We are excited to bring an executive of Drew’s caliber to Liberation Way and look forward to his leadership as we move the company forward into a new era.
ATLANTA (PRWEB) May 14, 2018
Fulcrum Equity Partners, a premier Southeast growth equity firm that manages over $350 million in capital, today announced that it has acquired a majority interest in Yardley, PA-based Liberation Behavioral Health, LLC, also known as Liberation Way with participation from Vocap Investment Partners, LLC (Vocap). Financial terms of the investment were not disclosed. With nearly 20-years-experience and more than 15 investments in multisite healthcare businesses, including the addictions industry, Fulcrum brings to Liberation Way a demonstrated track record of helping highly-regulated institutions maintain compliance, sustain clinical and operational excellence and foster prolonged growth.
“Following the successful Fund II investment in Addiction Campuses of America, we have been seeking an asset in our current fund to leverage our relationships and domain knowledge in the space.” said Tom Greer, a Fulcrum partner focused on healthcare companies. “Liberation Way stood out due to its growth trajectory and reality-based treatment model. Sadly, increased opioid addiction is accelerating demand for treatment and so we were eager to partner with an organization that offers a multi-phased treatment system that encourages, supports, and challenges participants as they progress through the full continuum of care.”
More than 64,000 Americans died from opiate overdoses in 2016, a 21 percent increase from the previous year, according to the Centers for Disease Control (CDC). Liberation Way helps people addicted to opiates through a unique path to recovery program that uses a hybrid model formerly known as Partial Hospitalization Program/Intensive Outpatient Program (PHP/IOP). With evidence suggesting that outpatient treatment may have better efficacy than the inpatient model, Liberation Way will use its additional capital to bring new treatment programs to underserved areas of New Jersey, New York and Pennsylvania.
Ushering Liberation Way into a New Era
Fulcrum is also pleased to announce the hiring of Andrew “Drew” Rothermel, J.D, MBA to the position of CEO. Rothermel joins Liberation Way with over 15 years of operational healthcare experience, most recently serving as president and CEO of Origins Behavioral HealthCare. Previously, Rothermel served in a variety of leadership roles at Caron Treatment Centers including executive vice president, CFO and chief administrative officer for Pennsylvania followed by executive vice president, COO and president for Caron’s Florida Operations.
A licensed attorney with expertise in compliance and legislation, Rothermel has proven expertise in supervising financial, legal, and administrative functions. He has demonstrated experience in expanding programming and access to care. As such, Rothermel is well-equipped to lead all aspects of Liberation Way, including maintaining compliance, overseeing operations, and building a solid leadership team.
Added Greer: “We are excited to bring an executive of Drew’s caliber to Liberation Way and look forward to his leadership as we move the company forward into a new era.”
“I was immediately impressed by Liberation Way's unique and holistic approach to treating the growing opioid crisis,” added Vinny Olmstead, managing director at Vocap Investment Partners. “Their superior outcomes reinforce that an outpatient, community based approach is one that not only aid patients in the short-term, but also increases their ability to cope with this disease over the long term. I look forward to working with Drew and serving on the company's Board of Directors."
As the new majority stakeholders, Fulcrum and Vocap will leverage their deep operational healthcare experience to assist the organization in expeditiously addressing and overcoming any deficiencies. Earlier this year, the Pennsylvania Department of Drug and Alcohol Programs (DDAP) issued numerous violations to Liberation Way. Two weeks ago, a comprehensive plan of correction was submitted and accepted by the state of Pennsylvania.
“We’re entering into a new era for Liberation Way, one in which the organization’s purpose and mission will guide every action we take,” said Rothermel. “One of the most important components of moving forward is to invest in our resources for clinical excellence while building upon the outpatient model that has proven to be very successful in helping people recover from opiate addiction. I am deeply committed to increase the number of people that we can treat with uncompromised ethical standards and compliance to laws to put the health and safety of our patients and workers first.”
For more information on Fulcrum Equity Partners and its portfolio companies, visit http://www.fulcrumep.com.
About Fulcrum Equity Partners
Fulcrum Equity Partners is an Atlanta-based growth equity firm focused on providing expansion capital to rapidly growing companies. Fulcrum targets companies that are initially looking to raise $5 million - $20 million and will consider $3 million - $4 million initial investments in companies that expect to raise additional capital over time. Fulcrum provides financing to meet a wide range of needs including internal growth initiatives, acquisitions, divestures, shareholder liquidity and recapitalizations. The partners have over 130 years of relevant experience, including operations, venture capital, mezzanine financing, accounting, law, investment banking and strategy consulting. To learn more, please visit http://www.fulcrumep.com.
About Vocap Investment Partners
Vocap Investment Partners provides growth capital to technology companies in select high potential verticals, including: Enterprise Software, Marketing/Marketing Automation, Mobile, the Internet of Things, Healthcare IT and E-commerce. For more information, visit: http://www.vocappartners.com.
About Liberation Way
Liberation Way is a state licensed and Joint Commission accredited drug and alcohol addiction treatment facility. Liberation Way’s reality-based treatment model utilizes a holistic model of care that is evidence-based and deeply rooted in modern science, allowing the patient the ability to grow during treatment. Liberation Way offers a multi-phased treatment system through the full continuum of care.