BlueMountain Capital Management (BlueMountain) has launched a new national behavioural health platform, led by industry veterans Kirk Kureska and Rob Waggener.
The new company, Promises Behavioral Health (Promises), initially will operate 12 facilities and programs across seven states to provide a comprehensive range of treatment options for substance abuse, sexual addiction, trauma, eating disorders, and other mental health disorders, as well as programs for veterans.
BlueMountain and an associated investor group recently completed the acquisition of substantially all of the assets of Elements Behavioral Health (Elements) upon its emergence from Chapter 11 bankruptcy on 1 March, and also own three additional facilities acquired in January 2019. Individual facilities will retain their current names and branding.
The combined assets, new access to capital and a clean balance sheet position Promises as a leading consolidator and innovator in the substance use, mental health and other co-occurring behavioural health disorders space.
Promises has named Rob Waggener as Chairman of its Board of Directors. Waggener, the former CEO of Foundations Recovery Network and a respected leader in the behavioural healthcare industry for more than 30 years, previously had been serving as senior advisor during the company’s transition.
In addition, Kirk Kureska has been named CEO of Promises. Kureska previously served as interim CEO of Elements, and prior to that, as a Regional Vice President at Signature Health and Group Chief Executive Officer at Acadia Healthcare. Before that Kureska was Western Regional Vice President of Operations at CRC Health Group.
“Promises was created to respond to the significant need – and substantial opportunity – to transform the way substance abuse and behavioural healthcare is provided today,” says Waggener. “I am excited to be working with our investor group and management team to bring new resources and an innovative approach to the behavioural health field.”
Kureska adds: “With Promises, we are focussed on making a real difference for individuals and families struggling with substance abuse and other mental health issues by building a full array of programs that are widely accessible, highly individualised, clinically sophisticated, and supported by a financially strong and resourceful organisation.”
BlueMountain and the associated investor group expect to make investments to fund Promises’ future growth.