Discovery Behavioral Health Announces New Majority Ownership, Leadership Appointments to Further Strengthen the Company

• The company appointed a new Board of Directors and CEO, Pete Clarke, as part of a broader restructuring
• Structure allows all DBH programs to operate uninterrupted, ensuring patients and families continue to receive the care they need

IRVINE, Calif., June 2, 2026 /PRNewswire/ -- Discovery Behavioral Health (DBH), a recognized leader in behavioral health, announced today a restructuring and new majority ownership that enhances the flexibility of the company's operations. The recently executed agreement outlines an orderly change in ownership, subject to applicable regulatory approval and other consents, ensuring DBH can immediately benefit from the financial flexibility and resources offered as part of the transaction. During the restructuring, DBH has continued to deliver the consistently strong clinical care reflected in its accreditations, regulatory standing, and peer-reviewed outcomes. DBH's clinical leadership, licensing, accreditation, and regulatory standing remain unchanged, and all programs are expected to continue serving patients and families in the ordinary course.

Under the agreement, upon regulatory approval, investment funds managed by HPS Investment Partners, LLC (HPS) will assume majority ownership in exchange for a substantial reduction of DBH's debt obligations. The transaction strengthens the company's finances, giving it the foundation to further invest in its programs, care team, and the patients and families it serves.

As part of the restructuring, DBH has appointed a new Board of Directors and Chief Executive Officer. The new CEO, Pete Clarke, who also sits on the board, is a seasoned healthcare executive with more than 20 years of experience leading complex, large-scale transformation initiatives across the United States and around the world. His career includes senior leadership roles at DaVita and Fresenius Medical Care, where he delivered lasting operational efficiency and developed values-driven cultures at nationwide, multi-center healthcare organizations where people were developed, trusted, and held to high standards.

In his role with DBH, Clarke has been meeting directly with clinical and operational leaders across the company and engaging with the care team, patients, and families, and referents. That work is informing the company's near-term operating priorities, including clinical quality, care team experience, payor partnerships, and disciplined growth.

"In my first two months, I have visited dozens of our programs across the country. It is one thing to know we have many examples of industry-leading, peer-reviewed published outcomes. It is another to see the work in action," Clarke said. "What I have seen confirms what drew me to Discovery Behavioral Health: a consistently strong level of care. In many of our programs, we are already the preferred provider and partner for patients, families, and payors, and a place where the best behavioral health professionals want to do their life's work. My focus is on ensuring that's true everywhere we operate."

DBH has more than 100 programs across 12 states, all dedicated to evidence-based treatment of mental health, eating disorders, and substance use disorder in children, adolescents, and adults. All DBH programs, as well as referral relationships and payor contracts, will continue operating without interruption, ensuring people receive the care they need, where they need it.

About Discovery Behavioral Health:
Discovery Behavioral Health is a recognized leader in behavioral health, dedicated to evidence-based treatment of mental health, eating disorders, and substance use disorder in children, adolescents, and adults. The company offers the full spectrum of recovery care, consisting of residential treatment centers, in-person and virtual partial hospitalization (PHP) and intensive outpatient (IOP) programs, and in-person and virtual professional psychiatric services, including as a leading provider of transcranial magnetic stimulation (TMS). With more than 100 programs across 12 states, each is dedicated to the health, safety, and well-being of patients as they receive the personalized, holistic care they deserve. Discovery Behavioral Health aims to be the premier provider and partner for patients, families, and payors. To learn more about Discovery Behavioral Health and how we ensure lasting recovery, visit discoverybehavioralhealth.com.

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SOURCE Discovery Behavioral Health