Perimeter Healthcare, an acquisition vehicle formed by Ridgemont Equity Partners earlier this year to pursue invests in behavioral healthcare, has acquired WoodRidge Behavioral Care.
The buy of WoodRidge includes five psychiatric residential treatment facilities and three acute hospital programs serving adolescent and geriatric patients from locations in Tennessee, Arkansas and Missouri. WoodRidge is based northeast of Nashville in Madison, TN (www.woodridgecare.com).
Perimeter Healthcare is led by President and CEO Rod Laughlin, who has 35 years of experience in building and operating facility-based healthcare companies such as Restora Healthcare, Regency Hospital Company, Charter Medical Corporation, and Acadia Healthcare. “WoodRidge Behavioral Care is our first platform investment and an important part of the integrated behavioral healthcare company we are building in partnership with Ridgemont,” said Mr. Laughlin.
“The demand for high quality behavioral health services continues to grow due to mental health legislation as well as increasing awareness of the downstream effects of untreated mental illness,” said Scott Poole, a Partner at Ridgemont. “In the face of this growing need, there is currently a severe shortage of mental health providers, particularly in certain markets in the US. The acquisition of WoodRidge is the first step in building a foundation for expanding mental health programs and improving care in local communities.”
Ridgemont Equity Partners focuses on middle market buyout and growth equity investments of $25 million to $100 million. The firm invests in the following sectors: basic industries and services; energy; healthcare; and telecommunications, media and technology. The firm is headquartered in Charlotte with an additional office in Dallas (www.ridgemontep.com).
Nashville-based investment bank Harpeth Capital (www.harpethcapital.com) was the financial advisor to WoodRidge. Financing for this transaction was provided by BMO Sponsor Finance (www.bmoharris.com) and Pinnacle Bank (www.pinnbank.com).
© 2016 Private Equity Professional • 9-20-16
