M&A Deal Summary

Patient Square Capital and Athyrium Capital Management Acquire Summit Behavioral Healthcare

On September 9, 2021, private equity firm Patient Square Capital and asset manager Athyrium Capital Management acquired healthcare services company Summit Behavioral Healthcare from Lee Equity Partners and FFL Partners

Acquisition Highlights
  • This is Patient Square Capital’s 1st and Athyrium Capital Management’s 9th transaction in the Healthcare Services sector.
  • This is Patient Square Capital’s 2nd and Athyrium Capital Management’s 38th transaction in the United States.
  • This is Patient Square Capital’s 1st and Athyrium Capital Management’s 3rd transaction in Tennessee.

M&A Deal Summary
Date 2021-09-09
Target Summit Behavioral Healthcare
Sector Healthcare Services
Buyer(s) Patient Square Capital
Athyrium Capital Management
Sellers(s) Lee Equity Partners
FFL Partners
Deal Type Secondary Buyout

Target

Summit Behavioral Healthcare

Franklin, Tennessee, United States
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

Patient Square Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2020
Size Small
Type Sector Focused
DESCRIPTION

Patient Square Capital is a private investment firm specializing in the healthcare sector. The Firm seeks opportunities to invest broadly across the healthcare industry, including technology-enabled services, biopharmaceuticals, the pharmaceutical value chain, medical devices, diagnostics, providers, digital health and consumer health. Patient Square Capital was formed in 2020 and is headquartered in Menlo Park, California.

DEAL STATS #
Overall 2 of 9
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Tennessee) 1 of 1
Country (United States) 2 of 9
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-30 CorroHealth

Plano, Texas, United States

CorroHealth is a provider of clinically led healthcare analytics and technology-driven solutions, dedicated to positively impacting the financial performance of physicians, hospitals, and health plans. CorroHealth was founded in 2020 and is based in Plano, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-03 Access TeleCare

Dallas, Texas, United States

Access TeleCare is a provider of telemedicine technology and solutions to hospitals, health systems, post-acute providers, physician networks, value-based care organizations, and health plans. Built on proven and scalable infrastructure as an enterprise-wide solution, Access TeleCare’s technology platform, Telemed IQ, rapidly deploys and seamlessly optimizes telemedicine programs across the continuum of care. Access TeleCare is based in Dallas, Texas.

Buy -
Buyer

Athyrium Capital Management

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 2008
PE ASSETS 3.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Athyrium Capital Management is a large asset manager focused on the healthcare sector. Athyrium invests in a wide range of financial instruments including royalties, structured credit, and equities as well as select special situations. Athyrium Capital was established in 2008 and is headquartered in New York City.

DEAL STATS #
Overall 41 of 44
Sector (Healthcare Services) 9 of 9
Type (Secondary Buyout) 6 of 6
State (Tennessee) 3 of 3
Country (United States) 38 of 39
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Puma Biotechnology

Los Angeles, California, United States

Puma Biotechnology is a biopharmaceutical company, that focuses on the development and commercialization of products to enhance cancer care in the United States and internationally. Puma Biotechnology was founded in 2010 and is based in Los Angeles, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-19 InnovaCare Health

Orlando, Florida, United States

InnovaCare Health improves the lives of patients and physicians through innovative solutions for value-based healthcare. Throughout its 20+ year history, InnovaCare Health has owned, operated, and managed an integrated portfolio of medical groups, health plans, medical service organizations, clinical networks, and more. InnovaCare Health was founded in 1998 is based in Orlando, Florida.

Sell -

Seller(S) 2

SELLER

Lee Equity Partners

New York, New York, United States
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 12 of 17
Sector (Healthcare Services) 5 of 5
Type (Secondary Buyout) 5 of 9
State (Tennessee) 1 of 1
Country (United States) 11 of 16
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-01 Pure Financial Advisors

San Diego, California, United States

Pure Financial Advisors is a registered investment advisor offering independent, fee-only financial planning, education, and investment advice to clients nationwide. Pure Financial Advisors was founded in 2007 and is based in San Diego, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-13 Alliance

Mississauga, Ontario, Canada

Alliance is a distributor and manufacturer of products and solutions including cabling, assemblies, antennas and related active and passive connectivity componentry to support wireless, broadband, broadcast and wireline networks for the North American market. Alliance is based in Mississauga, Ontario.

Buy -
SELLER

FFL Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

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 28 of 32
Sector (Healthcare Services) 7 of 7
Type (Secondary Buyout) 11 of 13
State (Tennessee) 2 of 2
Country (United States) 26 of 30
Year (2021) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Church s Chicken

Atlanta, Georgia, United States

Church's Chicken is a chicken quick-service restaurant serving more than three million customers weekly through restaurants in 22 countries and more than 30 states in the U.S. The Company serves affordable freshly prepared, high-quality, flavorful chicken and tenders with signature sides and handmade, from-scratch biscuits. Church's Chicken was founded in 1952 and is based in Atlanta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 One Senior Care

Erie, Pennsylvania, United States

One Senior Care is a PACE (Program of All-Inclusive Care for the Elderly) provider and serves all healthcare needs for its frail, elderly dual eligible participants. Living Independence For the Elderly Northwestern Pennsylvania (“LIFE NWPA”) is One Senior Care’s flagship program in Northwest Pennsylvania. One Senior Care is based in Erie, Pennsylvania.

Buy -
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