May 12, 2008
Pinnacle Treatment Centers Acquires Ocean Medical Services, Inc.. Warren Medical Services, Inc. t/a Stateline Medical and Delaware Valley Medical, Inc.
Pinnacle Treatment Centers and Celerity Partners
Los Angeles, CA – May 12th, 2008- Pinnacle Treatment Centers, Inc. (Pinnacle), a Celerity Partners (Celerity) portfolio company, announced today the acquisitions of Ocean Medical Services, Inc., Warren Medical Services, Inc. t/a Stateline Medical and Delaware Valley Medical, Inc., collectively the largest methadone chain in New Jersey (The Clinics).
Matt Kraus, a Celerity partner, stated: “The acquisitions of the New Jersey opiate treatment programs enhance Pinnacle’s growing presence in the Northeast. Consistent with Pinnacle’s acquisition strategy, the respective management teams will remain in place. We see tremendous growth opportunities in the acquired clinics and are excited to support management’s growth initiatives.”
About Pinnacle Treatment Centers
Pinnacle was formed in 2006 by Dr. Ken Kessler and Celerity to acquire and develop addiction treatment programs. Pinnacle currently has locations in Pennsylvania and New Jersey and seeks to expand its footprint across the region. Pinnacle’s CEO and significant shareholder, Dr. Ken Kessler, has 35 years of experience building healthcare services companies.
About Celerity Partners
Celerity Partners is a private equity fund whose objective is to build businesses, in partnership with management, to preeminence in their perspective markets. Since its inception in September 1995, Celerity has invested in 60 companies with an aggregate transaction value in excess of $2.8 billion. Celerity currently manages approximately $200 million of equity capital and has offices in Los Angeles and Menlo Park, CA.
www.celeritypartners.com
Pinnacle seeks additional acquisition opportunities of addiction treatment service providers. For further information on the benefits of working with Pinnacle, please contact Kassie Johnson or Matt Kraus via e-mail (kjohnson@celeritypartners.com, Kraus@celeritypartners.com) or telephone (310-268-1710).
Celerity Partners
Kassie Johnson
kjohnson@celeritypartners.com
310-268-1710 (p)
310-268-1712 (f)
Celerity Partners
Matt Kraus
Kraus@celeritypartners.com
310-268-1710 (p)
310-268-1712 (f)