Health system LifePoint Health is furthering its foothold in the behavioral health arena after completing the acquisition of Springstone’s operating company, U.S. Behavioral Partners.
The acquisition, which was first announced in August, will add 18 behavioral health hospitals and 35 outpatient locations across nine states to Lifepoint’s network. It also signals that LifePoint is doubling down on its behavioral health efforts.
“We recognize that there is a widespread and critical need for expanding access to behavioral health services, and both Lifepoint and Springstone share a commitment to providing high quality, compassionate behavioral health care to communities across the nation,” David Dill, chairman and chief executive officer of Lifepoint Health, said in a statement. “By continuing to expand Lifepoint’s behavioral health platform, we have an opportunity to strengthen the care continuum, bring more services to our communities, better support hospitals and providers, and improve the overall health of patients across the nation.”
LifePoint is a Tennessee-based health care provider with more than 50,000 employees. It has 62 community hospital campuses, more than 50 rehabilitation and behavioral health hospitals, and 200 sites for acute rehab, outpatient care and post-acute care.
LifePoint is owned by the private equity firm Apollo Global.
In 2021, private equity firm Welsh, Carson, Anderson & Stowe (WCAS) sold Springstone Inc. to REIT Medical Properties Trust Inc. (NYSE: MPW) for roughly $950 million. At the time, $750 million was put toward the acquisition of Springstone facilities, with $200 million in debt financing going toward Springstone’s operating company, U.S. Behavioral Partners.
LifePoint’s acquisition of U.S. Behavioral Partners is valued at about $250 million, according to previous reporting. As part of the agreement, LifePoint Health paid Medical Properties Trust $200 million to satisfy a debt interest, a previous release announced.
Medical Properties Trust will continue to retain a minority interest in the company.
This isn’t LifePoint’s only behavioral health acquisition. In January, the company announced its acquisition of Cornerstone Behavioral Health El Dorado.
The company also acquired Louisville, Kentucky-based Kindred Healthcare in 2021. Kindred Healthcare was a specialty hospital provider with a behavioral health arm.
“Joining Lifepoint is a very positive step for Springstone, our team and the people we serve,” Philip Spencer, CEO of U.S. Behavioral Partners, said in a statement. “Our companies have long shared a goal of bringing best-in-class behavioral health services to the communities we serve.”
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