BRENTWOOD, Tenn. & LOUISVILLE, Ky.--(BUSINESS WIRE)--LifePoint Health® and Springstone today announced they have entered into a definitive agreement for a subsidiary of LifePoint to acquire a majority ownership interest in the operating company of Springstone. Springstone is a leading behavioral health provider with 18 behavioral health hospitals and 35 outpatient locations across nine states. As part of the transaction, Medical Properties Trust will continue to own a majority of Springstone’s real estate locations and retain its current minority stake in Springstone’s operating company.
“The need for greater access to behavioral health services continues to grow and is fundamental to our objective of providing diversified healthcare delivery services to communities and partners across the country,” said David Dill, chairman and chief executive officer (CEO) of LifePoint Health. “Adding the talented team at Springstone's depth of experience and platform for providing high quality behavioral healthcare will accelerate our ability to broaden these crucial services for communities that need them.”
Springstone represents an important transaction for the growth and development of LifePoint’s behavioral health offering. Today, LifePoint supports more than 30 behavioral health units within community hospitals and sites of care across the country as well as three inpatient behavioral health facilities. Following the completion of the transaction, LifePoint’s healthcare delivery network will include 62 community hospital campuses, 31 rehabilitation hospitals, 21 behavioral health hospitals, and more than 200 additional sites of care, including managed acute rehabilitation units, outpatient centers and post-acute care facilities.
“Springstone is thrilled to join the LifePoint Health team,” said Philip Spencer, chief executive officer of U.S. Behavioral Partners, Springstone’s management company. “We share LifePoint’s clear focus and enthusiasm for bringing best-in-class behavioral health services to more people in need in the current communities we both serve, while exploring opportunities to expand the expert care we provide to new communities as well.”
Since its founding in 2010, Springstone has become a leader in providing behavioral health and addiction treatment services through its state-of-the-art, purpose-built facilities, exceeding national benchmarks in patient outcomes for hospital-based inpatient psychiatric services.
Once the transaction is finalized, Springstone’s caregivers will join the LifePoint family, and patients should experience no disruptions in care. The transaction is subject to the satisfaction of customary closing conditions, including routine regulatory notices, and is expected to be finalized in early 2023.
Barclays and Goldman Sachs & Co. LLC served as financial advisors to LifePoint Health. Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to LifePoint Health. Bradley served as legal counsel to Springstone. Goodwin Procter and Baker Donelson PC served as legal counsel to Springstone and Medical Properties Trust.
About LifePoint Health
LifePoint Health is a leading healthcare provider that serves patients, clinicians, communities and partner organizations across the healthcare continuum. Driven by a mission of Making Communities Healthier, the company has 62 community hospital campuses, more than 30 rehabilitation and behavioral health hospitals and 170 additional sites of care, including managed acute rehabilitation units, outpatient centers and post-acute care facilities. Through its innovation strategy, LifePoint Forward, the company is developing meaningful solutions to enhance quality, increase access to care, and improve value across the LifePoint footprint and communities across the country. For more information, visit www.lifepointhealth.net.
About Springstone
Springstone is one of the nation’s leading providers of high-quality behavioral healthcare services. Its inpatient and outpatient programs provide children and adults with treatment of mental illness and addiction, offering a broad scope of services for a diverse patient population. In addition to traditional therapies, Springstone takes a holistic approach to treatment, offering yoga, art, and recreational therapy. Its engaged and mission-drive team is dedicated to Changing People’s Lives® through a patient-centric approach to delivering superior outcomes. The company, headquartered in Louisville, Ky., operates 18 hospitals and 35 outpatient locations across nine states, with additional locations under development. For more information, please visit www.springstone.com