Behavioral Health Business July 5, 2024
Fifteen years ago, Justin Funches left private equity firm Ironwood Capital to become president of Learn Behavioral, a Baltimore-based business that treats people diagnosed with autism.
In the ensuing decade, Learn Behavioral experienced three changes in ownership, each involving a different private equity company. Milestone Partners bought Learn Behavioral in 2010, followed by KKR Partners acquiring a majority stake in 2016. In 2019, San Francisco-based Gryphon Investors became the majority owner, with New York City-based KKR Partners retaining a minority stake.
At first glance, these shifts could increase the chances of instability or open Learn Behavioral up to industry watchdog criticisms that private equity, almost inherently, prioritizes big returns over a short-time span than fostering a long-term care and business...
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