Private Equity Firm Kelso Acquires Majority Equity Interest in Refresh Mental Health

Refresh Mental Health, an operator of 200 outpatient mental health treatment facilities in 28 states, announced that affiliates of private equity investment firm Kelso & Co., in a partnership with Refresh management, have acquired a majority equity interest in the company from affiliates of Lindsay Goldberg. Refresh founder and CEO Steven Gold will retain “a significant equity ownership” in the company, it said in a news release announcing the deal.

Refresh employs about 2,000 mental health clinicians who treat a full spectrum of mental health conditions across all ages, with both in-person and virtual offerings. Refresh offers in-network access to its psychiatric and psychotherapy services.

“Refresh has developed a very compelling business model that is poised for further expansion into more communities across the country,” Hank Mannix, a managing director at Kelso, said in a statement.