Lifepoint Health Acquires Majority Ownership Interest in Springstone
Completed transaction brings 18 new behavioral health hospitals and 35 outpatient locations into Lifepoint’s diversified healthcare delivery network, bolstering expertise, resources and facilities
BRENTWOOD, Tenn., February 07, 2023--(BUSINESS WIRE)--Lifepoint Health announced today that it has completed the transaction to acquire a majority ownership interest in the operating company of Springstone, a national behavioral health provider. The transaction expands Lifepoint’s behavioral health services across the nation, adding Springstone’s 18 behavioral health hospitals and 35 outpatient locations across nine states into Lifepoint’s national diversified healthcare delivery network.
This transaction reflects Lifepoint’s increasing focus on expanding access to behavioral health services and deepens Lifepoint’s capabilities by adding Springstone’s expertise and resources, as well as an established footprint of locations.
"We recognize that there is a widespread and critical need for expanding access to behavioral health services, and both Lifepoint and Springstone share a commitment to providing high quality, compassionate behavioral healthcare to communities across the nation," said David Dill, chairman and chief executive officer of Lifepoint Health. "By continuing to expand Lifepoint’s behavioral health platform, we have an opportunity to strengthen the care continuum, bring more services to our communities, better support hospitals and providers, and improve the overall health of patients across the nation. This transaction is central to helping us accomplish this and to advancing our mission of making communities healthier."
Founded in 2010, Springstone has emerged as a leader in the prevention, diagnosis and treatment of behavioral health conditions. Recognized for its state-of-the-art, purpose-built facilities, Springstone has exceeded national benchmarks in patient outcomes for hospital-based inpatient psychiatric services. Its growing number of outpatient clinics offer services including partial hospitalization programs (PHP) and intensive outpatient programs (IOP), ensuring a robust continuum of care to further support patient needs.
With the close of the transaction, Lifepoint’s healthcare delivery network now spans 62 community hospital campuses, more than 50 rehabilitation and behavioral health hospitals and more than 200 additional sites of care, including managed acute rehabilitation units, outpatient centers and post-acute care facilities.
"Joining Lifepoint is a very positive step for Springstone, our team and the people we serve," said Philip Spencer, chief executive officer of U.S. Behavioral Partners, Springstone’s management company. "Our companies have long shared a goal of bringing best-in-class behavioral health services to the communities we serve. We are thrilled to move forward together as one team and advance care to communities in need of these services across the country."
Medical Properties Trust will continue to own a majority of Springstone’s real estate locations and retain a minority stake in Springstone’s operating company.
Barclays and Goldman Sachs & Co. LLC served as Lifepoint Health’s financial advisors regarding the transaction, and Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel. Bradley provided legal counsel to U.S. Behavioral Partners. Goodwin Procter and Baker Donelson PC served as legal counsel to Springstone.
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 a growing diversified healthcare delivery network comprised of more than 50,000 dedicated employees, 62 community hospital campuses, more than 50 rehabilitation and behavioral health hospitals and more than 200 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 about the company, visit www.LifepointHealth.net.
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