PGP announces sale of Psych360 to MindCare Solutions, a portfolio company of WP Global Partners
CHICAGO, September 22, 2022 – Physician Growth Partners (“PGP”) is pleased to announce the sale of Psych360 (the “Company”) to MindCare Solutions (“MindCare”), a portfolio company of WP Global Partners.
Headquartered in Medina, OH and led by Rocco and Nicole Coniglio, Psych360 is a leading provider of psychiatric services to patients in long-term care communities. PGP partnered with Psych360 in 2018, offering growth capital and operational support to drive provider recruitment, geographic expansion, and business development. Throughout the partnership, PGP helped the Psych360 management team to grow the Company from a single-state provider with 50 contracts, to a four-state operation providing care in well over 300 long-term care facilities, both on-site and via telehealth. Additionally, PGP leveraged its sell-side advisory team to represent the Company throughout the transaction process to MindCare.
Headquartered in Brentwood, TN, MindCare provides telepsychiatry and behavioral health services to hospitals, emergency departments, outpatient clinics, and correctional facilities. MindCare’s constant dedication to its patients and reputation for clinical excellence is reflected through its patient retention rate of 98%, a trait integral for Psych360 as it looks to continue its growth trajectory while working alongside a like-minded group. Psych360 offers MindCare an opportunity to diversify its service offering and establish a dominant footprint in the Midwest.
Psych360 founders Rocco & Nicole Coniglio released the following statement about the partnership with PGP: “At Psych360 we pride ourselves on our commitment to our patients — we aim to always provide the highest standard of care. Physician Growth Partners was able to help us stay true to our core values by providing capital and operational support to accelerate the growth of our company, while empowering us to expand our reach and optimize care for our current patients.”
“The team at Psych360 was incredible to work with. Their dedication to excellent clinical outcomes and their strong reputation was clear from the start. We were committed to ensuring that foundation would never be sacrificed while pursuing growth,” said Michael Kroin, Managing Partner at PGP, adding, “We’re confident Psych360 will continue to thrive alongside the exceptional team at MindCare.” “Psych360’s partnership with MindCare will empower them to execute upon their vision and continue to improve lives — we at PGP see this as an exceptional outcome,” said Andrew Holm, Vice President of Growth, at Physician Growth Partners.
Physician Growth Partners is a private equity and national healthcare advisory firm dedicated to investing in growth companies focused on healthcare and representing physician platforms in transactions with private equity. PGP creates value by providing operational support, strategic positioning, and transaction advisory, delivering an optimal outcome for its clients and investments.