Palladium Equity Partners LLC, a middle market private equity firm, has acquired Health Connect America Inc., a behavioral health services provider, from Harren Equity Partners.
Health Connect America is a multi-state behavioral health company that treats a mix of issues including conduct disorder, substance abuse, autism disorders and emotional disturbance. The Tennessee-based company serves communities across the Southeast and is primarily reimbursed by Medicaid-funded payors.
“We are thrilled to partner with Kristi Shain and her mission and outcomes-driven team which has built a company at the vanguard of community-based behavioral health services,” said Adam Shebitz, a partner at Palladium. “We believe there is substantial opportunity to expand the company’s patient-centric model into new states and service lines through a combination of organic and inorganic growth.”
Kristi Shain, the president and CEO of Health Connect America, said, “We are excited to partner with Palladium Equity Partners in the next stage of our mission-driven growth. We see significant opportunity to expand upon our presence in our existing markets as well as near-term expansion in adjacent geographies, of course while always maintaining our core values and relentless prioritization of our clients.”
“We are also pleased to partner again with industry executive Dean Holland,” added Shebitz. “Over the past 15 years of working together, Dean has now partnered with us in six businesses, including Jordan Health Services, HealthSun, and ALC.”
Holland said, “Health Connect America is the culmination of a long history evaluating behavioral healthcare opportunities with my partners at Palladium. And it represents a compelling opportunity to work with Kristi and her dedicated team to drive outstanding client outcomes and stakeholder value.”
William Blair served as financial advisor to Health Connect America on the transaction. Proskauer Rose LLP served as Health Connect America’s legal advisors. Greenberg Traurig LLP served as the legal advisor and financing counsel for Palladium.