LifeStance Health (LifeStance), a leading provider of outpatient behavioral health services in the United States, announced today that TPG Capital will join existing investors, Summit Partners and Silversmith Capital Partners, in a partnership to support the company in expanding patient access to high-quality outpatient behavioral health services. Since its inception in 2017, LifeStance has been at the forefront of bridging the gap between behavioral health patients and clinicians in a critical but underserved segment of the healthcare ecosystem. Alongside management, TPG, Summit, and Silversmith will provide additional growth capital to support LifeStance’s goal of serving a larger patient population with clinical excellence.
“We believe this is the time, now more than ever, to create more access for patients and to grow opportunities for our clinicians and staff. Our partnership with TPG, Summit, and Silversmith will help drive the next phase of growth for LifeStance, as we look to expand our geographic and online digital health footprint, and ultimately serve more patients nationwide seeking mental health services,” said Michael Lester, CEO of LifeStance. “We remain focused on creating access for patients on a low-cost and in-network commercially insured basis, as well as continuing to create exciting career opportunities for psychiatrists, psychologists, nurse practitioners, and licensed therapists in an outpatient work environment built around patient care, both in-person and online.”
LifeStance offers a range of outpatient behavioral health services, delivered both in-person and through telemedicine. The company focuses on creating and expanding low-cost outpatient access for patients seeking care for behavioral health conditions, on a commercially insured, in-network basis. LifeStance has approximately 2,000 behavioral health clinicians across 15 states and 200 offices, with more than 1 million patient visits annually. The company also currently delivers more than 25,000 visits a week through telemedicine, further lowering barriers for patients seeking care from home or from rural markets with limited in-person options. LifeStance’s collaborative team of psychiatrists, psychologists, nurse practitioners, and licensed therapists treat patients with a variety of behavioral health issues and across the age spectrum.
“We admire the leadership that LifeStance management and its clinicians have shown in bringing high-quality care to the growing number of patients who benefit from access to high-quality outpatient behavioral health services,” said Jeff Rhodes, Partner at TPG Capital. “We look forward to the opportunity to partner with LifeStance management, Summit, and Silversmith to support the company as it continues to expand services nationwide and cultivate a collaborative work environment for clinicians and staff.”
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
“In just three years, Mike and the LifeStance team have built a leading national platform designed to deliver convenient, compassionate behavioral health services nationwide,” said Darren Black, Managing Director at Summit Partners and a member of the LifeStance Board of Directors. “We believe strongly in the importance of and need for strong mental health services. The LifeStance team continues to work tirelessly to deliver on this need, and we are truly proud to continue our partnership.”
“We have been working with Mike and the LifeStance team from the company’s formation and have been unbelievably impressed as the team has built a market-leading provider of behavioral health services for children, adolescents, and adults,” said Jeff Crisan, Managing Partner at Silversmith and a member of LifeStance’s Board of Directors. “We are grateful to the approximately 2,000 LifeStance clinicians who have worked to provide exceptional care and better access to behavioral health to millions of patients and we are thrilled to have TPG join Silversmith and Summit as an investment partner to fuel the company’s rapid growth at a time when it is seeing significant patient demand.”
BMO Capital Markets Corp and UBS Investment Bank served as financial advisors to TPG Capital, and Kirkland & Ellis LLP and Mintz served as legal counsel. Jefferies LLC served as exclusive financial advisor to management, Summit Partners, and Silversmith Capital Partners, and Ropes & Gray LLP served as legal counsel.
Source: Business Wire