Apollo-backed LifePoint Health to acquire behavioral health provider Springstone

• As part of the transaction, Medical Properties Trust will continue to own a majority of Springstone’s real estate locations and retain its current minority stake in Springstone’s operating company
• Barclays and Goldman Sachs served as financial advisors to LifePoint Health
• LifePoint has 62 community hospital campuses, more than 30 rehabilitation and behavioral health hospitals and 170 additional sites of care

LifePoint Health, a portfolio company of Apollo Global Management, has agreed to acquire a majority stake in Springstone, a behavioral health provider. No financial terms were disclosed.

As part of the transaction, Medical Properties Trust will continue to own a majority of Springstone’s real estate locations and retain its current minority stake in Springstone’s operating company.

“The need for greater access to behavioral health services continues to grow and is fundamental to our objective of providing diversified healthcare delivery services to communities and partners across the country,” said David Dill, chairman and CEO of LifePoint Health, in a stateent. “Adding the talented team at Springstone’s depth of experience and platform for providing high quality behavioral healthcare will accelerate our ability to broaden these crucial services for communities that need them.”

Following the completion of the transaction, LifePoint’s healthcare delivery network will include 62 community hospital campuses, 31 rehabilitation hospitals, 21 behavioral health hospitals, and more than 200 additional sites of care, including managed acute rehabilitation units, outpatient centers and post-acute care facilities.

Springstone was founded in 2010.

The deal is expected to close in early 2023.

Barclays and Goldman Sachs served as financial advisors to LifePoint Health. Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to LifePoint Health. Bradley served as legal counsel to Springstone. Goodwin Procter and Baker Donelson PC served as legal counsel to Springstone and Medical Properties Trust.

LifePoint Health is a healthcare provider that serves patients, clinicians, communities and partner organizations across the healthcare continuum. The company has 62 community hospital campuses, more than 30 rehabilitation and behavioral health hospitals and 170 additional sites of care.

Springstone is headquartered in Louisville, Kentucky.