Altoona-based Pyramid Healthcare Inc. has been acquired by a Connecticut-based firm.
Pyramid, a provider of drug, alcohol and mental health treatment for adults and adolescents with 21 treatment facilities throughout Pennsylvania, has been acquired by Clearview Capital LLC.
A private equity firm that has previously acquired businesses in multiple industries, Clearview specializes in assisting its portfolio companies by providing growth capital and management expertise to expand their services and operations. Its holdings include Senior Care Centers of America, the country's second largest operator of adult day care centers, based in Trevose.
Pyramid is excited to team up with Clearview, Pyramid CEO Jonathan Wolf said.
"They provide us with the opportunity to keep our existing management team in place but also offer the capital and expertise needed to expand our mission to provide first class services to those seeking help for chemical dependency and mental illness," Wolf said.
Those receiving Pyramid services won't notice any differences.
"For them, it means nothing; it is transparent for the community. There will be no management or employee changes," Wolf said. "We will be a wholly-owned subsidiary."
Clearview officials are pleased with the acquisition.
"Pyramid has a 12-year history of significant growth and provides exceptional care for people suffering from addictive disorders and mental health problems," Vice President Matthew Blevins said. "We are looking forward to the opportunity to work with their very dedicated staff and leadership and to provide capital and expertise to help them expand their very critical health care mission."
The corporate offices of Pyramid, which employ 574 people throughout the state of Pennsylvania, will remain in Altoona.
Pyramid facilities included residential drug and alcohol treatment for adults in Altoona, Tyrone, Belleville and Pittsburgh; adolescent residential drug and alcohol treatment facilities in Pittsburgh and Quakertown; outpatient offices in Erie, Pittsburgh, Altoona, York and Allentown; methadone clinics in Butler, Altoona and York; a group home in Blandburg; therapeutic schools in Blandburg and Pittsburgh and a school for autistic children in Clearfield.