March 7, 2019

BlueMountain, PE picking up healthcare firms, launches behavioral health company

BlueMountain Capital Management launched a national behavioral health company, the private equity firm said March 5.

The new company, Promises Behavioral Health, will start off operating 12 facilities and programs across seven states. Promises Behavioral Health will offer treatment options for substance abuse, sexual addiction, trauma, eating disorders and other mental health disorders. Programs for veterans will also be offered.

The New York City-based private equity firm has picked up healthcare providers in the past. Los Altos, Calif.-based Daughters of Charity Health System originally owned six El-Segundo, Calif.-based Verity Health System hospitals, which were sold to BlueMountain in 2015. Billionaire investor Patrick Soon-Shiong, MD, later purchased Integrity Health, BlueMountain’s subsidiary that manages Verity Health.

BlueMountain and an associated investor group recently acquired substantially all of the assets of Promises’ predecessor, Elements Behavioral Health’s, after Elements emerged from Chapter 11 bankruptcy March 1.