Addiction Treatment Industry Newswire |
10/18/2012 -ATIN- In one of the most significant deals in contemporary addiction treatment drug rehab alcohol rehab history, the deep pocketed savvy billionaire Pritzkers of Chicago have acquired assets originally aggregated by treatment entrepreneur Michael Cartwright ![]() Bubblicious As cash floods out the Federal Reserve in unprecedented proportions amid tepid general economic growth that gives few obvious outlets for the cash, r Premium It is likely the Pritzkers paid a hefty premium over the $22M reportedly paid to Cartwright, who says he has now fully exited from Foundations, by Chicago-area Sterling Partners just a few years ago. But terms in the private deal were not discussed. That the Pritzkers intend to be major long term players in addictions behavioral health there can be little doubt. The family is known for making investments in sectors where the deal either makes them a dominant player or, in the case of the highly fragmented addictions space that has no 800-pound gorillas, paying a premium for expertise that can guide them to dominance. “Nick Pritzker doesn’t invest for the short term,” said Foundations CEO Rob Waggener, who confirmed the Pritzkers’ intent to be a very big presence in addictions behavioral health in coming years. He also, in a round about way, admitted that Foundations, with big money now behind it, is on the buy side big time. Facilitating the deal was Foundations board member Doug Geoga, for decades close to Nick Pritzker as CEO of the family’s Hyatt chain and now a deal facilitator/investor at a boutique firm called Saltcreek, according to Waggener. Customer Service As Foundations new chairman, Geoga will school Foundations in the cutting-edge customer service POST YOUR COMMENTS BELOW..start a debate! GOT ADDICTION INDUSTRY NEWS? tell us… |