-ATIN- – 06/13/08 – CRC Health Corp. CEO and founder Barry Karlin believes financial market conditions are not right at the moment for Bain Capital to take CRC public, according to a source who attended a high-powered behavioral health investment conference at which Karlin made the remarks.
CRC was just one of a number of presenters at the first annual Avondale Partners Behavioral Healthcare Conference held in New York on Thursday, according to the source. Also at the conference was addiction treatment powerhouse Foundations Associates, as well as big publicly traded providers like Psychiatric Solutions and Cornell Cos., said the source.
Karlin was overall quite bullish on the prospects for the treatment industry and CRC in particular, said the source, who also said that Karlin admitted that the methadone clinics – CRC is the largest dispenser of methadone in the nation – continue to be the main cash cow at CRC.
And Karlin did not appear to have mentioned at the conference that CRC’s biggest acquisition – $290M for therapeutic schools pioneer Aspen Education – is not going well and that the newly formed Youth Division had swung to a loss in the first quarter, according to the source.
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