Transactions: Kelso Partners with Refresh Mental Health; Summit BHC’s Latest Acquisition

Kelso acquires majority stake in Refresh Mental Health

Kelso & Company, a North American-focused middle market private equity firm, has acquired a majority stake in Refresh Mental Health, an outpatient mental health provider. Kelso did so in partnership with Refresh management.

Terms of the deal were not disclosed.

Kelso purchased its stake from Lindsay Goldberg, a PE company that frequently works with families and that helped found Refresh back in 2017. Lindsay Goldberg worked with Steve Gold, Refresh’s CEO, and his father Mark Gold, Lindsay Goldberg affiliate partner, to build the company.

Headquartered in Jacksonville Beach, Florida, Refresh partners with specialized providers to provide financial backing, business operations and marketing support. Today, Refresh is the parent company of more than 200 locations across 28 states. Those locations include outpatient substance use disorder (SUD), eating disorder and mental health treatment centers.

“We built Refresh together with Lindsay Goldberg upon the core value and principle that there needed to be greater access to the highest quality mental health services within local communities across this country,” Steve Gold said in a press release announcing the news. “In partnership with Lindsay Goldberg, we have significantly increased access to such services without compromising the quality of care our patients need and expect. We look forward to aggressively pursuing our growth and acquisition strategy as we continue to serve as the partner of choice for clinical thought leaders who value Refresh’s clinical excellence and patient outcomes.”

Summit Behavioral Healthcare acquires Clear View Behavioral Center

Summit Behavioral Healthcare has acquired Clear View Behavioral Center, according to Colorado Hometown Weekly. 

The $29.25 million deal closed on Dec. 1, the publication reported.

Headquartered in Franklin, Tennessee, Summit BHC has more than 20 centers across 15 states. Lee Equity Partners and FFL Partners have controlling stake in the company.

Meanwhile, Clear View Behavioral Center is a 92-bed mental health facility that has been empty since September, when the Colorado Department of Public Health and Environment shut it down. At the time, state officials found that workers had failed to follow COVID-19 rules.

A Summit BHC spokesperson told the publication that the company hopes to apply for a new operating license and have the facility up and running by early 2021. 

Beacon Behavioral Hospital partners with Latticework Capital Management

Beacon Behavioral Hospital, a regional behavioral health provider in Louisiana, has partnered with Latticework Capital Management, a PE firm focused on health care.

Financial terms of the transaction were not released.

Based in Louisiana, Beacon has seven outpatient locations and four behavioral hospitals across the state. Meanwhile, Latticework Capital is headquartered in Dallas and focuses on growth. 

The partnership will allow the Beacon team to continue to grow into new states and to offer new service offerings, according to a press release announcing the news.