CCMP Capital Advisors is buying a majority stake in Eating Recovery Center, a treatment facility for individuals with eating disorders, from Lee Equity Partners. The buyer gains approximately eight treatment operations as part of the deal. Financial terms of the transactions were not disclosed.
Eating Recovery Center is an international center providing recovery services for people with anorexia, bulimia, binge eating disorder and other unspecified eating disorders. The Denver, Colorado-based target provides treatment for female and male adults, adolescents and children. Eating Recovery Center offers inpatient, outpatient, residential, and partial hospitalization programs with a treatment team consisting of a psychiatrist, psychoclinician, family clinician, dietitian, nurse, case manager, alumni coordinator and other support staff.
Based in New York, CCMP Capital is a private equity firm that focuses on middle market deal opportunities. The firm invests between $100 million to $500 million in North American and European companies, primarily in consumer, industrial and healthcare sectors. The firm recently acquired pool equipment manufacturer Hayward Industries Inc. in June 2017.
Lee Equity is a New York-based PE firm that focuses on control buyouts and growth capital financings between $50 million and $150 million per deal. The firm’s portfolio companies include health care-focused lender MidCap Financial, health communications service provider LDM Group, and the Edelman Financial Group.
The healthcare sector has recently been home to a wave of many deals. Middle-market deals involving healthcare, medical and nursing home facilities include: Avista Capital Partners’ acquisition of clinic operator National Spine & Pain Centers LLC; Global Healthcare REIT Inc.’s purchase of Tulsa, Oklahoma-based nursing facility for $2 million and Vibra Healthcare LLC’s acquisition of two facilities for $20.7 million from Kindred Healthcare Inc. Other deals within the sector features: Court Square Capital Partners acquired dental products distributor NDC from Silver Oak Services Partners, and C.R. Bard Inc. (NYSE: BCR) bought catheter supplier Liberator Medical Holdings Inc.
The deal is expected to close in the third quarter of 2017. Antares Capital LP and Golub Capital Markets LLC are providing the financing to CCMP, while Ropes & Gray is acting as legal counsel. Moelis & Co. (NYSE: MC) is serving as financial adviser to Eating Recovery Center and Lee Equity Partners , while Perkins Coie LLP is acting as legal counsel.
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