CRC Health Group to Acquire Aspen Education, Leading Provider of Treatment to Struggling Adolescents and Young Adults
Friday September 29, 9:27 am ET
CUPERTINO, Calif., Sept. 29 /PRNewswire/ -- Dr. Barry Karlin, Chairman & CEO of CRC Health Group, the nation's largest chemical dependency and related behavioral health organization, today announced the signing of a definitive merger agreement to acquire Aspen Education Group, the foremost provider of educational assistance to struggling young people and their families. Terms of the agreement, which is expected to close in mid-November, were not disclosed.
"The merger of these two like-minded companies will create a synergy of treatment and educational options that is unprecedented," said Karlin, "CRC and Aspen are both leaders in our respective fields, and together we can offer families of adolescents and young adults a wider and more comprehensive range of services with greater depth of program expertise."
"Both CRC and Aspen have been highly successful in helping individuals and families reclaim their lives," stated Elliot Sainer, CEO and co-founder of Aspen Education Group. "We will benefit from the collective synergy that comes from combining two dynamic organizations. At the same time, Aspen will be able to take advantage of CRC's world-class research and technology as well as their well-established expertise in the areas of substance abuse and other addictive behaviors."
Headquartered in Cerritos, California, Aspen will be established as a separate division of CRC Health Group. Sainer, who has 30 years of experience as a leader in education and behavioralhealthcare, will continue as President of the Aspen Education Group Division, and is expected to join the Board of Directors of CRC.
"Both programs offer cultures of treatment excellence as their transcendent value," added Dr. Karlin. "Together we can build on our joint vision: to create a world-class organization that sets the standard of excellence in treatment and education for adolescents in need." Sainer continued, "I have every confidence that CRC is the best and right partner for Aspen, as our combined resources will permit us to assist even more families who are in need of the educational and treatment services that we provide."
This merger agreement follows in the wake of the February 2006 sale of CRC Health Group to Bain Capital, a leading global private equity firm. "We have been extremely pleased with the performance of CRC, and believe the marriage of these highly complementary organizations creates a powerful presence in behavioral health with strong continued growth prospects," said John Connaughton, a Managing Director at Bain Capital. "We also see significant potential to leverage customer bases, business development activities, clinical operations, and support functions to provide a broader range of services while enhancing the effectiveness of care delivery and customer service."
About Aspen Education Group
Aspen Education Group is recognized nationwide as the leading private sector provider of education programs for struggling or under-achieving adolescents and young adults. With over 30 programs in 12 states, Aspen provides to students and families a comprehensive range of therapeutic interventions, and in 2005 provided assistance to over 4,000 families from every State in the US plus 16 foreign countries. These include: therapeutic boarding schools, residential treatment facilities, wilderness therapy programs, summer camps, and the nation's first residential school for pediatric obesity. Aspen Education Group, headquartered in Cerritos, California, has been featured by leading news and television organizations including: US News and World Report, USA Today, People Magazine, NY Times, Dateline NBC, Good Morning America, and the syndicated TV program "Dr. Phil.," Aspen is currently privately- held with their principal shareholders including the well-known private equity firms, Frazier Healthcare Ventures, Warburg Pincus & Sprout Group.
For further information visit Aspen's website:
http://www.aspeneducation.com.
About CRC Health Group
CRC Health Group has set the standard of excellence as the nation's leading provider of chemical dependency and related behavioral health services. CRC treats more than 24,000 clients every day in more than 100 facilities across 23 states. The company offers a continuum of services tailored to the needs of the individual client no matter where they are in the life-cycle of their disease. These include detoxification, residential, day treatment, intensive outpatient, extended living, and continuing care services. CRC Health also operates nation-wide Eating Disorder programs, Co- occurring disorders and Dual Diagnosis facilities that specialize in emotional trauma as well as many addiction specialty tracks. Recent additions to the CRC family of companies include the highly prestigious Sierra Tucson program, Life Healing Center, Wellness Resource Center and Sober Living by the Sea. CRC Health also offers the nation's first full accredited online treatment program, eGetgoing.com. CRC has enjoyed since its inception in 1995 a wealth of exposure in the national television, radio & print media.
For further information visit our website
http://www.crchealth.comAbout Bain Capital
Bain Capital (
http://www.baincapital.com) is a global private investment firm that manages several pools of capital including private equity, venture capital, public equity, and leveraged debt assets with more than $40 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in over 230 companies around the world, including such healthcare companies as Warner Chilcott, Accellent, Wesley Jessen, Stericycle, Physio Control, Epoch, CRC Health Group and M/C Communications. Headquartered in Boston, Bain Capital has offices in New York, London, Munich, Hong Kong, Shanghai, and Tokyo.
http://biz.yahoo.com/prnews/060929/dcf010.html?.v=64