STAMFORD,
Conn., April 23, 2024 /PRNewswire/ -- Avesi
Partners ("Avesi") announced that it has made an investment in
First Steps Recovery ("FSR", "First Steps" or the "Company"), a
leading provider of substance use disorder ("SUD") treatment. Avesi
has partnered alongside the Company's existing management team to
support the continued growth of FSR and provide a full continuum of
addiction recovery care to patients in need.
Headquartered in Fresno, CA, First Steps provides substance use
disorder treatment for adults through medical detox, residential
treatment, partial hospitalization programs ("PHP"), intensive
outpatient programs ("IOP"), and telehealth therapy. The Company
operates in network with an extensive list of blue-chip payors.
FSR's medically-focused approach to treatment allows the Company to
provide the highest quality of clinical care, improve outcomes, and
ensure a safe and comfortable patient experience. FSR currently
operates in Central California
with plans to expand to additional markets in the state and
nationwide.
"I'm so proud of the impact FSR has made in the
recovery community since our founding in 2014," said Josh Beauchaine, founder and President of First
Steps Recovery. "Avesi's commitment to further our core mission of
providing best-in-class addiction treatment care, the strong
cultural fit between our organizations, and their expertise and
resources within the behavioral health market made choosing Avesi
as our partner an easy decision. Their experience helping scale
high-growth healthcare services companies will be invaluable as we
drive towards our goal of becoming the nation's leading SUD
treatment provider."
"First Steps stands out in the addiction
treatment sector given the Company's track record of growth, the
caliber of its people, and its commitment to exceptionally high
quality care," said Chris Laitala,
Managing Partner of Avesi. "We couldn't be more excited to partner
with FSR and work alongside the Company in the next stage of
growth."
"Patients and payors continue to express strong
demand for quality addiction treatment services focused on meeting
patients where they are able to drive outcomes and long-term
recovery," added Pete Tedesco,
Managing Director at Avesi. "We see a compelling opportunity to
help FSR leverage its track record of success to extend services
into additional geographies, care settings and programs."
Mertz Taggart and
Hooper, Lundy & Bookman served as financial and legal advisor,
respectively, to First Steps. McDermott, Will & Emery served as
legal advisor to Avesi.
About First Steps Recovery
First Steps is a leading provider of
adult-focused, SUD services across a full continuum of care
including medical detox, residential treatment, partial
hospitalization programs, intensive outpatient programs, and
telehealth therapy. The Company offers gender-specific therapy
treatment and employs a differentiated approach to substance abuse
treatment by including a medical team overlay on top of its care
providers in order to offer the highest quality of clinical care,
improve outcomes, and ensure a safe and comfortable patient
experience. Additional information is available at
www.firststepsrecovery.com/
About Avesi Partners
Avesi Partners is a leading private equity
investment firm with $883 million of
equity capital under management. Based in Stamford, CT with an office in Richmond, VA, Avesi focuses on partnering with
lower-middle market, privately held, and family-owned businesses in
key sectors of the economy, primarily focused on healthcare
services but also investing in the insurance, technology, and
business services sectors. Avesi seeks to provide the expertise and
resources to empower businesses to attain their full vision in a
time and capital efficient manner. Avesi collaborates with
families, founders, and executives in an effort to accelerate
growth and expansion, while positioning businesses to achieve
long-term success and enduring value. Additional information is
available at avesipartners.com.
This press release ("Press Release") is being
published for informational purposes only regarding Avesi Partners,
LLC ("Avesi"). One should not assume an investment in the described
company was or will be profitable. All opinions, estimates and
forecasts of future performance are based on information as of the
date of this Press Release and are subject to change. Certain
information contained in this Press Release constitutes
"forward-looking statements," which can be identified by the use of
forward-looking terminology such as "may," "will," "should,"
"expect," "anticipate," "target," "project," "estimate," "intend,"
"continue" or "believe," or the negatives thereof or other
variations thereon or comparable terminology. Due to various risks
and uncertainties, actual events or results may differ materially
from those reflected or contemplated in such forward-looking
statements. Avesi has not vetted the company's website and Avesi's
provision of the company's website link should not be considered an
endorsement of the information presented there.
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SOURCE Avesi Partners