Alpharetta, Ga.-based Perimeter Healthcare acquired Madison, Tenn.-based WoodRidge Behavioral Care. Perimeter officials said the acquisition serves as the foundation for a new behavioral healthcare company.
The agreement went into effect Sept. 15. As part of the deal, Perimeter will acquire WoodRidge's five psychiatric residential treatment facilities and three acute hospital programs in Tennessee, Arkansas and Missouri.
The transaction was sponsored by Ridgemont Equity Partners.
"WoodRidge Behavioral Care is our first platform investment and an important part of the integrated behavioral healthcare company we are building in partnership with Ridgemont," said Rod Laughlin, president and CEO of Perimeter Healthcare. "WoodRidge has a long history of providing exceptional care for people struggling with emotional and mental health issues. We look forward to continuing their strong commitment to great clinical outcomes."
The financial terms of the transaction have yet to be disclosed.