In a recent deal, the terms of which were not disclosed, JourneyPure purchased 12 Keys Rehab, located in Jensen Beach, Fla., according to the Nashville Post. CARF-accredited, 12 Keys treats addiction, mental health, trauma and social issues.
JourneyPure is looking to grow in the Florida market where it already has one property, Emerald Coast, in Panama City. Its third property, Voyage, is located in Murfreesboro, Tenn., and offers intensive outpatient as well as residential services for women.
Rolling Hills Ventures and other individual angel investors from Tennessee and Texas backed JourneyPure with an undisclosed amount prior to the 12 Keys purchase, according to a press release.
And the Florida market is ripe for acquisitions. According to market research firm IBISWorld, the majority of treatment centers are located in the Southeast (23.5 percent of the market), followed by the West and the Mid-Atlantic regions, with Florida claiming the largest share within the Southeast at 6.5 percent.