Industry News • April 16, 2019
Bridges Fund Management has made an investment in Sunrise, a medication-assisted treatment and behavioral counseling programs to individuals suffering from opioid use disorder. No financial terms were disclosed. Stifel was financial adviser to Sunrise on the transaction.
NEW YORK/ CINCINNATI; APRIL 16, 2019
Bridges Fund Management (“Bridges”) is proud to announce a new partnership with Sunrise Treatment Holdings, LLC (“Sunrise”), through the latest investment made by the Bridges U.S. Sustainable Growth Fund, LP.
Sunrise provides medication-assisted treatment and behavioral counseling programs to individuals suffering from opioid use disorder, treating patients through five clinics in Ohio. Sunrise’s management team, led by its Founder and CEO, Dr. Jeffrey Bill, will continue to lead the company’s operations and is retaining a significant ownership stake in the business.
Bridges seeks to partner with businesses that are helping to address some of the country’s most pressing social and environmental challenges. Accordingly, the team identified substance abuse treatment providers as an effective way to combat the epidemic of opioid misuse in the United States. An estimated 2.1 million Americans are suffering from opioid use disorder, and fewer than 20% of those individuals are seeking treatment. During 2017 alone, there were over 70,000 deaths stemming from drug use across the country, of which 68% (47,600 deaths), were tied to opioid abuse. Ohio registered the second highest rate of overdose death in the country, with 46 deaths per 100,000 people.
Sunrise’s Chief Executive Officer, Dr. Bill stated: “There is still a great need for our services in the state of Ohio and beyond. Partnering with Bridges will enable Sunrise to expand access to its unique model of care in order to ease the suffering of those with substance abuse and mental illness. Bridges truly embraces our mission, which is to provide the best behavioral health services while strengthening our communities and offering a great place to work.”
Ed Niemczyk, Investment Director at Bridges, commented: “Opioid addiction in the U.S. continues to grow, keeping a segment of the population in a cycle of dependence, pain and at risk of overdose. Access to high quality medication-assisted treatment combined with comprehensive counseling services offers a lifeline to individuals seeking to manage their recovery. These services, however, have not been widely accessible, particularly in Ohio, where the acuity of the epidemic has been alarming. We are thrilled to partner with Dr. Bill and the Sunrise team as it seeks to become an increasing part of the solution in the region.”
The investment in Sunrise builds on Bridges’ experience in the healthcare sector. Notable recent investments include Medwood Holdings; the Hub pharmacy; Alina Homecare; and Shaw Healthcare.
This article originally appeared in an article in PE Hub.