April 7, 2021
NEW YORK--(BUSINESS WIRE)--Lightyear Capital LLC (“Lightyear”), Oak HC/FT, and Greater Sum Ventures (“GSV”) today announced that investment funds affiliated with Lightyear, Oak HC/FT, and GSV have signed a definitive agreement to sell Therapy Brands to KKR. Financial terms were not disclosed. Funds affiliated with Lightyear and Oak HC/FT acquired a majority stake in Therapy Brands in July 2018.
“It’s gratifying to have shepherded Therapy Brands since its inception in 2017 and now to celebrate all the company’s achievements within mental and behavioral health. We’re proud of this successful evolution in technology and all it means for both the providers and patients of this vital healthcare sector.”
Therapy Brands provides practice management, integrated patient payments, revenue cycle management, patient engagement, tele-health and data management solutions for mental and behavioral health practices to support their clinical, administrative and billing needs. The Therapy Brands suite of software tools enables more than 28,000 practices in psychotherapy, applied behavioral analysis, substance use recovery, and physical therapy to streamline their practices and focus on their patients.
Kimberly O’Loughlin, CEO of Therapy Brands, said, “We are excited about partnering with KKR on the next chapter of growth as we work to make it easier for providers to spend more time and focus on delivering high quality care to patients. I want to thank the teams at Lightyear, Oak HC/FT and GSV for their invaluable support and investment to drive client growth, adoption of our value-added solutions and expand our portfolio with M&A.”
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.”
Andrew Adams, Co-Founder and Managing Partner of Oak HC/FT, said, “When we invested in Therapy Brands in 2018, the software market for mental and behavioral health providers was extremely fragmented, populated by incomplete point solutions. Therapy Brands built an innovative end-to-end solution to successfully tackle this critical pain point in healthcare, and we’re excited to see all that the team accomplishes in this next chapter.”
Ross Croley, CEO and Founder of GSV, added, “It’s gratifying to have shepherded Therapy Brands since its inception in 2017 and now to celebrate all the company’s achievements within mental and behavioral health. We’re proud of this successful evolution in technology and all it means for both the providers and patients of this vital healthcare sector.”
William Blair and TripleTree are acting as financial advisors and Davis Polk & Wardwell LLP as legal advisor to Therapy Brands.
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