NEW YORK, March 5, 2019 /PRNewswire/ -- BlueMountain Capital Management ("BlueMountain") announced today the launch of a new national behavioral health platform, led by industry veterans Kirk Kureska and Rob Waggener. The new company, Promises Behavioral Health ("Promises"), initially will operate 12 facilities and programs across seven states to provide a comprehensive range of treatment options for substance abuse, sexual addiction, trauma, eating disorders, and other mental health disorders, as well as programs for veterans.
BlueMountain and an associated investor group recently completed the acquisition of substantially all of the assets of Elements Behavioral Health ("Elements") upon its emergence from Chapter 11 bankruptcy on March 1, and also own three additional facilities acquired in January 2019. Individual facilities will retain their current names and branding.
The combined assets, new access to capital and a clean balance sheet position Promises as a leading consolidator and innovator in the substance use, mental health and other co-occurring behavioral health disorders space.
Promises has named Rob Waggener as Chairman of its Board of Directors. Mr. Waggener, the former CEO of Foundations Recovery Network and a respected leader in the behavioral healthcare industry for more than 30 years, previously had been serving as senior advisor during the company's transition.
In addition, Kirk Kureska has been named CEO of Promises. Mr. Kureska previously served as interim CEO of Elements, and prior to that, as a Regional Vice President at Signature Health and Group Chief Executive Officer at Acadia Healthcare. Before that Mr. Kureska was Western Regional Vice President of Operations at CRC Health Group.
"Promises was created to respond to the significant need – and substantial opportunity – to transform the way substance abuse and behavioral healthcare is provided today," said Mr. Waggener. "I am excited to be working with our investor group and management team to bring new resources and an innovative approach to the behavioral health field."
Mr. Kureska added, "With Promises, we are focused on making a real difference for individuals and families struggling with substance abuse and other mental health issues by building a full array of programs that are widely accessible, highly individualized, clinically sophisticated, and supported by a financially strong and resourceful organization."
BlueMountain and the associated investor group expect to make investments to fund Promises' future growth.
About Promises Behavioral Health
Promises Behavioral Health is a family of behavioral health programs with regional brands such as The Right Step, The Ranch, Promises, Clarity Way, and Aloria. The company currently operates 12 facilities across Arizona, Texas, Tennessee, Florida, Wisconsin, Pennsylvania and Massachusetts. Promises offers comprehensive, innovative treatment for substance abuse, sexual addiction, trauma, eating disorders, and other mental health disorders, including those affecting veterans and active duty military. Through its programs, the company is committed to delivering clinically sophisticated treatment that promotes permanent lifestyle change, not only for the patient but for the entire family network. For more information, please visit: www.PromisesBehavioralHealth.com
About BlueMountain Capital Management, LLC
BlueMountain Capital Management, LLC ("BlueMountain") is a diversified alternative asset management firm managing approximately $19 billion of assets. BlueMountain's diverse team of professionals in New York and London is supported by the firm's institutionalized and proprietary infrastructure, including specialized operations and risk management technology. For more information about BlueMountain, please visit: www.bluemountaincapital.com
Vice President of Business Development
SOURCE BlueMountain Capital Management, LLC