New State Capital Partners this week announced that it has established a behavioral healthcare platform with its recent acquisition of a majority stake in LLMS, parent company of Bridges Recovery Center and Infinity Malibu. Terms were not disclosed.
With facilities located in California, Bridges and Infinity Malibu offer subacute-detox, residential, partial hospitalization, intensive outpatient and outpatient treatment services. The centers accept commercial insurance. Founder George Boyadzhyan will continue as a minority owner and CEO.
According to the announcement, the investment capital will help build the LLMS platform and expand the centers’ services. Also announced today, Steve Larned has joined New State as a partner, overseeing the behavioral health platform.
New State invests in companies with $8 million to $30 million of EBITDA in healthcare and other sectors.