KKR Closes Acquisition of Therapy Brands
KKR, a leading global investment firm, announced the closing of its previously-announced acquisition of a majority interest in Therapy Brands, 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.
“This acquisition is exciting for the Therapy Brands family – our employees, our customers, and their patients,” said Kimberly O’Loughlin, CEO of Therapy Brands. “KKR 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.”
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“Therapy Brands is delivering enormous value to its clinicians and supporting better healthcare outcomes for patients with its high caliber portfolio of purpose-built software solutions,” said Max Lin, a KKR Partner who co-leads the health care industry team for KKR’s Americas Private Equity business. “We are excited to work closely with Kimberly and her team to help build enhanced solutions for the mental and behavioral healthcare market.”
Founded in 2013, Therapy Brands provides end-to-end software solutions to streamline the full clinical, administrative and reimbursement workflows of healthcare professionals in multiple end markets, focused on the underserved mental and behavioral healthcare fields. Its HIPAA-compliant solution suite supports daily operations for more than 28,000 practices across the U.S., ranging from individual providers to national multi-location practice groups. Therapy Brands’ solutions 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.
KKR made its investment in Therapy Brands primarily from its Americas XII Fund. PSG, a leading growth equity firm that focuses on partnering with middle-market software and technology-enabled service companies and existing investor in Therapy Brands, participated in the transaction alongside KKR and remains a minority shareholder in the Company. Further financial details of the transaction were not disclosed.
Harris Williams served as financial advisor and Kirkland & Ellis LLP as legal advisor to KKR. William Blair and TripleTree acted as financial advisors and Davis Polk & Wardwell LLP as legal advisor to Therapy Brands.