Wellspring Capital Management has acquired AdvoServ, a behavioral health provider specializing in clinical, educational and residential services for children and adults with severe intellectual and developmental disabilities and dual diagnoses. Financial terms of the transaction were not disclosed.
Founded in 1969, AdvoServ provides comprehensive treatment, education, training and community living programs to more than 700 individuals. Programs are based in four states, and the organization admits clients from across the country.
“AdvoServ has strong market positions in the three states - Delaware, Florida and New Jersey - where it has operated for many years and is in the early stages of pursuing an exceptional opportunity to serve the Virginia market,” said Alexander E. Carles, a managing partner of Wellspring, in a statement.
Alvarez & Marsal Healthcare Transaction Advisory Group served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Wellspring in connection with the transaction.