Polaris To Earn 10x Return On Ascend Health Acquisition
Polaris Venture Partners anticipates a 10x return on its investment in Ascend Health Corp., according to a news report. Ascend, an operator of nine psychiatric inpatient facilities, said Monday it had agreed to sell itself to Universal Health Services for $500 million. The deal will bring Polaris $115 million when the merger closes in the fourth quarter, the report in the Boston Business Journal said. The news report is below.
NEWS STORY
Polaris Venture Partners reports 10x return on Ascend Health acquisition
Polaris Venture Partners said Monday that the pending $500 million acquisition of its portfolio company Ascend Health Corp. would net a 10x return of $115 million for the firm.
Ascend, a psychiatric facility operator based in New York, announced on Monday an agreement to be acquired by Pennsylvania-based hospital operator Universal Health Services Inc.
Waltham-based Polaris invested in Ascend Health out of its fifth venture capital fund, and has been the company’s lead investor, a Polaris spokesman said.
Polaris partner Brian Chee, who’s based at Polaris’ office Palo Alto, Calif., led the firm’s investment in Ascend Health.
Chee said in a blog post that Ascend is the country’s largest private behavioral health provider, with nine freestanding psychiatric inpatient facilities lcoated in five states (Texas, Arizona, Utah, Oregon and Washington.)
Chee previously has led Polaris investments that include Sentillion (acquired by Microsoft), Asthmatx (acquired by Boston Scientific) and Free & Clear (acquired by Alere).
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