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Saturday, April 14, 2018

Blackstone Acquires CARD

An April 13 release from Blackstone:
Blackstone (NYSE: BX) announced today that private equity funds managed by Blackstone have agreed to acquire the Center for Autism and Related Disorders, LLC (“CARD”), a leading provider of autism behavioral health services for children and adults affected by autism spectrum disorder. CARD Founder and CEO Dr. Doreen Granpeesheh and CARD management will invest alongside Blackstone in the transaction.
CARD offers center, school, and home-based behavioral therapy nationwide to children and adults diagnosed with autism. The company delivers rigorous clinical quality and positive outcomes through a highly credentialed and well-trained workforce of behavior analysts and behavior technicians, high engagement with patients and their families, proprietary software for treatment planning and ongoing monitoring, and an evidence-based, individualized approach to treating each child or adult. Dr. Granpeesheh will continue to lead CARD along with members of her experienced management team.
Bruce McEvoy, Senior Managing Director at Blackstone, said, “Dr. Granpeesheh has built an industry-leading provider of behavioral therapies for autism. We are thrilled to have the opportunity to partner with Dr. Granpeesheh and the rest of her visionary management team and look forward to supporting the company as it continues to expand access to treatment and services for those affected by autism.”
Dr. Granpeesheh, Founder and CEO of CARD, added, “We are proud of the high-quality services we provide and our commitment to helping individuals affected by autism achieve their full potential. Partnering with Blackstone will enable us to dramatically enhance our ability to serve the autism community through increased investments in people, clinics, technology, and research.”
The transaction is expected to close later this year. Blackstone was advised by Kirkland & Ellis LLP and Cain Brothers, a division of KeyBanc Capital Markets. CARD was advised by Nevers, Palazzo, Packard, Wildermuth & Wynner, PC, and Berkery Noyes.