Bridgepoint Advises PrairieCare on Its Sale to Newport Healthcare, a Portfolio Company of Onex Corporation
November 30, 2022 – Omaha, NE – Bridgepoint Investment Banking (“Bridgepoint”) acted as the sole financial advisor to PrairieCare on its sale to Newport Healthcare (“Newport”), a portfolio company of Onex Corporation (“Onex”) (TSX: ONEX).
After successfully working together in 2019 to find capital for a debt recapitalization and growth financing, PrairieCare again leaned on Bridgepoint’s healthcare investment banking team to partner their company.
“Bridgepoint’s healthcare team worked tirelessly on our behalf to find a strategic partner—Newport Healthcare—that is dedicated to helping our management team continue its passion and mission of providing each individual patient the psychiatric care they truly need. Bridgepoint’s understanding of our business model and nuanced reimbursement issues were critical factors in maximizing the transaction’s outcome for all stakeholders. Having worked with Bridgepoint on multiple transactions, I can ardently endorse their integrity and intellect,” commented Dr. Stephen Setterberg, MD, Founder & President of PrairieCare.
Bridgepoint Managing Director Gary Grote added, “This transaction is the culmination of many years of working with our friends at PrairieCare over several transactions. They do remarkable work providing world-class psychiatric treatment and we are excited to see how they will expand their platform in partnership with Newport Healthcare. I’m proud of our team’s execution of a multi-faceted process that touched all parts of the capital stack and ultimately resulted in an optimal outcome for the PrairieCare team and their important mission.”
About Bridgepoint Investment Banking
Bridgepoint Investment Banking, a division of Bridgepoint Holdings NE, LLC, is a market-leading boutique investment bank. The Bridgepoint team, through their broker dealer relationship with M&A Securities Group, Inc., an unaffiliated entity, serves clients over their corporate lifecycles by providing capital raising and M&A advisory solutions. Bridgepoint serves clients globally across a range of focus sectors including healthcare. Learn more about Bridgepoint Investment Banking at bridgepointib.com.
About Newport Health
Newport Healthcare provides evidence-based healing centers for teens, young adults, and families struggling with primary mental health issues. Newport offers a family-systems approach with individualized, integrated programs that combine clinical and experiential therapies with academic or career support. Newport’s nationwide residential and outpatient treatment programs bring teens and young adults from self-destruction to self-esteem, addressing the underlying causes of high-risk behavior from a foundation of compassionate care, clinical expertise, and unconditional love. With a commitment to advocacy, Newport is creating a movement to shift our mental health culture from awareness to action, with the primary mission to empower lives and restore families.
PrairieCare is one of the nation’s most innovative, fastest-growing psychiatric health systems, offering psychiatric services for all ages, including free mental health screenings, clinic services, intensive outpatient programs (IOP), partial hospital programs (PHP) and residential services. PrairieCare is based in Minnesota, with nine locations across the Twin Cities metro area, Mankato and Rochester. For more information about services offered, visit prairie-care.com.
Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Onex’ two primary businesses are Private Equity and Credit. In Private Equity, we raise funds from third-party investors, or limited partners, and invest them, along with Onex’ own investing capital, through the funds of our private equity platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise and invest capital across several private credit, public credit and public equity strategies. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In addition, through our private wealth platform, we service high net worth clients in Canada. In total, Onex has $48.4 billion in assets under management, of which $7.9 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.