Partnership with management to support the next phase of business growth

NEW YORK, October 28, 2022 /PRNewswire/ — Lee Equity Partners, LLC (“Lee Equity”), a growth-focused middle-market private equity firm, announced that funds managed by the firm have acquired a majority stake in Bradford Health Services ( “Bradford Health” or “the Company”). Lee Equity acquired Bradford Health from Center Partners and certain other investors, with Center Partners retaining a continuing stake. Terms of the transaction were not disclosed.

Situated at Birmingham, Alabama, Bradford Health is one of the leading treatment providers for substance use disorders (“TUD”) in the South East. The company has an operating history of over 40 years in its core geographies and is an early pioneer in value-based behavioral healthcare reimbursement. Bradford Health is a regional leader in the South East with a strong market presence in Alabama, Tennessee, Mississippi, North Carolinaand Arkansas. The Company’s ability to provide the full continuum of care and its commitment to clinical quality make it ideally suited to the scale of the Company’s current and expanding markets.

Mike Rickman, President and CEO of Bradford Health, along with the current management and clinical teams, will continue to lead the business and are committed to the continued expansion of Bradford Health’s business. “We are delighted to partner with Lee Equity given their long-term track record in building market-leading healthcare companies and developing clinically excellent organizations, particularly in healthcare. behavioral,” Rickman said. “Centre Partners have been a truly valuable partner. Their strategic advice and resources have been essential in driving Bradford Health’s growth and we are delighted that they will continue to be an investor.”

“We are delighted to partner with Mike Rickman and his talented team at Bradford Health to provide much needed SUD care to South East communities,” said Lee Equity Principal, Christian Chauvet. “We believe the company is well positioned for the future and will accelerate its growth trajectory while continuing to provide high quality patient care,” added Marc Gormleypartner at Lee Equity.

“This transaction is the culmination of our strategy to identify and invest in a market-leading company within the growing and underserved behavioral healthcare industry,” said Jeff Bartoli, Senior Partner at Center Partners. “We greatly appreciate the dedication and leadership of Bradford Health’s management team and look forward to supporting the company in its next chapter of growth.”

Fifth Third and Comvest financed the transaction. Will McDermott & Emery acted as legal counsel to Lee Equity. Harris Williams and Coker Capital acted as advisors and Dechert LLP and Burr Forman LLP acted as legal advisors to the Company.

About Bradford Health Services

Bradford Health Services is one of the largest and oldest providers of addiction treatment and recovery services in the South East. Through a coordinated network of 40 facilities, Bradford Health offers affordable and proven treatment services across the acuity spectrum, including early intervention services, crisis response, intensive outpatient care, inpatient partial and residential care, inpatient detox, and life and transitional life skills. programming. Additional information is available at www.bradfordhealth.com.

About Lee Equity Partners

Lee Equity Partners, LLC is a New Yorkprivate equity firm that partners with successful management teams to build companies with high growth potential. Lee Equity targets equity investments of $50 million at $150 million in mid-market takeover buyouts and growth capital financings in companies with an enterprise value of $100 million at $500 million which are mainly found in United States. The firm invests in a range of industries where the team has deep relationships developed over decades, including business services, financial services and healthcare. Additional information is available at www.leeequity.com.

About Center Partners

Founded in 1986, Center Partners is a leading middle-market private equity firm focused on the consumer and healthcare sectors, with offices in New York and Los Angeles and about $2.6 billion of equity invested in more than 89 transactions. Center Partners seeks to partner with founders, families, entrepreneurs and management teams to build exceptional businesses. Center Partners offers management teams access to its unique resources, which includes an extensive network of experienced and proven operational executives. Additional information is available at www.centrepartners.com.

Media inquiries

For Bradford Health/Center partners:
Ross Lovern
Kekst CNC
[email protected]

For Lee Equity Partners:
Sally Vogelhut
Lee Equity Partners
[email protected]

Partners of the SOURCE Center; Lee Equity Partners


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