Recovery Centers of America, a two-year-old King of
Prussia company that is establishing a network of addiction treatments
facilities, has raised an additional $100 million from its lead investor
Deerfield Management Co.
The funding commitment increases the total capital
available to RCA to $331.5 million. Deerfield, a New York-based health care
investment firm, provided the company with $231.5 million last year.
Founded and led by Montgomery County real estate
developer Brian O’Neill, RCA has opened three addiction treatment facilities
this year: Lighthouse in Mays Landing, New Jersey, where capacity has been
maxed out while they work to double bed count; Bracebridge Hall, a converted
Georgian mansion that sits on 550 acres overlooking the Sassafras River on
Maryland’s Eastern Shore; and Westminster, a 90-bed addiction treatment center
in Massachusetts.
The company has plans to open five additional centers—
including one in Paoli that's now under construction — by the end of next year.
“We are extremely pleased by Deerfield’s continued
commitment to help RCA realize its vision of bringing campuses for addiction
treatment and recovery to communities throughout the Northeast,” says Deni
Carise, the company’s chief clinical officer of RCA. “Over 23 million Americans
battle addiction. It’s destroying individuals, tearing apart families, and
devastating communities. We are in the midst of a national epidemic. In
response, RCA is building a national network of neighborhood-based, treatment
facilities to combat the problem. This funding will help the company achieve
its goal.”
Leslie Henshaw, a partner at Deerfield, said RCA is “well
on the road to uprooting conventional recovery treatments with bold new
approaches designed to save lives and stem the epidemic of addiction afflicting
our country.”
Source: Philadelphia
Business Journal
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