Centre Partners-backed Bradford Health Services acquires Cornerstone of Recovery
Bradford Health Services, a US provider of addiction treatment programs, has acquired Cornerstone of Recovery, a Tennessee-based substance use disorder treatment provider. Bradford Health Services is backed by Centre Partners, a middle-market private equity firm focused on the consumer and healthcare sectors.
Founded in 1989, Cornerstone of Recovery is one of the largest providers of drug and alcohol recovery programs in Tennessee. The company operates two Knoxville-area inpatient facilities, Cornerstone of Recovery and Stepping Stone to Recovery, offering a full spectrum of clinical treatment options for people recovering from addiction.
"We are proud to add an organisation as well respected as Cornerstone of Recovery to the Bradford portfolio," says Mike Rickman, President and Chief Executive Officer of Bradford Health Services. "This partnership brings together two teams that share a passion for supporting recovery. We are excited to combine our collective knowledge and experience to provide even greater access to the best care in the industry."
The acquisition strengthens both Bradford's and Cornerstone's position in the addiction treatment industry, expanding in-network access to care and providing unparalleled treatment opportunities for patients, families, and referring providers across a full continuum of care. The combined company will offer programming and support services through over 25 facilities across Alabama, Arkansas, North Carolina, and Tennessee.
"Whether we're serving patients from Tennessee or from across the country, our mission has always been the same: to save lives, families, and jobs by providing hope, healing, and recovery for those impacted by the disease of addiction," say7s Cornerstone of Recovery Chief Executive Officer Steve McGrew. "With this new partnership, we look forward to furthering this mission, drawing on new resources and opportunities under the Bradford umbrella to continue to provide comprehensive, affordable, and effective treatment for those in need."