PE-Backed BrightSpring Health Plans to Hit the Public Market

BrightSpring Health, which provides various behavioral and physical health services, plans on hitting the public market via an IPO.

This comes after reports circulated in September that the provider was looking to file a $1 billion IPO. A public offering has been on the table for quite some time for the Louisville, Kentucky-based operator. In 2021 the company filed the paperwork to go public. But in 2022, it announced that it had changed its plans.

Earlier this week, BrightSpring filed an S-1 form with the SEC, signaling that it was again looking to go public.


BrightSpring offers a range of services to complex populations needing specialized or chronic care nationwide. Its offerings include applied behavioral analysis (ABA), mental health services and a behavioral health pharmacy.

It also provides community living for people with intellectual and developmental disabilities, youth and family services, home health services and hospice care.

The PE-backed operator was acquired by KKR in 2018. Following this deal, BrightSpring merged with PharMercia Corporation.


In 2023, behavioral health companies saw a lull in dealmaking and no IPOs. Still, 2024 could see a rise in deals and investments as interest rates drop and the economy stabilizes.

“What I see ahead in 2024 is a lot of demand for services and investment interest,” Tani Weiner, co-chair of behavioral health law group Polsinelli, said a BHB’s INVEST. “I think you’re going to see growth across the board. For some providers, de novo is the answer; for others, it is continued add-on acquisitions. It’s been a slow year for platform sales, but I think we’re going to see more platform sales next year.”