Two long-time executives of Minneapolis-based outpatient behavioral health provider Nystrom & Associates Ltd. are no longer with the company.
Brian and Peter Nystrom revealed their separations from the company on April 27 in social media posts. Brian Nystrom, former CEO and chief clinical officer, said he resigned from the company he founded 32 years ago and led until recent years. Peter Nystrom, Brian’s son and former chief commercial officer, said he was dismissed from the company.
Representatives of Nystrom & Associates and its primary backer, Nautic Partners, have not responded to requests for comment.
“I am so proud of the work that Peter and I have done,” Brian Nystrom told Behavioral Health Business in a statement. “As leaders, we grew our family business from one location to 16 throughout Minnesota, to over 50 clinics in 5 states providing high-quality care to thousands of patients.”
“We started Nystrom to change people’s lives for the better, and that’s exactly what we did,” he continued. “My decision to leave speaks for itself. I wish only the best for the future of Nystrom & Associates Ltd.”
Nystrom & Associates offers psychiatry, therapy, nursing and substance use disorder (SUD) treatment across 53 locations in Minnesota, Iowa, Wisconsin and North Dakota.
Brian Nystrom founded Nystrom & Associates in 1991. He led the company as CEO until May 2020. He is still a major shareholder and a board member of the company.
Peter Nystrom held a series of positions in the company, beginning in 2008 as director of business development and ending as chief commercial officer. He is also a board member and shareholder of the company.
“I am no longer with Nystrom & Associates. The new management of Nystrom recently let me go from the organization,” Peter Nystrom said in a Linkedin post. “Many of you know the story of Nystrom & Associates. My family bootstrapped it from the early days of fighting to make payroll, and then continued running it with financial conservatism in mind, and with the intent of helping those in need.”
Providence, Rhode Island-based Nautic Partners, a private equity firm, acquired a majority stake in Nystrom & Associates in 2019. Mark Arnold took over the CEO role in May 2020. At that point, Brian Nystrom moved to the role of chief clinical officer.
In January 2023, Nautic Partners announced Mark Peterson would step into the CEO role.
Peterson joined the Nystrom & Associates board of directors in 2019. At that time, he was the CEO of the institutional pharmacy provider Genora Healthcare, where he was a C-suite leader for nearly 20 years, including as CEO in his last few years at Genoa. He became Nystrom’s board chairman in January 2020.
A former Nautic Partners platform company, Qol meds LLC, acquired Genoa and took on its name in 2014. The firm lists Genoa as an exited investment. Nautic Partners has an active investment in Pyramid Healthcare, according to its website.
Nystrom & Associates continues to grow. It opened its first North Dakota clinic in February. Peterson said in a news release the Fargo location would be the first of many locations in the state.
“Our work has always been to stabilize individuals, families, and communities. That mission is embedded in one’s DNA,” Peter Nystrom told BHB in a statement. “Nystrom & Associates was the trailblazer when it came to integrating therapy, psychiatry, and addiction treatment services in one setting. … I greatly look forward to getting back into the helping industry.”