—ValueOptions®, Inc., the nation’s largest independent behavioral health care company, completed its previously announced agreement under which New York-based private equity firm Crestview Partners, L.P., has taken a significant equity stake in the company. Terms of the deal were not disclosed.
Company founder Dr. Ronald Dozoretz will continue as Chairman of the Board. Other members of the company’s new nine-member Board of Directors include Bob Hurst, a Managing Director of Crestview Partners and former Vice-Chairman of Goldman Sachs, and Barbara B. Hill, CEO of ValueOptions®.
"Crestview’s strong record of accomplishment is proof of its ability to help companies rise to the next level of success. This is very exciting for ValueOptions® and all its stakeholders," said Hill. "With this investment, it is our belief that ValueOptions® will be in a better position to expand at a faster pace and increase its high quality services in the behavioral health care sector as well as support future growth."
"ValueOptions® is a leading behavioral health care company with strong growth potential,” said Hurst. “Its business model, established record of reducing health care costs for its clients and reputation as a socially responsible company make this an exciting opportunity for us. We look forward to participating in the company’s continued success."
ValueOptions®, which designs and operates behavioral health care services, including mental health, substance abuse, Workplace Services and Employee Assistance Programs, serves more than 23 million people through publicly funded, federal and commercial contracts. ValueOptions® is a leading provider of behavioral health services to the Fortune 100 list of companies. It also is the leading provider of behavioral health services in the public sector with contracts in 12 states: California, Colorado, Connecticut, Florida, Illinois, Kansas, Massachusetts, New Jersey, New Mexico, North Carolina, Pennsylvania and Texas.
Goldman, Sachs & Co. acted as exclusive financial advisor to the company.
About Crestview Partners, L.P.
Crestview is a $1.5 billion private equity firm established in 2004 by a group of former Goldman Sachs partners who were leaders of the firm’s private equity business and senior management. Crestview is backed by a sophisticated group of investors, including many leading entrepreneurs and institutions. Crestview’s professionals have complementary experience and distinguished backgrounds in private equity, financial, operational and managerial positions, and have led more than $20 billion in acquisitions and buyouts. |
