Bradford Health Services, which is the largest provider in the Southeast of substance use disorder (SUD) treatment programs, has agreed to acquire Cornerstone of Recovery. Terms of the deal were not disclosed.
Founded in 1977, Birmingham, Alabama-based Bradford offers residential, inpatient, extended care, detox and outpatient services in five states. Bradford — which also operates a 24/7 crisis center — accepts most major insurances and offers self-pay options.
Cornerstone of Recovery — which was founded in 1989 — is headquartered in the eastern Tennessee town of Louisville, located outside of Knoxville. According to a press release announcing the deal, Cornerstone is one of the largest drug and alcohol treatment providers in the state — offering detox as well as family, individual and group therapies, along with services like fitness and chronic pain management.
Cornerstone provides both outpatient services as well as inpatient assistance at its two Knoxville-area facilities. The provider accepts a number of private and commercial insurance plans.
“Whether we’re serving patients from Tennessee or from across the country, our mission has always been the same: to save lives, families, and jobs by providing hope, healing, and recovery for those impacted by the disease of addiction,” Cornerstone of Recovery CEO Steve McGrew said in a press release about the deal. “With this new partnership, we look forward to furthering this mission, drawing on new resources and opportunities under the Bradford umbrella to continue to provide comprehensive, affordable, and effective treatment for those in need.”
The newly combined company will operate 25 facilities across Alabama, Arkansas, North Carolina and Tennessee.
“We are proud to add an organization as well respected as Cornerstone of Recovery to the Bradford portfolio,” Mike Rickman, the president and CEO of Bradford Health Services, said in the press release. “This partnership brings together two teams that share a passion for supporting recovery. We are excited to combine our collective knowledge and experience to provide even greater access to the best care in the industry.”
Bradford Health Services is backed by middle market private equity firm Centre Partners.
Companies featured in this article:
Bradford Health Services, Centre Partners, Cornerstone of Recovery
