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Offline Ursus

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Big Fish CRC Trawls The Waters
« Reply #15 on: September 08, 2007, 10:32:04 AM »
CRC Health Group
Executive Management

Barry W. Karlin, Ph.D. - Chairman and CEO
    Dr. Karlin co-founded CRC in 1995. As Chairman and Chief Executive Officer, responsible for strategy and overall performance. Under his leadership, CRC has become a market leader with robust revenue and profit growth every year since inception. Dr. Karlin has been frequently featured in the national media, including newspapers and the trade press. He has a diverse background in operating companies, venture capital and management consulting, and is an experienced executive with expertise in general management, finance, marketing and strategic planning. He previously founded and served as Chief Executive Officer of two emerging high technology companies. He was also a General Partner at Corporate Technology Partners, a venture firm specializing in the wireless communications industry. Dr. Karlin was formerly a strategy management consultant, first with Strategic Decisions Group and subsequently with Decision Processes, Inc. Clients included General Motors, Hewlett-Packard, Chevron, and Disney. He received his Ph.D. and M.S. from Stanford University in the Department of Engineering Economic Systems in 1981 (specializing in Decision Analysis) and his B.S. in Electrical Engineering in 1976.

Kevin Hogge - Chief Financial Officer, Vice President and Treasurer
    Mr. Hogge joined CRC as Chief Financial Officer in June 2003 and has been involved in the healthcare industry for 15 years. Prior to joining CRC, he was the Chief Financial Officer for Epoch Senior Living in Waltham, MA, a national assisted living and skilled nursing company. From 1996 to 1999 he served as divisional CFO of Horizon/CMS, maintaining his position following acquisition by Regency Health Services and subsequently by Sun Healthcare Group. Prior to Horizon, he worked as VP of Planning for Tenet Healthcare. Mr. Hogge has also worked in several finance positions including VP Corporate Accounting and Assistant Controller with National Medical Enterprises. Prior to that, Mr. Hogge was a CPA with Ernst & Whinney. He received his B.S. in Accounting from Virginia Tech in 1979.

Jerome E. Rhodes - President, Residential Division
    Prior to joining CRC Mr. Rhodes was CEO of Comprehensive Addictions Programs Inc. ("CAPS") for ten years. Under his leadership, CAPS, a privately held company backed by several venture capital investors, that became a national full service addiction treatment provider that provided both residential and opiate treatment. The company was acquired by CRC in February 2003. Prior to his CEO role, Mr. Rhodes was the VP of Operations for CAPS for 2 years and the Sr. VP of Acquisitions & Development for 2 years. Before joining CAPS, Mr. Rhodes was the Director of Development for Beverly Enterprises, the nations largest publicly held nursing home company, for 4 years. He was responsible for all new facility projects and developed over 40 facilities with an aggregate value of $120 million and the acquisition of another 50 facilities with an aggregate value of $150 million. Prior to this position, he was the Chief Development Consultant for 3 years with Wilmot Bower & Associates, a nationally renowned Architectural and Development firm specializing in healthcare facilities. Mr. Rhodes also worked for Manor Care at various capacities. He holds his B.A. degree from Columbia Union College, with high honors.

Philip L. Herschman - President, Outpatient Division
    Mr. Herschman is responsible for the overall operation of CRC's outpatient division, bringing over 25 years of experience in the healthcare industry. Mr. Herschman served as CEO of Behavioral Health Concepts, a national mental health management company, which he founded in 1993 and spearheaded its growth. Prior to BHC, Mr. Herschman worked in business development for Republic Health Corporation where he helped implement Republic's strategy of joint venturing their acute care hospitals with physician groups. He was also operationally responsible for 3 acute care hospitals totaling over 500 beds for OrNda HealthCorp where he worked for a period of 8 years. Prior to OrNda/Republic, Mr. Herschman was a Regional VP of Operations for Horizon Health, a multi-unit psychiatric management company. Mr. Herschman has a Ph.D. from the University of California, Irvine and a B.A. from the University of California, San Diego.

Elliot Sainer - President, Aspen Education Group and member, Board of Directors
    Elliot Sainer was the co-founder of Aspen Education Group, and has been a leader in the behavioral health care and education field for over 25 years. Prior to organizing Aspen, he held several CEO positions with health care organizations, as well as served as Regional Director for the nation's largest behavioral healthcare company. He currently serves on the Board of Directors of the National Association of Psychiatric Health Systems, and on the Board of Councilors of the School of Education at the University of Southern California (USC) as well as several private organizations. He recently completed two terms as a Board member of the Education Industry Association. He was the recipient in 2004 of the Entrepreneurial Leadership Award of the Education Industry Association. He was also honored in both 2007 and 2002 as a Finalist in the Entrepreneur of the Year Award for the Greater Los Angeles area, and in 1997 was named as one of the 100 most influential healthcare leaders in California. He received his MBA degree from George Washington University and his BA from the University of Pittsburgh.

Daniel S. Newby - Senior Vice President, Real Estate
    Mr. Newby co-founded CRC in 1995 with Barry Karlin, and shared the General Partner responsibilities of CRC with Dr. Karlin until the company became a C corporation. Mr. Newby is responsible for all real estate and facilities activities for the Corporation. He has a 30 year background in Real Estate including the areas of finance, leasing, acquisition, and sale of properties. Prior to forming CRC, Mr. Newby owned and operated his own Real Estate Brokerage firm, and successfully owned and operated a number of service related businesses. Mr. Newby received his BA degree in 1964 from the University of Washington where he received All Conference recognition as a member of the University Swimming Team.

Kathleen Sylvia - Executive Vice President, Business Development
    As the Executive VP of Corporate Business Development, Ms. Sylvia brings more than 37 years of healthcare experience to CRC. In this capacity, Ms. Sylvia is responsible for CRC's national marketing efforts in support of the Company's rapid program diversification and geographic expansion. Ms. Sylvia has also served on the Board of Directors since the Company's inception. Prior to this role, she was the COO of CRC from 1996 to 2003 and provided leadership in the Company's initial six acquisitions. She also spearheaded CRC's expansion into the managed care arena. From 1993 to 1996, Ms. Sylvia served as Executive Director of the California operations. Prior to joining CRC, Ms. Sylvia was the Associate Administrator at National Medical Enterprise Hospitals and Community Psychiatric Centers (a publicly traded behavioral healthcare company). She was responsible for all clinical, operational and quality functions for these two operations. From 1980 to 1988 she was Associate Administrator of the Oklahoma Youth Center, the primary psychiatric treatment facility for the state of Oklahoma. She is an expert in program evaluation and credentialing/accreditation as it relate to health care. Ms. Sylvia holds a Masters Degree in Public Administration from the University of Oklahoma a Bachelor's degree in Anthropology and Sociology from Old Dominion University and a Nursing degree from UCLA.

Thomas J. Brady, MD - Chief Medical Officer
    Dr. Thomas J. Brady joined the Company in October, 2004 after having spent seven years in as the Regional Medical Director of MHN, the behavioral division of Health Net, the fifth largest managed care company in the U.S. At MHN Dr. Brady held leadership positions in all clinical functions, including clinical operations and information systems, accreditation, credentialing, utilization management, quality improvement, risk management, provider relations, government regulators, testifying before legislative bodies, and liaison with medical insurance counterparts. Dr. Brady has also been in private practice as a psychiatrist for 18 years, including numerous dual-diagnosis patients, both inpatient and outpatient. Besides being certified by the American Society of Addiction Medicine, Dr. Brady is also board certified in general, child and adolescent, and forensic psychiatry, and is a Distinguished Fellow of the American Psychiatric Association. He holds an MBA from Golden State University, CA. and received an M.D. and B.S. in Biology from University of Alabama, Birmingham. He holds a B.A. in Psychology from University of California, Berkeley.

Jay Raimondi - Chief Technology Officer
    Mr. Raimondi joined CRC in 2000 with over 30 years of Information Technology experience. At CRC, Mr. Raimondi is responsible for merging all technology platforms from each of the acquired companies with a core, integrated technology that leverages CRC's best practices, improving the delivery of care and creating competitive advantage. Prior to joining CRC, Mr. Raimondi was the Co-Founder of Commerce America, an e-commerce company that was subsequently acquired by Transamerica Leasing. Prior to that, he was a Project Manager for Proxicom, Inc., a publicly held IT consulting company, and managed multi-million dollar projects for Fortune 500 companies including GE, Morgan Stanley, GMAC and Nike. Mr. Raimondi has also held numerous management positions with ADP in product development and management and with Bell Atlantic. He holds an undergraduate degree in engineering from New Hampshire Technical Institute and a B.S. in education from SUNY, Oswego State.

Winona Watkins - Vice President, Human Relations
    Ms. Watkins has 25 years of experiences in Human Relations, mostly in technology. She joined CRC in 2004 to strengthen and align HR infrastructure as a strategic function. Before joining CRC, Ms. Watkins held several HR positions, including Global VP of HR for Centura Software where she ran HR operations in 8 countries. She was the US VP of HR for Lumenis, an Israel-based medical device company, where her primary responsibility was to bridge cultural differences between Israeli and US operations. Ms. Watkins' also worked for Catholic Healthcare West, one of the nation's largest hospital chains, where she was Senior Corporate Director of Human Resources. Ms. Watkins has a Bachelor of Arts degree from San Jose State University.

Pamela Burke - Vice President, General Counsel and Secretary
    Ms. Burke has served as our vice president, general counsel and secretary since February 2005. Prior to joining us in February 2005, Ms. Burke was a partner at the law firm DLA Piper Rudnick Gray Cary US LLP, which she joined in September 1996. From September 1993 to April 1996, Ms. Burke worked for Ernst & Young in its National Tax Office. Ms. Burke received her B.A. in government from Cornell University and her J.D. from George Washington University.
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Offline Ursus

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Big Fish CRC Trawls The Waters
« Reply #16 on: September 09, 2007, 05:28:39 AM »
From their website... What's to prevent these people from recording these sessions and filing them for potential later use?  I think it is a lot easier to breach usual confidentiality restrictions when you have dealt with a person merely via a WebCam, than when you have dealt with them face to face as a real live person.

===============================

Online 12-Step Based Group Treatment Meeting

Online Treatment

eGetgoing is a substance abuse treatment program available over the Internet and it is the first and only accredited online recovery program (JCAHO and CARF). The program consists of group meetings in the evening, two times a week for three months. Group members meet online under the guidance of an experienced counselor and work together on a recovery plan to improve the quality of life without drugs and alcohol.

eGetgoing is:

  • An established program that has successfully treated over a thousand patients, combining group therapy, individual counseling and education with a 12-Step philosophy.
  • Easy to use: If a patient can read and send email and has access to a computer with Windows 98 or higher, he/she will have no problem participating in group (both dial-up and broad-band Internet).
  • Fully accredited by JCAHO and CARF and the groups are facilitated by certified addiction counselors.
Group members will:

  • speak (not type) with fellow group members using a headset and a microphone (supplied by eGetgoing)
  • see their counselor live in real time on their monitor
  • remain completely anonymous
  • access the group session from wherever the patient is

Learn more about eGetgoing or teenGetgoing or
Speak to a Counselor Now: 1-877-75-SOBER
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Offline Anonymous

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Big Fish CRC Trawls The Waters
« Reply #17 on: September 09, 2007, 12:36:21 PM »
The two websites in question, egetgoing and teengetgoing, are apparently corpses.
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Offline Ursus

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« Reply #18 on: September 09, 2007, 12:41:37 PM »
Quote from: ""Guest""
The two websites in question, egetgoing and teengetgoing, are apparently corpses.
HA ha haaa!  Yes, I guess I'm not the only one who would be leery of on-line treatment...  See below article.

As an aside, I think these two websites are very much fueled by ideological fervor on the part of CRC's CEO/Founder Barry Karlin and General Barry McCaffrey.  From a money-making standpoint, I think the company quietly continues to make it via business-as-usual from all their facilities and methadone clinics.

Some other comments about the below article:

    General Barry McCaffrey, mentioned a few times in posts earlier in this thread as being heavily involved in promoting eGetgoing/teenGetgoing, is mentioned below as being on CRC's Board of Directors.  He's also mentioned as the former drug czar, i.e., Director of the White House Office of Drug Control Policy; I was under the impression that he still was, guess I was wrong.

    This article came out just after Bain Capital had finalized the purchase of CRC Health Group from North Castle Partners and DLJ Merchant Banking Partners.  More on this later.[/list]
    =================================

    February 20, 2006:
    Getting Help Online: Despite Assured Privacy, Addicts Wary of Internet

    By Elise Ackerman
    Mercury News


    Five years ago, Barry Karlin sensed a huge business opportunity where most people saw only devastating social blight.

    There were more than 16 million people in the United States who needed treatment for drug or alcohol addiction, but only one in five addicts who sought help could get it because the number of programs was limited and the cost was so high.

    Enter the Internet -- or so Karlin imagined.

    Rather than undergo the shame and awkwardness of face-to-face group counseling programs, addicts could find the support they needed in cyberspace. Karlin calculated the size of the potential market for drug treatment -- online and offline -- at $12 billion.

    Today, the company Karlin founded, CRC Health Group of Cupertino, is the country's largest provider of substance-abuse treatment, with 87 facilities in 21 states.

    And CRC's eGetgoing program is the only accredited Internet-based addiction-treatment program in the United States.

    The only thing missing is the addicts.

    Even in the heart of Silicon Valley, where the pull of the Internet has proven strong enough to transform activities as diverse as driver's education and dating, the tug of methamphetamine, cocaine, heroin and alcohol is proving stronger than offers of cheap and confidential treatment. Since the program started in 2001, only about 1,000 addicts have logged on. Meanwhile, the company has continued to fill available slots at more traditional inpatient and outpatient programs.

    "It's an entirely different mode of providing treatment," said Karlin, who says the main obstacle to the Web-based program's growth is that insurance companies are reluctant to pay for it.

    Addicts receive group counseling from home, logging on twice a week for an hour-long session led by a counselor. The group communicates through headsets and microphones, using screen names of their choosing. There is streaming video of the counselor, but no photos or video of group members. Protecting privacy is paramount, Karlin said.

    Still, the sense of community and trust can be very strong.

    "I learned more from eGetgoing than I did in my entire life," said C.R. Watt, a Scotts Valley woman who completed the program more than a year ago, but has continued to attend an aftercare group hosted by the system.

    Watt said the straight talk and support she found in her Internet group enabled her to change the way she thought about her life. "I had gone to AA places for so many years," she said. "There's no movement there."

    The program costs $1,200 for 24 interactive sessions and a year of free aftercare sessions -- compared with $3,000 or more for a typical 12-week outpatient drug-treatment program.

    Like many mental health professionals, Robert Brooner, a medical psychologist at the Johns Hopkins Bayview Medical Center in southeast Baltimore, was initially skeptical about the benefit the Internet could bring to traditional psychotherapy. But Brooner said he recently tried eGetgoing and was surprised by its sophistication and ease of use.

    Still, Brooner said he is not surprised that droves of addicts aren't turning to the Internet for confidential counseling. Many have to be forced into face-to-face counseling.

    "It's not that they don't want to go public," he said. "They are trying to persuade themselves that they are just using a little more than they did before and they will slow down. The disorder is designed to preserve and protect itself."

    eGetgoing tries to address the stigma around addiction -- and the hopelessness it can inspire -- by defining drug dependence as a treatable medical condition.

    "This is a chronic illness that requires management," said former drug czar Gen. Barry McCaffrey at a company event last fall. "If we approach it from that perspective we can absolutely get people into recovery."

    McCaffrey, who is a member of CRC's board of directors, said eGetgoing can prevent relapse and facilitate long-term sobriety by enabling long-term, low-cost access to counseling.

    However, Jeffrey Schaler, a psychologist who teaches at American University's School of Public Affairs in Washington, D.C., said the problem with eGetgoing is not its use of the Internet as much as the premise that drug users are sick and need treatment.

    "It's only a metaphorical disease," said Schaler, the author of "Addiction Is a Choice." He noted that eGetgoing is based on the principles of the 12-step program first developed by Alcoholics Anonymous and that there are free 12-step programs all over the country sponsored by churches and other groups.

    "The idea that you are not going to have access so you have to go online is ridiculous," Schaler said. "They are selling water by the river."

    Douglas Lehrman of North Castle Partners, a private equity firm with offices in San Francisco and Greenwich, Conn., said demand stayed strong as CRC grew from one treatment center in Scotts Valley to 87 facilities around the country. During the 3 1/2 years North Castle owned CRC, revenues quadrupled to $230 million. North Castle recently sold its stake in CRC.

    Meanwhile, CRC now treats approximately 22,000 people a day.

    Steve Barnes, managing director at Bain Capital investment firm, said he believes CRC will continue to expand, with growth fueled in part by the company's ability to provide information and counseling over the Internet. Bain Capital closed its acquisition of CRC last week in a deal valued at $720 million.

    "Health care is something you see many individuals using the Internet for," Barnes said. "There is a need in the marketplace for more treatment for substance abuse, and CRC is the leading company in this market."


    ##
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    Offline Ursus

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    Big Fish CRC Trawls The Waters
    « Reply #19 on: September 10, 2007, 05:11:46 AM »
    Some more reference to CRC's activity in 2005/2006...

    This piece, from Irving Levin Associates, Inc.'s December 2006 (?) The Health Care M&A Monthly, is basically an investor's tool and gives background on companies from that perspective.

    ===============================

    Dealmaker Profile: CRC Health Group - Subacute Behavioral Health Care's Major Consolidator

    We recently spoke with Dr. Barry Karlin, CEO of CRC Health Group, about the banner year that his company has been having. Headquartered in Cupertino, California, CRC is a provider of subacute behavioral health care. Throughout its 11-year history, the company has grown through acquisition, recently spending $150.4 million in 2004, $148.6 million in 2005 and $332.6 million in 2006. Maintaining a focus on private and commercial payors and decentralizing management have been two major keys to the company's success.

    CRC owns and operates drug and alcohol rehabilitation facilities and clinics that specialize in treating chemical dependency, other addiction diseases and behavioral health disorders such as eating disorders. Often, patients check in with a dual diagnosis of chemical dependency and some other behavioral problem. The company thus offers services including detoxification, inpatient treatment, day and intensive outpatient programs, aftercare, therapeutic living programs and opiate treatment programs. CRC delivers its services through two segments: residential treatment facilities and outpatient opiate treatment clinics.

    CRC's recent acquisition history appears in the table on page 4, which presents its three most recent years of dealmaking. As of September 30, 2006, CRC operated 103 facilities and clinics located in 23 states; it also provides online chemical dependency treatment available through eGetgoing. For the eight months ended September 30, 2006, it generated revenue of $166.2 million, EBITDA of $41.2 million and net income of $3.2 million. CRC announced its largest acquisition ever at the end of the third quarter, so we can expect significant growth in 2007.

    The amount CRC paid on acquisitions in 2006 was greater than what it paid in the two prior years combined. The engine behind this growth spurt is the private equity firm Bain Capital Partners, LLC. Effective January 31, 2006, Boston-based Bain Capital carried out a leveraged buyout of CRC valued at $723.0 million, making it the largest behavioral health care deal of the year. Of that amount, $463.0 million was to pay former shareholders and $260.0 million to pay off debt. The price to revenue (P/R) multiple was 3.1x and the price to EBITDA multiple was 11.0x. At that time, CRC operated 89 facilities in 21 states treating approximately 22,700 patients per day. It received 75% of its revenue from nongovernmental sources, with 54% coming from self payers and 21% from commercial payers.

    At the end of September, CRC acquired Cerritos, California-based Aspen Educational Group, which runs programs for underachieving and at-risk youth at residential treatment centers, wilderness therapy programs and summer camps, among others. It operates 32 programs in the U.S. and one in the U.K. CRC paid $296.4 million, or 1.99x 2006 annualized revenue and 17.4x 2005 EBITDA. The principal selling shareholders included such notables as Frazier Healthcare Ventures, Warburg Pincus and Sprout Group.

    What justifies the high P/R multiples CRC has been paying for its acquisitions, relative to other behavioral health care deals? First and foremost, its sources of reimbursement. CRC has an enviable payor mix: 75% comes from nongovernmental sources, including self-payors and commercial insurance. Dr. Karlin informed us that the company does receive Medicaid but no Medicare at all. He reasons that Medicaid is less risky than Medicare because there are as many Medicaid payors as there are states. Once Aspen is integrated, the 25% governmental source will drop to about 18%. It seems unlikely that CRC will court a higher proportion of governmental sources; in any event, Dr. Karlin feels that the government diverts a "minuscule amount" for behavioral health, even though such care offers remedies for crime, safety and lost productivity, as well as their financial impact.

    Another key is the decentralized management model CRC employs, allowing each facility to accommodate local nuances and to respond more nimbly to individual clients' needs. As Dr. Karlin points out, "Health care delivery is local." Keeping that mantra in mind, he believes, helps foster the best results for clients.

    With its recent acquisition of Aspen, CRC has established itself in the eating disorders, adolescent weight management and troubled youth markets. It offers therapeutic boarding schools and healthy living programs. One of Aspen's programs is located in England. Although there are no immediate plans for expansion there, Europe does represent an attractive market for CRC so the English operations will be maintained rather than divested. CRC has established itself as the premier provider of subacute behavioral health care and is unlikely to diverge from that model. While there appear to be no other similar companies of comparable size to buy, a number of mom-and-pop operations remain and it is likely that CRC will continue to grow through tuck-in acquisitions of such facilities.

    While Bain Capital recapitalized CRC earlier this year, it will certainly want to recoup its investment and make a profit down the line. An IPO is foreseeable in a few years' time, depending on market conditions.

    -------------------------------------------

    CRC HEALTH GROUP'S RECENT ACQUISITION HISTORY

    Target Facility | Kind of Business | Purchase Price | P/R | Date

    2006
    Aspen Educational Group, Inc.| Troubled youth programs | $ 296,400,000 | 1.99 | 9/29/2006
    Sober Living by the Sea | Substance abuse facility | $18,200,000 | - | 9/20/2006
    Five methadone and detox centers | Substance abuse facilities | $10,800,000 | - | 7/27/2006
    New Life Lodge | Substance abuse facility | $3,800,000 | - | 6/23/2006
    Center for Hope of the Sierras, LLC | Eating disorder programs | $3,400,000 | - | 4/14/2006
         
    2005
    4therapy.com NETWORK | Online subacute behavioral health | $5,000,000 | 7.14 | 10/7/2005
    Wellness Resource Center, Inc. | Residential care facility | $6,000,000 | 1.67 | 9/30/2005
    Montecatini, Inc. | Eating disorder programs | $4,700,000 | - | 9/29/2005
    Sixth Street | Methadone maintenance clinic | $800,000 | 1.33 | 6/3/2005
    Sierra Tucson | Inpatient addiction services | $132,100,000 | 4.42 | 3/30/2005

    2004-2003
    Sheltered Living, Inc. | Subacute behavioral inpatient facility | $15,900,000 | 2.65 | 6/15/2004
    National Specialty Clinics, Inc. | Opiate treatment network | $91,600,000 | 2.74 | 12/15/2003
    Comprehensive Addiction Programs, Inc. | Addiction treatment programs | $39,500,000 | 1.36 | 2/26/2003
    Center for Behavioral Health of California | Opiate treatment clinic | $3,400,000 | 1.70 | 2/15/2003

    P/R - Price-to-revenue multiple.
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    Offline Ursus

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    Big Fish CRC Trawls The Waters
    « Reply #20 on: September 10, 2007, 06:46:39 AM »
    Here is another bit from Levins Associates, i.e., from:

      The Health Care M&A Report
      Second Quarter, 2007
      ISSN 1076-3511
      ISBN 1-933707-27-5 (Volume 2)
      ISBN 1-933707-25-9 (Four-Volume Set)
      Published by:
      Irving Levin Associates, Inc.
      268-1/2 Main Avenue
      Norwalk, CT 06851
      203-846-6800 Fax 203-846-8300
    http://www.levinassociates.com[/list]

    It's about 200 pages, pdf download HERE.
    Google's cached HTML version HERE.

    Some snippets of interest follow...

    From the INTRODUCTION (p5):

      This is the 56th issue of The Health Care M&A Report, which tracks the merger and acquisition market in the health care industry. Each entry details a transaction, describing the target and acquirer. It also provides the price, terms, multiples and other financial information, where these are available. Finally, the commentary section offers additional analysis.

      This issue reports on 242 separate transactions that were announced in the second quarter of 2007 and lists them alphabetically by target within 13 separate health care sectors.

        Behavioral Health Care
        Biotechnology
        E-Health
        Home Health Care
        Hospitals
        Laboratories, MRI & Dialysis
        Long-Term Care
        Managed Care
        Medical Devices
        Pharmaceuticals
        Physician Medical Groups
        Rehabilitation
        Other
      For reasons of timeliness, each transaction is tracked by the date of the announcement rather than the date of consummation. This generally coincides with a significant event, such as the signing of a letter of intent or the receipt of regulatory clearance. It is assumed that once a letter of intent is signed, for example, the parties to the deal consider it to be economically viable relative to the market conditions at the time of the signing...

    From the "chapter" on BEHAVIORAL HEALTH CARE (p11):

      Five Largest Behavioral Health Deals Of The Past 12 Months | Value | Quarter

      1. Psychiatric Solutions acquired Horizon Health Corp. | $426.0 million | Q4:06
      2. CRC Health Corp. acquired Aspen Educational Group | $296.4 million | Q3:06
      3. Psychiatric Solutions acquired Alternative Behavioral Services | $210.0 million | Q4:06
      4. Psychiatric Solutions acquired two HMA psychiatric hospitals | $38.0 million | Q3:06
      5. CRC Health acquired Sober Living by the Sea | $18.2 million | Q3:06[/list]

      Well, well... This is a bit of a non sequitur, but remember Psychiatric Solutions?  This was the organization that Michael Beavers sold his "psychiatric hospital" Piedmont Behavioral Health Center, LLC to, prior to buying the old Shackleton School grounds (and subsequently opening Ashby Academy).  See here for some petty disagreements that arose out of a mail delivery issue: http://wwf.fornits.com/viewtopic.php?t=23129
      « Last Edit: September 10, 2007, 08:14:16 AM by Guest »
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      Offline Deborah

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      « Reply #21 on: September 11, 2007, 10:43:50 AM »
      « Last Edit: December 31, 1969, 07:00:00 PM by Guest »
      gt;>>>>>>>>>>>>>><<<<<<<<<<<<<<
      Hidden Lake Academy, after operating 12 years unlicensed will now be monitored by the state. Access information on the Federal Class Action lawsuit against HLA here: http://www.fornits.com/wwf/viewtopic.php?t=17700

      Offline Ursus

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      « Reply #22 on: September 11, 2007, 10:59:03 AM »
      Quote from: ""Deborah""
      And.... Sainer retires
      http://wwf.fornits.com/viewtopic.php?p=282472#282472


      WHOA!! Wonder what that is really about!!?  Perhaps wanting to distance himself from responsibility for recent deaths?  Somebody else gonna get the axe for that?
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      Offline Deborah

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      « Reply #23 on: September 11, 2007, 11:20:49 AM »
      Gettin while the gettin's good.
      I'm sure CRC is prepared to handle settlements.
      « Last Edit: December 31, 1969, 07:00:00 PM by Guest »
      gt;>>>>>>>>>>>>>><<<<<<<<<<<<<<
      Hidden Lake Academy, after operating 12 years unlicensed will now be monitored by the state. Access information on the Federal Class Action lawsuit against HLA here: http://www.fornits.com/wwf/viewtopic.php?t=17700

      Offline Anonymous

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      « Reply #24 on: September 11, 2007, 12:31:09 PM »
      Probably why Don "Jump Ship" Vardell recently went back to his Aspen roots.
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      Offline Anonymous

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      « Reply #25 on: September 16, 2007, 09:51:13 PM »
      Bump for more info
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      Offline TheWho

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      « Reply #26 on: September 16, 2007, 10:18:54 PM »
      It seems we are seeing the poise for anticipation of rapid growth in the industry.

      They typically try to move people around very quickly, reassignments, assessing areas where they will need to back fill personel during rapid expansion.

      I think the 4th quarter could prove interesting.... if anyone feels like investing, now might be a good time and then pull out before the election in 08 when health care reform gets visability from the new dems in office.
      « Last Edit: December 31, 1969, 07:00:00 PM by Guest »

      Offline Anonymous

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      Big Fish CRC Trawls The Waters
      « Reply #27 on: September 16, 2007, 11:24:19 PM »
      Quote from: ""TheWho""
      if anyone feels like investing


      SHORT THEIR FUCKING STOCK
      SHORT THEIR FUCKING STOCK
      SHORT THEIR FUCKING STOCK
      SHORT THEIR FUCKING STOCK
      SHORT THEIR FUCKING STOCK
      « Last Edit: December 31, 1969, 07:00:00 PM by Guest »

      Offline Anonymous

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      Big Fish CRC Trawls The Waters
      « Reply #28 on: September 16, 2007, 11:30:07 PM »
      Does anyone know anything about North Castle Partners? Some site said they own CRC...
      « Last Edit: December 31, 1969, 07:00:00 PM by Guest »

      Offline Anonymous

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      Big Fish CRC Trawls The Waters
      « Reply #29 on: September 16, 2007, 11:33:55 PM »
      Hrm. Never mind. Apparently they sold out to Bain back in February of 2006. And none of them seem to be public in the least, so there's no stock to short. Damn. :(
      « Last Edit: December 31, 1969, 07:00:00 PM by Guest »