Behavioral Health Platform Acquires Five Residential Treatment Facilities and Three Acute Care Programs
Charlotte, NC (September 15, 2016) – Ridgemont Equity Partners, a middle market private equity investor, today announced the acquisition of WoodRidge Behavioral Care by Perimeter Healthcare. Ridgemont formalized a partnership with Perimeter earlier this year and sponsored the acquisition of WoodRidge as the foundation for a new behavioral healthcare company. Financial terms of the transaction were not disclosed.
Perimeter is led by President and CEO Rod Laughlin, who brings 35 years of experience in building and operating successful facility-based healthcare companies, including Regency Hospital Co., Charter Medical Corp. and Acadia Healthcare. Perimeter was founded with the goal of creating a behavioral healthcare business to service a broad range of mental health diseases in both inpatient and outpatient care settings. The transaction with WoodRidge includes five psychiatric residential treatment facilities and three acute hospital programs serving adolescent and geriatric patients from locations in Tennessee, Arkansas and Missouri.
“WoodRidge Behavioral Care is our first platform investment and an important part of the integrated behavioral healthcare company we are building in partnership with Ridgemont,” said Rod Laughlin, President and CEO of Perimeter Healthcare. “WoodRidge has a long history of providing exceptional care for people struggling with emotional and mental health issues. We look forward to continuing their strong commitment to great clinical outcomes.”
“The demand for high quality behavioral health services continues to grow due to mental health legislation as well as increasing awareness of the downstream effects of untreated mental illness,” said Scott Poole, Partner at Ridgemont. “In the face of this growing need, there is currently a severe shortage of mental health providers, particularly in certain markets in the U.S. Ridgemont is very pleased to partner with Rod and his team. The acquisition of WoodRidge is the first step in building a foundation for expanding mental health programs and improving care in local communities.”
Financing was provided by BMO Sponsor Finance and Pinnacle Bank. McGuireWoods LLP served as legal counsel to Ridgemont. Harpeth Capital and Bone McAllester Norton PLLC served as financial advisor and legal counsel to WoodRidge, respectively.
About WoodRidge Behavioral Care
In September 2016, Perimeter Healthcare acquired WoodRidge Behavioral Care, a leading regional provider of treatment services and specialty programs for children, adolescents and geriatric patients with psychiatric, behavioral or emotional disorders. WoodRidge operates five psychiatric residential treatment facilities and three acute care programs across Tennessee, Arkansas and Missouri. www.woodridgecare.com