LONDON, UK: On 5 October 2021, Apax X Fund had signed a definitive agreement to acquire a majority ownership stake in Eating Recovery Center (ERC), a leading provider of eating disorder and mood and anxiety treatment in the US, in partnership with Oak HC/FT and management.
The transaction is expected to close in Q4 2021, subject to customary closing conditions.
AGA is a limited partner in Apax X Fund. On a look through basis, AGA is expected to invest approximately €23m in the company, depending on final closing arrangements.
Note that this figure relates to AGA’s look through position of Apax X’s overall investment in Eating Recovery Center (ERC) and is stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable.
Eating Recovery Center (ERC) is a national leader in eating disorder treatment in the US. The company’s differentiated clinical model meets patients where they are in their treatment journey by offering the full continuum of higher levels of care.
Through the recent expansion of its Pathlight division, ERC addresses a more comprehensive set of behavioural health conditions including primary mood and anxiety disorder treatment. ERC lowers financial barriers to accessing behavioural care by partnering with most major commercial insurers in the US, so patients can focus their energy on pursuing recovery.
Apax X, in partnership with ERC’s leadership team, will uphold the company’s focus on clinical excellence while expanding access to care physically and digitally. The Apax Funds have a strong track-record investing in ‘Healthcare Services’, a core Apax Healthcare sub-sector.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax, as well as a focused portfolio of debt and equity investments. In July 2019, AGA made a commitment of c.$450m2 to Apax X.