Galen Partners has acquired Los Angeles-based Evolve Treatment Centers, an adolescent behavioral health services provider. No financial terms were disclosed.
STAMFORD, Conn., Jan. 08, 2020 (GLOBE NEWSWIRE) — Galen Partners, a healthcare-focused growth equity investment firm, announced today the acquisition of Evolve Treatment Centers. Headquartered in Los Angeles, CA, Evolve is a leading adolescent behavioral health services provider, specializing in mental health, trauma, and substance abuse for adolescents in need. Evolve’s mission is to transform the teen mental health space, ensuring that teens and their families have the highest level of compassionate care available.
“We are excited about the prospect of building upon Evolve’s excellent clinical programs as we continue to provide the highest quality teen mental health treatment,” said David Jahns, Managing Director at Galen Partners. “The dramatic increase in adolescent anxiety, suicide, and other mental health disorders represent a public health crisis, illustrated by a 400% increase nationally in adolescent suicide attempts since 2011. Despite the clear need for behavioral health care for the adolescent patient population, there remains a shortage of providers and care models focused on serving these patients. Galen believes Evolve is particularly well suited to meet this overwhelming unmet need through its clinically-validated treatment approach, and we look forward to expanding the Evolve platform so that troubled adolescents can get the care they need.”
Ken Wood, Evolve’s CEO, stated, “We are proud of Evolve’s history of delivering quality patient care through our best-in-class treatment centers, highly trained and knowledgeable staff, evidence-based treatment approach, and a company culture centered on teamwork and integrity. On behalf of the entire Evolve team, we are excited about our partnership with Galen, and we know Evolve will accomplish even greater things with their backing and support.”
The Galen partnership enables Evolve to further expand its Commission on Accreditation of Rehabilitation Facilities (CARF) and Joint Commission-accredited, evidence-based and highly impactful mental-health services for teens and their families.
About Galen Partners
Founded in 1990, Galen Partners is a leading healthcare-focused growth equity investment firm. With nearly $1 billion invested over six funds, Galen has invested in and helped to build more than 80 companies since the firm’s inception. Galen continues a tradition of strategic collaboration and partnership with founders and management teams to build healthcare market leaders. Under the direction of the Managing Directors Philip Borden, David Jahns and Zubeen Shroff, Galen seeks to make investments in high-growth healthcare companies with revenues greater than $10 million and EBITDA between $0 and $9 million.
For more information on Galen, please visit www.galen.com.
Foley Hoag LLP served as legal advisors to Galen. FTI Consulting served as financial advisors to Galen. BBVA USA provided debt financing for the transaction.
About Evolve Treatment Centers
Evolve Treatment Centers offers the highest caliber of evidence-based care to adolescents ages 12 to 17 who struggle with substance abuse and / or mental health issues. With 13 facilities throughout California, Evolve offers teens and their families a full continuum of care including Intensive Outpatient (IOP), Partial Hospitalization (PHP) and Residential Treatment Centers (RTC). Evolve is accredited by the Commission on Accreditation of Rehabilitation Facilities (CARF) and by the Joint Commission.
For more information on Evolve, please visit www.evolvetreatment.com