About the Company:
Founded in 2005, Georgia Behavioral Health Professionals (“GBHP”) provides integrated behavioral healthcare with psychiatrists, addiction treatment specialists, psychologists, interventional psychiatrists, nurse practitioners, physician assistants and masters level therapists to treat a wide range of behavioral health disorders. With nine offices serving Georgia, GBHP was the largest group in the State at the time of the transaction. GBHP was owned and operated by the husband-wife-team of Santiago and Ashley Tagtachian.
Sell-Side Mandate:
The Tagtachian family had been approached by a private equity backed operator of behavioral healthcare clinics to consider the sale of the practice. GBHP engaged Lenox to consider a sale to LifeStance Health Inc. (NASDAQ: LFST) (“LifeStance”). As part of the engagement, Lenox created marketing materials to position the business for sale, facilitated financial diligence, assisted with legal diligence, and negotiated final terms.
Outcome:
The Lenox Group successfully advised GBHP on its majority recapitalization with LifeStance, a portfolio company of Summit Partners and Silversmith Capital Partners. LifeStance, formed in 2015, is a behavioral health care company focused on providing evidenced-based, medically driven treatment services for children, adolescents and adults suffering from a variety of mental health disorders. Founded in 1984, Summit Partners is a private equity and credit firm managing over $35BN in assets. Founded in 2015, Silversmith Capital Partners is a $460MM private equity firm. The Tagtachian family rolled equity in the transaction and in 2021, LifeStance underwent an Initial-Public-Offering through the NASDAQ