Johnstown Heights’ owner to be sold

The owners of a behavioral health care facility in Johnstown and a second Colorado psychiatric hospital in Colorado Springs will be sold to a new private equity group, PE Hub reports.

Franklin Tennesseebased Summit Behavioral Healthcare owns Johnstown Heights Behavioral Health in Johnstown and Clear View Behavioral Health in Colorado Springs. It paid $29 million for the building it opened the first in; a purchase price for Clear View couldn’t be found. The two total 204 beds.

Summit formed in 2013, sold to a private equity owner two years later, added a dozen or so locations in a roll-up of mental health facilities, attracted new majority private equity owners, added more sites, and is now with 24 facilities in 16 states and, at eight years old, being sold again.

It had been backed by Lee Equity Partners and FFL Partners. They will sell to Patient Square Capital.

Lee is in Chicago and FFL in San Francisco. Lee invests $50 million to $100 million range for majority stakes; FFL buys into companies worth up to $400 million. PE Hub, which reports on private equity mergers and acquisitions, said Summit’s 2021 EBITDA will be about $90 million.

Patient Square is in Menlo Park, Calif., and it was formed in 2020 to invest in health-care products, services and technologies, its website said.

In July it led a $100 million Series B round for gene therapy developer Kriya Therapeutics, in Redwood City, California, and Research Triangle Park, North Carolina. Kriya’s Series A was $80 million.

In June, Patient Square led a $145 million investment in Cambridge, U.K., Apollo Therapeutics, which has a U.S. base in Boston. The biopharmaceutical’s other investors include Astrazeneca, Glaxosmithkline and Johnson & Johnson.