Matrix Announces the Successful Sale of BeWell Network, LLC
RICHMOND, VA / BALTIMORE, MD / NEW YORK, NY – July 17, 2023 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised BeWell Network, LLC (“BeWell” or the “Company”) on its successful sale to H.E.R. Management, LLC.
BeWell is a residential and outpatient behavioral health provider focused on the treatment of substance use disorder. The Company operates in two markets, San Juan Capistrano and Dana Point in Orange County, California and Santa Barbara, California.
BeWell’s service offerings include detoxification, residential care, a partial hospitalization program (PHP), and an intensive outpatient program (IOP) for substance use disorder treatment in both Orange County and Santa Barbara, as well as PHP and IOP for primary mental health care treatment in Santa Barbara. To support patients enrolled in BeWell’s outpatient programs, the Company also operates sober living homes in each of its two markets. The Company is contracted with many of the payors that have a significant presence in Southern California.
BeWell prides itself on the quality of its substance use disorder recovery programs and has a highly trained staff dedicated to patient recovery. The Company is also focused on developing active alumni programs to support patients once they are out of recovery.
BeWell is Joint Commission accredited and LegitScript certified.
Matrix provided M&A advisory services to BeWell, including marketing the transaction, advising on valuation, deal structure, and other transaction terms, and ultimately achieving a successful execution. The transaction was managed by Vasanta Pundarika, Head of Matrix’s Healthcare Investment Banking Group, Casey Van de Walle, Director, and Barrett Smith, Analyst.
Ms. Pundarika said, “We are happy to have worked with the owners of BeWell Network as their financial advisors on this transaction. Under new ownership, we look forward to seeing BeWell implement an enhanced growth strategy, while continuing to provide high quality care to its patients.”