial terms of FFL Partners' and Lee Equity Partners' sale of Summit to Patient Square Capital were not disclosed in a press release.
Patient Square Capital is a Menlo Park, California-based private investment firm that focuses on the health care industry, including biopharmaceuticals, medical devices, health care providers and tech-enabled services.
The deal comes as behavioral health care services are expected to see a rapid growth in demand, according to Patient Square founding partner Alex Albert. Since its inception in 2013, Summit has grown to provide substance use disorder and acute psychiatric care at 24 facilities across 16 states — with seven of those acquisitions taking place after FFL and Lee Equity acquired the company in the fall of 2017.
"We anticipate dramatic growth in behavioral health care services, driven by increasing societal recognition of its importance and continued need for expanded access," Albert said in the 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."