Lee Equity Partners has announced a significant investment in Bradford Health Services, a leading provider of substance use disorder (SUD) treatment in the Southeastern United States. This strategic partnership signals a new phase of growth for Bradford Health, leveraging Lee Equity’s expertise in building market-leading healthcare organizations. The acquisition, which sees Lee Equity taking a majority ownership stake, positions Bradford Health to expand its reach and enhance its comprehensive continuum of care. Centre Partners, the previous majority owner, will maintain a continued equity interest, demonstrating ongoing confidence in Bradford Health’s trajectory.
Bradford Health Services, based in Birmingham, Alabama, has been a cornerstone of SUD treatment for over 40 years. The company distinguishes itself through its commitment to value-based behavioral healthcare reimbursement and its extensive network across Alabama, Tennessee, Mississippi, North Carolina, and Arkansas. Known for providing a full spectrum of services, Bradford Health addresses every stage of recovery, making it a vital resource in the region. Their services range from early intervention and crisis response to intensive outpatient, partial hospitalization, residential care, inpatient detox, and transitional living programs. This comprehensive approach ensures patients receive tailored care that meets their evolving needs throughout their recovery journey.
Mike Rickman, CEO of Bradford Health Services, will continue to lead the company along with the existing management and clinical teams. Rickman expressed enthusiasm about the partnership, stating, “We are pleased to be partnering with Lee Equity given their long-term track record of building market-leading healthcare businesses and developing clinically excellent organizations, specifically in behavioral health.” He also acknowledged the pivotal role of Centre Partners, noting, “Centre Partners has been a truly valuable partner. Their strategic guidance and resources were critical in driving Bradford Health’s growth, and we are pleased that they remain an investor.”
Christian Chauvet, Principal at Lee Equity, echoed this positive sentiment, “We are excited to partner with Mike Rickman and his talented team at Bradford Health to provide much-needed SUD care to communities throughout the Southeast.” Mark Gormley, Partner at Lee Equity, further emphasized the growth potential, adding, “We believe that the Company is well positioned for the future and will accelerate its growth trajectory while continuing to deliver high quality patient care.”
Jeff Bartoli, Senior Partner at Centre Partners, highlighted the success of their initial investment strategy, stating, “This transaction is the culmination of our strategy to identify and invest in a market-leading business within the growing and underserved behavioral healthcare industry.” He reaffirmed Centre Partners’ ongoing support, “We greatly appreciate the dedication and leadership of Bradford Health’s management team and look forward to supporting the Company in its next chapter of growth.”
The financial aspects of the transaction involved financing from Fifth Third and Comvest. Lee Equity received legal counsel from McDermott Will & Emery, while Harris Williams and Coker Capital served as advisors to Bradford Health, with legal counsel from Dechert LLP and Burr Forman LLP.
About Bradford Health Services
Bradford Health Services stands as a leading and long-established provider of substance abuse treatment and recovery services in the Southeast. Operating through a network of 40 facilities, Bradford Health offers accessible and evidence-based treatment across the full continuum of care. Their commitment extends to early intervention, crisis management, intensive outpatient programs, partial hospitalization, residential treatment, inpatient detoxification, and programs focused on transitional living and life skills. For more detailed information, please visit www.bradfordhealth.com.
About Lee Equity Partners
Lee Equity Partners, based in New York, is a private equity firm focused on partnering with management teams to develop high-growth companies. With typical equity investments ranging from $50 million to $150 million, Lee Equity targets middle-market companies valued between $100 million and $500 million, primarily within the United States. Their investment focus spans sectors where they possess deep industry expertise, including business services, financial services, and healthcare services. Further details can be found at www.leeequity.com.
About Centre Partners
Established in 1986, Centre Partners is a prominent middle-market private equity firm concentrating on the consumer and healthcare industries. With offices in New York and Los Angeles, Centre Partners has invested approximately $2.6 billion of equity capital across more than 89 transactions. The firm seeks collaborations with founders, families, entrepreneurs, and management teams to build exceptional businesses, providing access to a valuable network of experienced operating executives. Additional information is available at www.centrepartners.com.
