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PRIVATE EQUITY INVESTING
In Behavioral Healthcare Companies
October 17, 2019 @ 8:00 am - 5:00 pm
Five Key Growth Factors Support Behavioral Healthcare
-- And Give Evidence
For PE Investors’ Optimism
Private Equity Investing
In Behavioral Healthcare Companies
Providers of behavioral healthcare services are thriving.
Last year was the field’s biggest year to date. Deal activity soared a breathtaking 60% (year-over-year), achieving a high of 97 announced or closed transactions. And the pipeline for future investors looks even better, for five reasons —
- Highly Fragmented Market – The U.S. mental health & substance abuse industry now has some 4,000 facilities — which leaves PE investors plenty of room for the industry to consolidate.
- Growing Incidence & Diagnosis of Mental Health Disorders – Autism has grown to one out of every 59 newborns, and increased diagnoses of eating disorders and anxiety and depression provide growth for other services.
- Enduring Supply & Demand Imbalance — Behavioral health cases more than doubled from 2007 to 2017 — meanwhile the Department of Health and Human Services predicts by 2025 a shortage of psychiatrists, mental health and substance abuse workers, and school psychologists.
- Significant Funding Tailwinds — Bipartisan support for increased access to behavioral health treatment, not to mention the pending outcome of the multi-billion dollar lawsuit against opioid manufacturers and distributors, bodes well for providers.
- Influx of Sponsor Capital — Investors are consolidating the space, wringing out inefficiencies, and improving the quality of services across each of the major segments of behavioral health – substance use disorder, acute psychiatric, IDD, autism, and eating disorders.
However, valuations have hit all-time highs and the flood of capital creates risk unto itself. Investors must pay close attention to reimbursement and execution risk.
Lee Equity Partners LLC
Thursday, October 17, 2019
8:00am – 5:00pm
Midtown Manhattan, NY
Register now to gain valuable insights as 20-plus speakers
assess the outlook for private equity investing in behavioral healthcare companies
at The Capital Roundtable’s all-day conference
on Thursday, October 17, in Midtown New York City.
Three Key Reasons Why You Should Join Us
- Hear which sectors are most attractive to investors, and where you should hold your fire.
- Understand the changing reimbursement picture for in-network and out-of-network providers.
- Get a sector-by-sector overview of where to practice buy-and-build strategies and where de novo strategies make the most sense.
- A sector by sector look at valuations
- Where the most compelling consolidation opportunities are
- How to deal with headline risk from bad publicity
- The trend towards value-based healthcare
- How to work with nonprofits, social investors, and others to integrate mental healthcare with improved housing, social, and employment outcomes
- How to follow the trend toward integrated primary and behavioral healthcare
- The regulatory outlook for behavioral healthcare, including the Federal Support Act and changes in Medicaid coverage
- Prospects for nationalized healthcare
- How to better serve rural populations
- Challenges in expanding regionally or nationally
- The latest in new technologies like telemedicine and wearable devices
Recent Middle-Market Deals in the Behavioral Healthcare Sector
- TA Associates invested in Behavioral Health Works, which focuses on therapy and services for children with autism.
- Kohlberg & Co. bought Meadows Behavioral Healthcare and formed a new holding company for it and another portfolio company, Sunspire Health. Meadows treats people struggling with addiction, eating disorders, and related mental health conditions.
- Century Park Capital’s acquisition of Dominion Youth Services which provides behavioral and mental health services to children and young adults.
- Arsenal Capital Partners acquired Hopebridge, a center-based provider of behavioral health services for children with autism, from Baird Capital for a reported $255 million.
- Bridges Fund Management invested in Sunrise, a treatment and behavioral counseling program for individuals suffering from opioid use disorder.
- The Halifax Group’s purchase of ChanceLight Behavioral Health and Education, which provides behavioral health and education solutions for children and young adults.
- LLR Partners portfolio company LEARN Behavioral acquired Total Spectrum, an Elmhurst, Ill.-based provider of applied behavior analysis services for families and children with autism.
- Triton Pacific Capital Partners invested in Austin-based MAP Health Management, which provides peer recovery support services and data insights for people with substance use disorders.
- Gryphon Investors acquired a majority stake from LLR Partners in Baltimore-based LEARN Behavioral, a network of providers serving children with autism and other special needs.
Geoffrey Lieberthal is a partner at Lee Equity Partners where he leads healthcare investing for the firm. Previously he was a principal at Texas Pacific Group, a vice president at Bain Capital Partners, and a consultant at Bain & Company.
Mr. Lieberthal currently serves on the board of Summit Behavioral Healthcare, Westfall Technik, and Paragon Industries. Previously he served on the boards of Aptalis Pharma, Eating Recovery Center, Key Health, and PDR Networks.
His experience in behavioral healthcare investing began over a decade ago with his involvement in Bain Capital’s investment in CRC Health, a residential and opiate treatment program provider, and in its subsequent investment in Aspen Education, an adolescent behavioral health treatment provider. While at Lee Equity, Mr. Lieberthal has served on the boards of Eating Recovery Center, a leading provider of treatment for eating disorders, as well as Summit Behavioral Healthcare, a national provider of residential and outpatient treatment for substance use disorder.
Mr. Lieberthal earned an MBA from Stanford Business School and a BA from Dartmouth College where he was graduated with cum laude honors.
This Capital Roundtable conference in midtown, New York City, is all-business, all-targeted, all-designed to be a completely focused day of practical information and revealing insights about behavioral healthcare companies. You’ll gain valuable insights from —
- Three informative panel discussions
- Two revealing keynote presentations
- Real-world perspectives from company investors
- Industry outlooks from noted sector experts
- War stories and lessons learned from experienced hands
- Geoffrey Lieberthal, Partner, Lee Equity Partners LLC
- Burt Alimansky, Chairman & CEO, The Capital Roundtable
Preliminary Speaker List
- Ryan Bell, Managing Director, Moelis & Company
- Lisa Boyd, V.P.–Behavioral Health Services, Balance Healthcare Services
- Christian E. A. Chauvet, Vice President, Lee Equity Partners LLC
- C. Taylor Cole, Partner, Harren Equity Partners
- Diane Daych, Managing Partner, Granite Health Growth Partners
- John DiGiovanni, Principal, Arsenal Capital Partners
- Seth Feuerstein, Senior Advisor, Athyrium Capital Management LP
- Harris Hyman IV, Managing Partner, Northwood Healthcare Partners
- Whitney Knier, Director, Harris Williams
- Scott Kremeier, Senior Vice President, Houlihan Lokey
- Burk Lindsey, Managing Director, Raymond James & Associates Inc.
- Lou Marinaccio, Managing Partner, Parkstone Growth Partners LLC
- Rupert J. McCormac, Chief Executive Officer, Crossroads Treatment Centers
- Matt Morgan, President & CEO, Addiction Campuses
- David Nierenberg, Managing Director, EY-Parthenon
- James Pieri, Partner & Head–Private Healthcare, BlueMountain Capital Management LLC
- Kelly J. Skeat, Partner, Benesch LLP
- Brett Skolnik, Managing Dir.–Healthcare Investment Banking, Robert W. Baird & Co. Inc.
- Sara Tirschwell, Chief Financial Officer, Foundation House
- Ken Weiner, Chief Executive Officer, Eating Recovery Center
- Jonathan Wolf, Chief Executive Officer, Pyramid Healthcare Inc.
7:30am – 8:30am
Networking & Registration & Breakfast
8:30am – 9:00am
Welcoming Remarks & Audience Self-Introductions
9:00am – 9:30am
Conference Chair’s Introduction —
- Geoffrey Lieberthal, Lee Equity Partners LLC
9:30am – 10:15am
Morning Conversation —
These Five Key Factors in Behavioral Healthcare Investing Are Positive — But Should You Believe that Translates to Low Risk Growth?
10:15am – 11:00am
Networking & Coffee
11:00am – 12:00pm
First Panel —
Behavioral Healthcare Deal Activity Is Nearing All-Time Highs — Where Should You Be Seeking Compelling Opportunities?
12:00pm – 12:30pm
Keynote Interview —
• Geoffrey Lieberthal, Lee Equity Partners LLC
• Jonathan Wolf, Pyramid Healthcare Inc.
12:30pm – 1:30pm
Networking & Luncheon
1:30pm – 2:30pm
Second Panel —
Once You Close a Deal in Substance Abuse Treatments, What Are Your Best Options for Driving Value?
2:30pm – 2:45pm
Networking & Dessert
2:45pm – 3:30pm
Afternoon Conversation —
Strategies for Treating Opioid Addiction Are Fast Evolving — What Are Your Choices, & Which Ones Look Most Promising?
3:30pm – 4:30pm
Third Panel —
What Role Can You Play in Creating Value for Autism-Related Companies ?
Networking & Adjournment
Space at this conference is limited, so register as soon as possible to assure yourself a seat. To avoid disappointment, please contact Chris Agar today to confirm your attendance at 212-832-7300 ext. 0 or firstname.lastname@example.org.
Please note that Capital Roundtable limits the number of registrants from a single firm to three.
Best Rate – Early Registration
Save $300 off the standard fee of $1,495 when you register by Friday, August 30. Just $1,195.
Save $200 of the standard fee! Register by Friday, September 20, and the fee for the conference is $1,295.
$1,495 increasing to $1,595 day of conference, space permitting.
$1095 each until Friday, September 20, when you register two or more people to attend from the same company. This rate increases to $1295 each after Friday, September 20.
You can pay by credit card (using the links above or below) or by check. Mail your check and business card to: New York Business Roundtable Inc., 747 Third Avenue, Suite 200, New York, NY 10017.
Can’t attend but want to hear the program? You can buy the audio package along with the handounts.
This event is sponsored by:
Ally Corporate Finance
Anagenesis Capital Partners
Antin Infrastructure Partners
BayMark Health Services
BelHealth Investment Partners
Berkeley Research Group
BlueMountain Capital Management
Brightwood Capital Advisors
Cain Brothers / KeyBanc Capital Markets
Capital One Healthcare
Capital Southwest Corp.
CCMP Capital Advisors
Centre Partners Management
Coker Capital Advisors
Concord Health Partners
Farragut Square Group
Glenbrook Capital Group
Grassi & Co.
Hancock Whitney Bank
Irving Levin Associates
Kelso & Co.
Lee Equity Partners
Lincoln Healthcare Group
Longitude Capital Management
Loughlin Management Partners
Madison Capital Funding
Moelis & Co.
New Harbor Capital
New State Capital Partners
Norton Rose Fulbright US
Post Capital Partners
Pulse Equity Partners
Revelstoke Capital Partners
Ridgemont Equity Partners
River Cities Capital Funds
Shore Capital Partners
Sprout Health Group
Sterling National Bank