Foundations Recovery Network, behavioral health treatment provider, has announced its acquisition by an investor group led by a Nick Pritzker Capital Management affiliate.
The acquisition from Chicago-based private equity firm Sterling Partners aligns the company with a source of significant capital with which to execute its growth plans. Rob Waggener will continue to serve as CEO with former Hyatt president and hospitality industry veteran Doug Geoga serving as chairman.
"This investment combines innovations in behavioral health treatment with a leader in hospitality management," said Waggener. “We are extremely excited about the opportunity to work with Nick Pritzker and his team in further expanding our network of treatment centers that provide quality patient centered care.”
In the behavioral health industry, Foundations Recovery Network has worked to deliver multiple core competencies that include customer acquisition, patient-centered care, revenue cycle management and outcomes-informed treatment. According to a press release, the company has experienced significant year-over-year growth in both revenues and profitability.
"By providing Foundations Recovery Network with the necessary capital, it can lead the way in meeting the rapidly escalating demand for behavioral health treatment,” said Nick Pritzker. Joby Pritzker, a Foundations Recovery Network advisor, added, “Rob and his team possess an effective approach for growth and execution in this market.”
“We are pleased to have helped Foundations Recovery Network’s leadership realize their strategy and build a high-quality growth company,” said Danny Rosenberg, managing director at Sterling Partners, whose portfolio includes six healthcare companies. “Rob’s and his team’s management guided the expansion of Foundation Recovery Network’s service offering,enabling a successful outcome for the company and our investors. We envision its continued success in the future.”