Shore Capital Partners Invests In a Comprehensive Addiction Treatment Platform
CHICAGO – November 2017 – Shore Capital Partners (“Shore Capital” or “Shore”) is pleased to announce the recapitalization of BrightView, LLC (“BrightView” or the “Company”). Headquartered in Cincinnati, the Company currently has 4 locations in Ohio and provides psychological, social and medical services, including medication assisted treatment, to individuals suffering from addiction. Financial terms of the transaction were not disclosed.
Shore has partnered with BrightView to increase access to effective comprehensive addiction treatment throughout Ohio and the surrounding states. Chad Smith, Chief Executive Officer (CEO), co-founded the Company in 2014 and has successfully led and grown the business, opening centers three and four this past summer. The Company plans to grow quickly to help address the immense unmet need for comprehensive medication assisted treatment across Ohio.
“We created BrightView with the goal of helping those in greatest need of addiction treatment services. Our comprehensive approach differentiates us from other providers and grants patients the greatest opportunity for a successful recovery,” stated Mr. Smith. “When we found Shore Capital, we discovered an ideal partner that would support our community center growth while never compromising on clinical quality.”
Shore plans to invest in infrastructure to standardize operations and provide support to BrightView’s current and future clinics including centralized finance, accounting, human resources, IT, development and marketing.
Rates of addiction and drug abuse, specifically opiates, are at an all-time high and have been rising steadily across all demographic groups and states since 2010. Drug overdoses are currently the leading cause of death in the U.S. for people under 50. In 2016, 11.8 million people reported misusing opioids. Further, 2.1 million individuals met the clinical criteria for having an opioid disorder. According to The National Survey on Drug Use and Health, as of 2015, only 11% of those suffering from a substance use disorder received treatment. BrightView hopes to help alleviate this treatment gap, by providing both high quality treatment and easily accessible care.
“BrightView’s differentiated model of care makes them the ideal partner as we set out to help more patients and communities in the Ohio Valley region,” stated John Hennegan, a Partner with Shore Capital. “Chad, his co-founders, and the entire BrightView team work each day to battle the biggest medical crisis of our time. We’re excited to utilize our experience in scaling leading healthcare service companies to assist them.”
This investment represents the third platform investment out of Shore Capital Partners Fund II, L.P., a $190 million investment vehicle raised in April 2017.
About Shore Capital
Shore Capital is a Chicago-based private equity firm focused exclusively on microcap healthcare investments. Shore supports management partners with capital, business development expertise, and industry knowledge to accelerate growth, fund acquisitions, and generate value to shareholders. Shore targets investments in proven, successful private companies with superior management teams, stable cash flow, and significant growth potential, including organic and growth through industry consolidation. Shore has approximately $350 million of equity capital under management through various investment vehicles including Shore Capital Partners Fund II, L.P. with $190 million of capital commitments. For more information, please visit: www.shorecp.com.