San Francisco-based private equity firm Gryphon Investors bought a majority stake in LEARN Behavioral, a network of providers serving children with autism and other special needs, from LLR Partners Inc. for an undisclosed amount.
LLR and senior management will retain a minority stake in the target company, according to a release.
The deal marks Gryphon's debut investment in behavioral health. Baltimore-based LEARN offers behavioral treatment services in homes, centers and schools.
Berkery Noyes served as lead financial adviser to Gryphon, while Kirkland & Ellis acted as the company's legal adviser. Harris Williams & Co. and McGuireWoods respectively served as exclusive financial adviser and legal adviser to LEARN.