Behavioral Health
Mental health clinics, substance abuse treatment, and counseling
What PE Ownership Means for This Industry
DOJ settlements exceeding $200M
PE-owned psychiatric facilities investigated for holding patients against their will
NYT investigations and DOJ actions revealed PE-backed behavioral health companies holding patients against their will, falsifying diagnoses, and billing insurance for unnecessary treatment.
Source: New York Times, DOJ, 2024
PE-Owned Brands
Acadia Healthcare
Owned by KKR (Kohlberg Kravis Roberts)
Largest standalone behavioral health company with 250+ facilities. NYT investigation revealed patient safety concerns
Acadia Healthcare (partial)
Owned by Bain Capital
Bain Capital invested in Acadia Healthcare, a behavioral health hospital operator. Acadia has faced investigations into patient safety, insurance fraud, and allegations of holding patients against their will to maximize insurance billing.
LEARN Behavioral
Owned by Gryphon Investors
Provider of behavioral health services for children with autism and special needs, operating ABA therapy centers nationwide. A current Gryphon Investors portfolio company.
Refresh Mental Health
Owned by Lee Equity Partners
Lee Equity Partners-backed outpatient mental health platform with 300+ locations
Summit BHC
PE-backed behavioral health company operating treatment centers across the US
Universal Health Services (UHS)
Operates 400+ behavioral health and hospital facilities. DOJ settlements for holding patients unnecessarily