Crossroads Treatment Centers Receives Recapitalization for Acquisition and Expansion Efforts

Revelstoke Capital Partners and Canadian-based Caisse de dépôt et placement du Québec (CDPQ) have completed a recapitalization of an affiliate of Crossroads Treatment Centers.

Greenville, South Carolina-based Crossroads Treatment Centers operates over 115 clinics across 10 states for substance use disorder (SUD) and mental health, reaching more than 26,000 lives deemed as being at-risk.

Revelstoke has previously invested in Crossroads while CDPQ is a new funder of the provider.


“Revelstoke has been a valuable partner to the Crossroads management team and we are pleased to welcome CDPQ as a new partner,” Dr. Rupert McCormac, the founder and CEO of Crossroads, said in a press release. “This incredibly valuable partnership allows us to even further expand life-saving access to the most convenient, comprehensive, high-quality care for so many in dire need of services. We are very excited about the future.”

Crossroads, which specializes in measurement-based care for opioid use disorder (OUD), offers medication-assisted treatment drugs including suboxone and methadone. Crossroads provides services both in-person and by telehealth, with medical and clinical assessments offered alongside care coordination with local agencies and services professionals.

The recapitalization by CDPQ – whose headquarters are in Montreal – and Denver-based Revelstoke was announced Tuesday.


“Since its foundation, Crossroads has positively impacted the lives of thousands of individuals through its mission-driven culture and patient-centered approach to quality clinical care,” Martin Laguerre, the executive vice president and head of private equity and capital solutions for CDPQ, said in the release. “We are pleased to support the next phase of Crossroads’ growth as the Company continues to make these essential healthcare services available to more patients across the United States.”

The funding from the recapitalization will go towards Crossroads’ future plans of expansion and acquisitions.

“Since Revelstoke’s initial investment in Crossroads, the Company has grown its geographic footprint from four to ten states and increased the number of patients it manages by more than ten times,” Revelstoke Principal Michael Constantinides said in the release. “This transaction will provide the Company with further capital to pursue add-on acquisitions and invest in and grow its differentiated and comprehensive value-based care model.”

Investment bank Harris Williams & Co. acted as the financial advisor to Crossroads for the recapitalization. The provider also used the law firm Winston & Strawn LLP for legal advice on the transaction.

Financial terms of the recapitalization were not made available.

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