BIRMINGHAM, Ala. and NEW
YORK, April 7, 2021
/PRNewswire/ -- KKR, a leading global investment firm,
announced today that it has agreed to acquire a majority interest
in Therapy Brands (the "Company"), a leading practice management
and electronic health record (EHR) software platform for mental,
behavioral, substance use recovery, applied behavior analysis (ABA)
and physical rehabilitation healthcare providers, from its existing
shareholders – investment funds affiliated with Lightyear Capital
LLC, Oak HC/FT and Greater Sum Ventures. Existing investor PSG will
participate in the transaction alongside KKR and continue to be a
minority shareholder in Therapy Brands. Financial details of the
transaction were not disclosed.
![Therapy Brands Therapy Brands](https://mma.prnewswire.com/media/1483020/67433FC3_1196_4541_A0CD_2BB578A25E2F_Logo.jpg)
Founded in 2013, Therapy Brands provides end-to-end,
purpose-built software solutions to streamline the full clinical,
administrative and reimbursement workflows of healthcare
professionals in multiple end markets. Its HIPAA-compliant solution
suite supports the daily operations of more than 28,000 practices
across the U.S., ranging from individual providers to national
multi-location practice groups.
"Provider and patient friendly technology-enabled solutions are
more important than ever as the demand for mental and behavioral
health services continues to rapidly increase," said Kimberly O'Loughlin, CEO of Therapy Brands. "We
are excited to welcome KKR as our new investor, which brings a deep
understanding of the healthcare sector and extensive experience in
scaling technology-enabled platforms. This support will help us
accelerate our mission of making it easier for providers to
navigate an increasingly complex administrative landscape so they
can spend more time and focus on delivering improved outcomes for
their clients."
Therapy Brands' technology platforms address the underserved
practice management needs of mental and behavioral healthcare
professionals, including psychologists, psychiatrists, counselors,
social workers, ABA clinicians, addiction specialists and physical,
speech and occupational therapists. Across its portfolio of leading
brands – including TheraNest, ShareNote, CodeMetro,
AccuPoint,DataFinch, TenEleven, Procentive, Fusion Web Clinic, and
A2C – Therapy Brands offers comprehensive and customized practice
management and EHR services along with integrated capabilities for
telehealth, data collection and interoperability, revenue cycle
management, e-prescribing and payments. Therapy Brands'
technologies are purpose-built, focused squarely on improving the
patient experience and decreasing the administrative burden for
practitioners so they can spend more time focused on the health and
well-being of their clients and businesses.
"We are delighted to be backing Therapy Brands at a time when
there is increasing recognition and social awareness about the
importance of mental health," said Max
Lin, a KKR Partner who co-leads the health care industry
team for KKR's Americas Private Equity business. "Therapy Brands
has developed an impressive portfolio of best-in-class software
tools and mission-critical solutions to help mental health
providers modernize their practices. We look forward to
working with the team in accelerating the growth of the platform
and finding additional ways of delivering enhanced value to its
clinicians."
"We formed the Therapy Brands platform to bring comprehensive
technology solutions to this important end market within our
healthcare system," said Marco
Ferrari, a Managing Director at PSG. "We have been thrilled
with our partnership with the Therapy Brands team and look forward
to continuing this journey alongside KKR."
KKR is making its investment in Therapy Brands primarily from
its Americas XII Fund. The investment adds to KKR's experience of
investing in leading behavioral healthcare businesses, including
Blue Sprig Pediatrics and BrightSpring Health Services, and in
high-growth healthcare-related technology companies such as WebMD
(Internet Brands) and Clarify Health. KKR has also established a
strong track record of supporting leading vertical market software
companies including Autodata, Epicor Software Corporation, Ipreo,
Mitchell, MYOB and OptimalPlus.
Mark F. Vassallo, Managing
Partner of Lightyear, stated, "The investment in Therapy Brands
reflects Lightyear's ongoing thematic focus on the intersection of
tech-enabled financial services and healthcare. Under our
ownership, Therapy Brands has more than tripled in size through a
combination of strong organic growth and nine strategic
acquisitions. It has been a pleasure working with Kimberly and the
Therapy Brands team, and we wish them continued success."
William Blair and TripleTree are
acting as financial advisors and Davis
Polk & Wardwell LLP as legal advisor to Therapy Brands.
Kirkland & Ellis LLP is serving as legal advisor to KKR.
About Therapy Brands
At a time when the topics of
digital connectivity and access to care are at the forefront of the
cultural conversation in the U.S., Therapy Brands is equipping
practitioners with effective solutions to address the growing needs
of mental and behavioral health, substance use recovery, applied
behavior analysis and rehabilitation populations. Through
purpose-built, fully integrated practice management and EHR
solutions provided by Therapy Brands, healthcare providers can
improve patient quality of care and support better health outcomes
for those they serve. Therapy Brands is headquartered in
Birmingham, AL. For more
information, please visit us at www.therapybrands.com
About KKR
KKR is a leading global investment firm that offers alternative
asset management and capital markets and insurance solutions. KKR
aims to generate attractive investment returns by following a
patient and disciplined investment approach, employing world-class
people, and supporting growth in its portfolio companies and
communities. KKR sponsors investment funds that invest in private
equity, credit and real assets and has strategic partners that
manage hedge funds. KKR's insurance subsidiaries offer retirement,
life and reinsurance products under the management of The Global
Atlantic Financial Group. References to KKR's investments may
include the activities of its sponsored funds and insurance
subsidiaries. For additional information about KKR & Co. Inc.
(NYSE: KKR), please visit KKR's website at www.kkr.com and on
Twitter @KKR_Co.
PSG
PSG is a growth equity firm that partners with
middle-market software and technology-enabled services companies to
help them navigate transformational growth, capitalize on strategic
opportunities and build strong teams. Having backed more than 65
companies and facilitated over 275 add-on acquisitions, PSG brings
extensive investment experience, deep expertise in software and
technology, and a firm commitment to collaborating with management
teams. Founded in 2014, PSG operates out of offices in Boston, Kansas
City and London. To learn
more about PSG, visit www.psgequity.com.
Media Contacts:
For KKR:
Cara Major or Miles
Radcliffe-Trenner
212-750-8300
media@kkr.com
For Therapy Brands:
Shannon Vann
Mediainquiries@therapybrands.com
For PSG:
Cameron Nugent
cameron.nugent@psgequity.com
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SOURCE Therapy Brands; KKR