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Blackstone to buy CARD
Posted on Monday, 16 April 2018 13:08
Blackstone is acquiring California-based Center for Autism and Related Disorders (CARD) for an undisclosed sum.

The purchase, which provides an exit for Summit Partners, will see the target’s management and co-founder Doreen Granpeesheh investing alongside the private equity giant.

Completion is slated for later in 2018. No further details were announced.

Founded in 1985, Blackstone now has over USD 430.00 billion in assets under management and employs nearly 2,300 people in 25 global offices.

The New York Stock Exchange-listed group booked net income of USD 3.37 billion and revenues totalling USD 7.12 billion for the 12 months ending 31st December 2017.

It is the largest alternative investment firm in the world, and has previously backed as Hilton Worldwide, Merlin Entertainments, Performance Food, United Biscuits, and Equity Office Properties.

In 1990, Granpeesheh developed a treatment curriculum for children diagnosed with autism spectrum disorder (ASD) and subsequently opened the first CARD branch in Los Angeles.

The syllabus includes the firm’s web-based multidisciplinary tool, Skills, which provides comprehensive skill assessment, personalised programmes, and the ability to track progress with automatically-generated graphs and clinical timeline charts.

CARD is the third-largest non-governmental organisation contributing to ASD research in the US, operating 192 centres across 32 states.

It treats children using applied behaviour analysis principles, as recommended by the American Academy of Paediatrics and the US Surgeon General.

Granpeesheh, who will continue to lead the company following the sale, said: “Partnering with Blackstone will enable us to dramatically enhance our ability to serve the autism community through increased investments in people, clinics, technology, and research.”

Zephyr, the M&A database published by Bureau van Dijk, shows there have been just six private equity-backed deals targeting outpatient mental health and substance abuse centres announced worldwide since January 2017.

The largest such transaction also involved the acquisition of a US-based ASD specialist, as FFL Partners bought behaviour therapy provider Autism Learning Partners for USD 270.00 million in December 2017.

© Zephus Ltd