Nonprofit addiction provider Hanley Foundation announced the acquisition of Origins Behavioral Healthcare.
The deal will allow Hanley Foundation to expand its scope of care and provide residential and outpatient services and specialized programs for men, women, older adults, executives and professionals.
Origins brings with it centers across Texas and Florida. As part of the deal. The Hanley Foundation will regain ownership of the West Palm Beach, Florida-based Hanley Center.
The Hanley Foundation sold the provider to Caron Treatment Centers in 2011. It was then purchased by Origins in 2014.
In 2017, Origins was acquired by private equity firm TRT Holdings. Origins and the Hanley Center will now be nonprofits thanks to the acquisition.
“We humbly recognize the significance of this extraordinary opportunity,” Chip James, board chairman of Hanley Foundation, said in a statement. “In this era of commercialization of medicine, it is rare, perhaps unheard of, for an addiction treatment facility to go from nonprofit to for-profit and back to nonprofit again. Our board of directors, management team, and medical and operational staff are deeply committed to the success of this big step toward eliminating addiction.”
The Hanley Foundation was founded in the early 1980s. It treats alcohol, cocaine, opioid, heroin and prescription drug addictions. It also provides mental health services for mood disorders, anxiety, post-traumatic stress disorder, obsessive-compulsive disorders, personality disorders and others.
In addition to its treatment options, the Hanley Foundation also provides prevention programs and training programs.
“Creating a full continuum of care, from prevention to treatment and offering innovative job training programs that teach applicable life skills, is key to revolutionizing the treatment industry and breaking the cycle of addiction,” Dr. Rachel Docekal, CEO of Hanley Foundation, said in a statement. “We aim to change the conversation, fill the treatment gaps, establish a robust recovery community, and offer the support needed for individuals to live a life of possibility and purpose.”
M&A activity in the SUD treatment sector has slightly decreased in 2023 compared to 2022. Data from The Braff Group shows 43 deals in the first three quarters of 2023, a four deal decline from the 47 deals during the same period last year. However, addiction treatment ranks as the second most active area for deals in the behavioral health industry.