Avesi Partners Announces Investment in First Steps Recovery

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Apr 23, 2024, 09:53 ET

STAMFORD, Conn., April 23, 2024 /PRNewswire/ -- Avesi Partners ("Avesi") announced that it has made an investment in First Steps Recovery ("FSR", "First Steps" or the "Company"), a leading provider of substance use disorder ("SUD") treatment. Avesi has partnered alongside the Company's existing management team to support the continued growth of FSR and provide a full continuum of addiction recovery care to patients in need.

Headquartered in Fresno, CA, First Steps provides substance use disorder treatment for adults through medical detox, residential treatment, partial hospitalization programs ("PHP"), intensive outpatient programs ("IOP"), and telehealth therapy. The Company operates in network with an extensive list of blue-chip payors. FSR's medically-focused approach to treatment allows the Company to provide the highest quality of clinical care, improve outcomes, and ensure a safe and comfortable patient experience. FSR currently operates in Central California with plans to expand to additional markets in the state and nationwide.

"I'm so proud of the impact FSR has made in the recovery community since our founding in 2014," said Josh Beauchaine, founder and President of First Steps Recovery. "Avesi's commitment to further our core mission of providing best-in-class addiction treatment care, the strong cultural fit between our organizations, and their expertise and resources within the behavioral health market made choosing Avesi as our partner an easy decision. Their experience helping scale high-growth healthcare services companies will be invaluable as we drive towards our goal of becoming the nation's leading SUD treatment provider."

"First Steps stands out in the addiction treatment sector given the Company's track record of growth, the caliber of its people, and its commitment to exceptionally high quality care," said Chris Laitala, Managing Partner of Avesi. "We couldn't be more excited to partner with FSR and work alongside the Company in the next stage of growth."

"Patients and payors continue to express strong demand for quality addiction treatment services focused on meeting patients where they are to drive outcomes and long-term recovery," added Pete Tedesco, Managing Director at Avesi. "We see a compelling opportunity to help FSR leverage its track record of success to extend services into additional geographies, care settings and programs."

Mertz Taggart and Hooper, Lundy & Bookman served as financial and legal advisor, respectively, to First Steps. McDermott, Will & Emery served as legal advisor to Avesi.

About First Steps Recovery

First Steps is a leading provider of adult-focused, SUD services across a full continuum of care including medical detox, residential treatment, partial hospitalization programs, intensive outpatient programs, and telehealth therapy. The Company offers gender-specific therapy treatment and employs a differentiated approach to substance abuse treatment by including a medical team overlay on top of its care providers in order to offer the highest quality of clinical care, improve outcomes, and ensure a safe and comfortable patient experience. Additional information is available at www.firststepsrecovery.com/

About Avesi Partners

Avesi Partners is a leading private equity investment firm with $883 million of equity capital under management. Based in Stamford, CT with an office in Richmond, VA, Avesi focuses on partnering with lower-middle market, privately held, and family-owned businesses in key sectors of the economy, primarily focused on healthcare services but also investing in the insurance, technology, and business services sectors. Avesi seeks to provide the expertise and resources to empower businesses to attain their full vision in a time and capital efficient manner. Avesi collaborates with families, founders, and executives in an effort to accelerate growth and expansion, while positioning businesses to achieve long-term success and enduring value. Additional information is available at avesipartners.com.

This press release ("Press Release") is being published for informational purposes only regarding Avesi Partners, LLC ("Avesi"). One should not assume an investment in the described company was or will be profitable. All opinions, estimates and forecasts of future performance are based on information as of the date of this Press Release and are subject to change. Certain information contained in this Press Release constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "target," "project," "estimate," "intend," "continue" or "believe," or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Avesi has not vetted the company's website and Avesi's provision of the company's website link should not be considered an endorsement of the information presented there.

SOURCE Avesi Partners