Happy Thursday!
The pandemic has driven demand for behavioral health services, including alcohol and drug addiction treatment. Long-term distress has become a reality for millions amid unemployment and widespread loss of life.
Into this landscape, Lee Equity and FFL Partners are exploring a sale of Summit BHC, a substance abuse treatment and psychiatric services platform, writes Sarah Pringle on PE Hub. Moelis and Jefferies are providing financial advice on the sale process, Sarah writes. Read it here on PE Hub.
Booted: By now you’ve likely read that the LP base of first-time fund Novalpina, formed by three ex-TPG executives, voted to replace the GP. The reasons for the Drama can all be read here in my piece from yesterday.
Booting the GP was the easy part (lol). The hard part comes in working on whether LPs want to replace the GP, which comes with all kinds of challenges. For example, enough LPs have to go through the process of convincing their investment committees that they should bring in another manager to run the assets (there are three portfolio companies) after they had such a pleasant experience with the original manager. Read it here on Buyouts.
Hit me up with thoughts, feedback, tips n’ gossip or whatever at cwitkowsky@buyoutsinsider.com on find me on LinkedIn.
Read the full wire commentary on PE Hub...
