LONG BEACH, Calif., July 27, 2018 /PRNewswire/ -- Elements Behavioral Health, Inc. (the "Company"), the owner of a family of behavioral health programs located throughout the United States, announced today that its acquisition by Project Build Behavioral Health, LLC ("Project Build Behavioral Health") a joint venture between affiliates of BlueMountain Capital Management ("BlueMountain") and Ben Klein, was approved by the bankruptcy court ("Court") on July 19, 2018. The Company expects the closing of the sale to occur by the fourth quarter of 2018. The closing of the sale remains subject to customary closing conditions including regulatory approvals.
The Company initiated proceedings under chapter 11 in May, 2018 and has achieved its goal of moving through the sales process quickly.
"We are pleased to have moved through this sales process swiftly and successfully and appreciate the support of our business partners and the dedication of our employees. The Company is now poised for the growth and expansion under the guidance and vision of Project Build Behavioral Health," said Dr. David Sack, Chief Medical Officer and Interim Chief Executive Officer of Elements Behavioral Health. "Now, we continue with the most important work, supporting our patients and their families. We believe that our treatment centers and programs will only get better from here."
During the chapter 11 case, the Company has been successfully operating under normal business conditions and continued to treat existing patients and accept new ones.
Court filings as well as other information related to the Elements Behavioral Health chapter 11 sale are available at www.donlinrecano.com/ebh or by calling information center toll free at 1-866-416-0554 or international toll at 1-212-771-1128, or submit an inquiry via e-mail to [email protected].
The Company is represented by its legal advisor Polsinelli PC and its financial advisors Alvarez & Marsal and Houlihan Lokey.
About Elements Behavioral HealthElements Behavioral Health is a family of behavioral health programs located throughout the United States. The Elements Behavioral Health® family of programs offers comprehensive, innovative treatment for substance abuse, sexual addiction, trauma, eating disorders, and other mental health disorders. Through its programs, the company is committed to delivering clinically sophisticated treatment that promotes permanent lifestyle change, not only for the patient but for the entire family network. For more information, visit elementsbehavioralhealth.com.
Forward-Looking StatementsThis press release (including information incorporated or deemed incorporated by reference herein) contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company's management. Words such as "plans," "guidance", "outlook", "believes", "expects", "appears", "may", "will", "should", "intend", "target", "projects", "estimates", "plans", "forecast", "is likely to", "anticipates", or the negative thereof or comparable terminology, are intended to identify such forward looking statements. Any statement that is not a historical fact and other estimates, projections, future trends and the outcome of events that have not yet occurred referenced in this press release, is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements.
Media Contact: Jennifer E. MercerDonlin Recano Strategic Communications for Elements Behavioral Health818-802-5199 [email protected]
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The Company initiated proceedings under chapter 11 in May, 2018 and has achieved its goal of moving through the sales process quickly.
"We are pleased to have moved through this sales process swiftly and successfully and appreciate the support of our business partners and the dedication of our employees. The Company is now poised for the growth and expansion under the guidance and vision of Project Build Behavioral Health," said Dr. David Sack, Chief Medical Officer and Interim Chief Executive Officer of Elements Behavioral Health. "Now, we continue with the most important work, supporting our patients and their families. We believe that our treatment centers and programs will only get better from here."
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During the chapter 11 case, the Company has been successfully operating under normal business conditions and continued to treat existing patients and accept new ones.
Court filings as well as other information related to the Elements Behavioral Health chapter 11 sale are available at www.donlinrecano.com/ebh or by calling information center toll free at 1-866-416-0554 or international toll at 1-212-771-1128, or submit an inquiry via e-mail to [email protected].
The Company is represented by its legal advisor Polsinelli PC and its financial advisors Alvarez & Marsal and Houlihan Lokey.
About Elements Behavioral HealthElements Behavioral Health is a family of behavioral health programs located throughout the United States. The Elements Behavioral Health® family of programs offers comprehensive, innovative treatment for substance abuse, sexual addiction, trauma, eating disorders, and other mental health disorders. Through its programs, the company is committed to delivering clinically sophisticated treatment that promotes permanent lifestyle change, not only for the patient but for the entire family network. For more information, visit elementsbehavioralhealth.com.
Forward-Looking StatementsThis press release (including information incorporated or deemed incorporated by reference herein) contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company's management. Words such as "plans," "guidance", "outlook", "believes", "expects", "appears", "may", "will", "should", "intend", "target", "projects", "estimates", "plans", "forecast", "is likely to", "anticipates", or the negative thereof or comparable terminology, are intended to identify such forward looking statements. Any statement that is not a historical fact and other estimates, projections, future trends and the outcome of events that have not yet occurred referenced in this press release, is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements.
Media Contact: Jennifer E. MercerDonlin Recano Strategic Communications for Elements Behavioral Health818-802-5199 [email protected]
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SOURCE Elements Behavioral Health, Inc.
