M&A Deal Summary

Lee Equity Partners and FFL Partners Acquire Summit Behavioral Healthcare

On October 11, 2017, private equity firms Lee Equity Partners and FFL Partners acquired healthcare services company Summit Behavioral Healthcare from Flexpoint Ford

Acquisition Highlights
  • This is Lee Equity Partners’ 6th and FFL Partners’ 8th transaction in the Healthcare Services sector.
  • This is Lee Equity Partners’ 18th and FFL Partners’ 34th transaction in the United States.
  • This is Lee Equity Partners’ 1st and FFL Partners’ 2nd transaction in Tennessee.
Investment Fate
  • Summit Behavioral Healthcare was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2017-10-11
Target Summit Behavioral Healthcare
Sector Healthcare Services
Buyer(s) Lee Equity Partners
FFL Partners
Sellers(s) Flexpoint Ford
Deal Type Secondary Buyout
Advisor(s) Moelis & Co. (Financial)

Target

Summit Behavioral Healthcare

Franklin, Tennessee, United States
website
Summit Behavioral Healthcare provides substance use disorder and acute psychiatric care at 24 facilities across 16 states. Summit Behavioral Healthcare was founded in 2013 and is based in Franklin, Tennessee.

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Buyer(S) 2

Buyer

Lee Equity Partners

New York, New York, United States

website


Category Private Equity Firm
Founded 2006
PE ASSETS 4.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Lee Equity Partners is a private investment firm that looks for buyout and growth capital investments across a range of industries. Lee Equity Partners seeks investments requiring $50 to $150 million of equity capital. Lee Equity Partners was formed in 2006 by Thomas H. Lee, formerly of Thomas H. Lee Partners, LP.


DEAL STATS #
Overall 19 of 36
Sector (Healthcare Services) 6 of 10
Type (Secondary Buyout) 5 of 12
State (Tennessee) 1 of 1
Country (United States) 18 of 34
Year (2017) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-30 Eating Recovery Center

Denver, Colorado, United States

Eating Recovery Center is a behavioral health provider specializing in the treatment of eating disorders. Eating Recovery Center was founded in 2007 and is based in Denver, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-23 Westfall Technik

Chandler, Arizona, United States

Westfall Technik provides highly productive plastics manufacturing solutions to serve the medical, packaging and consumer goods industries. Westfall Technik’s competitive advantage is its modern technology applied to automated systems and correlative molding processes. Westfall Technik is based in Chandler, Arizona.

Buy -
Buyer

FFL Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 5.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

FFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $300 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco.


DEAL STATS #
Overall 37 of 51
Sector (Healthcare Services) 8 of 12
Type (Secondary Buyout) 12 of 15
State (Tennessee) 2 of 2
Country (United States) 34 of 47
Year (2017) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-21 Bacharach

Kensington, Pennsylvania, United States

Bacharach is a designer and manufacturer of gas test and measurement (“T&M”) instrumentation for commercial refrigeration and HVAC equipment, and also develops performance management software for its monitoring products. Bacharach was founded in 1909 and is based in Kensington, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-08 ProService Hawaii

Honolulu, Hawaii, United States

ProService Hawaii provides HR solutions & also provides bundled solutions include configured HR technology, payroll, scheduling, HR consultations, health benefits management, administrative & risk management, workers’ compensation, 401(k), and regulatory compliance. ProService Hawaii was founded in 1994 and is based in Honolulu, Hawaii.

Buy -

Seller(S) 1

SELLER

Flexpoint Ford

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 7.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

Flexpoint Ford is a private equity firm focused on investments in healthcare and financial services companies. Flexpoint prefers control based investments and looks to commit $50 to $500 million per transaction. The Firm is flexible when it comes to investment structure and asset class. Flexpoint Ford was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 12 of 21
Sector (Healthcare Services) 4 of 4
Type (Secondary Buyout) 3 of 5
State (Tennessee) 1 of 1
Country (United States) 12 of 21
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-08 Service Finance

Boca Raton, Florida, United States

Service Finance originates and services prime and super-prime installment contracts to finance home improvement projects in the U.S. Originations are sourced through exclusive national vendor programs with top manufacturers and dealers. Service Finance was formed in 2004 and is based in Boca Raton, Florida.

Sell $304M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 FF Life Settlements Designated Activity Company

Dublin, Ireland

FF Life Settlements Designated Activity Company invests in life settlements portfolios. The portfolios represent a pool of life insurance policies. The Company pays the premiums and expenses to keep the life insurance policies in force and is the beneficiary of the related proceeds. FF Life Settlements Designated Activity Company is based in Dublin, Ireland.

Buy -