Cimarron Healthcare Capital announces the acquisition of Ascent Behavioral Health
SALT LAKE CITY, February 19, 2020 / PRNewswire / – Cimarron Healthcare Capital (“CHC”), a private equity firm specializing in investments in lower middle market healthcare companies, today announced that it has completed the acquisition of Ascent Behavioral Health (“Ascent” or “the Company”) in partnership with the Company’s management team, Monroe Capital (“Monroe”) and Veronis Suhler Stevenson (“VSS”). Ascent offers wilderness therapy, residential treatment, and residential therapy programs for adolescents with mental health issues such as depression, anxiety, and attachment disorders. Financial terms of the private transaction were not disclosed.
Founded in 1989, Ascent Behavioral Health manages behavioral health programs for adolescents through Utah. The company was built by mission-driven founders on principles committed to clinical quality and superior outcomes based on its experiential therapeutic approach. Ascent prides itself on its expert staff and caregivers, top quality real estate facilities, and constant focus on clinical research.
“Ascent has been improving the lives of adolescents and their families through their comprehensive experiential therapy programs for over 30 years,” said James nadauld, managing partner of the CHC. “Ascent’s leadership team has decades of behavioral health care experience and remains committed to continuing its impressive history of quality care. We are thrilled to partner with the team to expand Ascent’s continuum of behavioral health programs to serve high need patients in this growing industry. ”
The investment will be used to support the expansion of Ascent’s existing programs and potential acquisitions of complementary programs.
According to industry data, approximately 44 million adults suffer from mental illness in the United States in any given year, with 50% of chronic mental illnesses developing at age 14 and 75% at age 24. Mental illness is increasing among adolescents at an alarming rate. due in part to the increase in drug and alcohol use and the increase in screen time on mobile devices and social media. The number of young people with severe depression has increased by more than 5 percent per year over the past decade; 20 percent of teens aged 13 to 18 live with a mental health problem, 10 percent have a behavioral or conduct disorder, and 8 percent have an anxiety disorder.
“We are delighted to have the support of partners with a proven track record in supporting growth and who share our vision of providing unparalleled clinical care,” said Steve nadauld, Chairman and CEO of Ascent. “CHC and its partners have provided a flexible capital solution that will allow us to continue to build a strong, patient-centric platform and pursue the next chapter of our growth, while meeting the unique treatment needs of our clients. local, national and international clients. “
“Families around the world have trusted Ascent Companies for decades to help their children lead healthier, more fulfilling lives,” said Andrus clay, vice-president of the CHC. “We are proud to provide resources and support to the team to continue this important work. ”
About the CHC
Cimarron Healthcare Capital is a Salt lake cityPrivate equity firm based on lower middle market healthcare investments. Cimarron’s experienced investment team and industry expertise aligns its investment strategy with the growth and expansion needs of its portfolio companies, creating an ecosystem designed to maximize value. For more information, please visit: www.cimarronhc.com.
Monroe Capital LLC (“Monroe”) is a private credit asset management company specializing in direct lending and opportunistic private credit investing. Since 2004, the company has offered private credit solutions to borrowers in the United States and Canada. Monroe’s mid-market lending platform provides debt financing to businesses, special needs borrowers, and private equity sponsors. Types of investments include cash flow, enterprise value, and asset lending; unitranches financing; and equity co-investments. Monroe is committed to being a value-added, user-friendly partner for business owners, senior management, private equity and independent sponsors. The company is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, new York, and San Francisco.
Monroe was recognized by Creditflux as the best direct lending fund in the United States in 2019; Global M&A Network as 2019 Lender of the Year in Small Medium Markets; Private Debt Investor as the Lower Intermediate Market Lender of the Year 2018; Mergers and Acquisitions Advisor as Lender of the Year 2016; and the US Small Business Administration as Small Business Investment Company (SBIC) of the Year 2015. For more information, please visit www.monroecap.com.
VSS is a private investment company that invests in the health, information, business services and education sectors. Based at new York, VSS provides capital for growth financing, recapitalizations, strategic acquisitions and buyouts to lower middle market companies and management teams with the goal of building businesses organically as well as through a targeted complementary acquisition program. VSS makes privately traded investments throughout the capital structure and invests in situations requiring control or non-control stocks, mezzanine securities and structured equity securities. For more information, please visit: www.vss.com.
About Ascent’s Behavioral Health
Ascent operates six unique residential programs in Utah who provide behavioral health treatment to adolescents across a continuum of care, including wilderness therapy, residential treatment centers and a therapeutic internship. Founded in 1989, the Society has treated more than 5,000 young people between the ages of 12 and 18 who have come from all over the world for treatment. The company’s focus on clinical quality and experiential therapy effectively helps young people with a range of behavioral health disorders, including depression, anxiety, and attachment disorders.
SOURCE Cimarron Capital of Health