It’s been some time since we heard about Summit BHC. There’s a good reason, too. It hasn’t announced an acquisition since October 2018.
Now comes news the firm has moved into Colorado, making its first acquisition in the state. On January 22, the company added Peak View Behavioral Health, a 112-bed acute psychiatric and behavioral health hospital in Colorado Springs. Financial terms were not disclosed.
Summit was founded in 2013 to develop and operate a network of addiction treatment and behavioral health centers throughout the United States. Flexpoint Ford LLC made a controlling investment in the Franklin, Tennessee-based firm in 2015 and exited in October 2017 to Lee Equity Partners and FFL Partners.
Summit began buying in December 2015, acquiring Seabrook West, a 49-bed addiction treatment center in Tioga County, Pennsylvania (later rebranded as Mountain Laurel Recovery Center). That was quickly followed by two more acquisitions, announced in March 2016, for St. Joseph Institute (40 beds) in Port Matilda, Pennsylvania and Turning Point (106 beds) in Franklin, Pennsylvania.
More deals followed in 2017 and 2018, about two per year, adding 187 beds in four treatment centers located in Arizona (2), Iowa (1) and Tennessee (1).
In 2019, Summit hit the pause button on acquisitions and tried some de novo additions. In May, it opened its 16th treatment center, Safe Harbor Recovery Center (26 beds) in Portsmouth, Virginia and its 17th in the suburbs of Wichita, Kansas, the Bel Aire Recovery Center (42 beds). In September, it opened Wood Glen Recovery Center in Henryville, in southeastern Indiana.
Now Summit is back on the acquisition trail, adding a 19th residential treatment center in Colorado. Happy hunting.