July 30, 2015

Brentwood-based Odyssey Behavioral Healthcare has completed its first two acquisitions, both in Florida.

Odyssey is a partnership between Rhode Island-private equity firm Nautic Partners and Scott Kardenetz, a behavioral health care veteran who previously helped lead Haven Behavioral Healthcare, Psychiatric Solutions and Ardent Health Services, among other.

The two acquired facilities, Pasadena Villa Psychiatric Residential Treatment Centers and Lifeskills South Florida, both provide adult residential and outpatient treatment services. Terms of the deals were not disclosed. Franklin-based Brentwood Capital Advisors represented Pasadena in its transaction.

“I’m thrilled to launch Odyssey Behavioral Healthcare with backing from Nautic Partners,” Kardenetz said in a release. “With their impressive facilitates, top clinical staff and exceptional reputations within the industry, I believe that Pasadena Villa and Lifeskills of South Florida give Odyssey an impressive platform from which to launch our company.”

Odyssey and Nautic plan to invest up to $50 million to support the company’s growth strategy through de novo development and acquisition, according to a release.

“We believe the delivery system for behavioral health care is inadequate and in need of investment and leadership,” Scott Hilinski, Nautic Partners managing director, said a statement. “With the addition of Pasadena Villa and Lifeskills, two prominent treatment centers, Odyssey has established an outstanding foundation from which to expand high quality access to those in need of psychiatric and addiction treatment care.”

A number of local behavioral health care companies have been at the forefront of consolidating the sector in recent years. In addition to Acadia Healthcare — which now has a market capitalization of more than $5.6 billion — other players include addiction treatment specialists AAC Holdings, which went public last year, and JourneyPure, which is being backed by an investor group led by Clayton Associates’ Rolling Hills Ventures group.