BIRMINGHAM, Ala., Sept. 7, 2021 /PRNewswire/ — Bradford Health Services, the Southeast’s largest provider of addiction treatment programs, today announced the acquisition of Cornerstone of Recovery, a Tennessee-based substance use disorder treatment provider. Bradford Health Services is backed by Centre Partners, a leading middle-market private equity firm focused on the consumer and healthcare sectors.
Founded in 1989, Cornerstone of Recovery is one of the largest providers of drug and alcohol recovery programs in Tennessee. The company operates two Knoxville-area inpatient facilities, Cornerstone of Recovery and Stepping Stone to Recovery, offering a full spectrum of clinical treatment options for people recovering from addiction.
“We are proud to add an organization as well respected as Cornerstone of Recovery to the Bradford portfolio,” said Mike Rickman, President and Chief Executive Officer of Bradford Health Services. “This partnership brings together two teams that share a passion for supporting recovery. We are excited to combine our collective knowledge and experience to provide even greater access to the best care in the industry.”
The acquisition strengthens both Bradford’s and Cornerstone’s position in the addiction treatment industry, expanding in-network access to care and providing unparalleled treatment opportunities for patients, families, and referring providers across a full continuum of care. The combined company will offer programming and support services through over 25 facilities across Alabama, Arkansas, North Carolina, and Tennessee.
“Whether we’re serving patients from Tennessee or from across the country, our mission has always been the same: to save lives, families, and jobs by providing hope, healing, and recovery for those impacted by the disease of addiction,” said Cornerstone of Recovery Chief Executive Officer Steve McGrew. “With this new partnership, we look forward to furthering this mission, drawing on new resources and opportunities under the Bradford umbrella to continue to provide comprehensive, affordable, and effective treatment for those in need.”
For more information, visit bradfordhealth.com
About Bradford Health Services
Bradford Health Services has been successfully treating alcohol and drug addiction for more than 40 years. With locations across the Southeast, Bradford offers affordable, clinically proven programs at all levels of care, including residential, inpatient, extended care, and outpatient services. Drawing from best-in-class medical and clinical research, Bradford’s experienced staff tailors every treatment plan to the individual patient, resulting in industry leading patient outcomes. Bradford’s 24-hour crisis center is available by calling 1-888-SOBER-40 (888-762-3740). For more information, visit bradfordhealth.com.
About Cornerstone of Recovery
Founded in 1989, Cornerstone of Recovery has grown into one of the largest residential drug and alcohol treatment centers in the state of Tennessee. With services ranging from medically supervised detox, inpatient treatment for a broad cross-section of clients to outpatient programs and sober living support, Cornerstone combines both traditional methods and evidence-based psychotherapeutic tools to fulfill our primary mission: to save lives, families, and jobs by providing hope, healing, and recovery for those impacted by the disease of addiction. For more information, call 1-866-631-5209 or visit cornerstoneofrecovery.com.
About Centre Partners
Founded in 1986, Centre Partners is a leading middle-market private equity firm focused on the consumer and healthcare sectors, with offices in New York and Los Angeles. Centre Partners seeks to partner with founders, families, entrepreneurs and management teams to build exceptional businesses. Centre Partners provides management teams access to its unique resources, which includes an extended network of experienced and proven operating executives. Additional information is available at www.centrepartners.com.
The M&A market for healthcare companies continues to strengthen in 2021 and ahead of the projected increases in US capital gains taxes. There is unprecedented capital in market, the lowest interest rates in US history and strong acquirer motivations for high quality healthcare companies. Across the continuum of care, buyers and investors are looking for well established, profitable businesses and offering strong valuations and options for management.
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