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Peer Fund / Dealmaker·Behavioral Health

Jerry Rhodes

Partner, Behavioral Health Practice Area Lead at Webster Equity Partners

Sarasota, FL

JR
Why they matter

Rhodes built and sold the nation's largest addiction-treatment platform, now chairs BayMark's board and leads Webster's behavioral health practice — a rare operator-investor with rollup scars.

Background

Jerry Rhodes has spent over 30 years building and leading multi-site behavioral healthcare and healthcare services companies. He rose from COO to CEO of CRC Health Group, the nation's largest addiction-treatment provider, before leading Dental Care Alliance as CEO and later Executive Chair; he joined Webster Equity Partners as a Partner in October 2025 to head its behavioral health practice after a decade as a Webster Operating Executive.

Notable deals

  • 2014
    Promoted from COO to CEO of CRC Health Group, the nation's largest addiction-treatment provider (~$500M revenue, 100+ facilities)
  • 2015
    Led CRC Health Group through its $1.3B sale to Acadia Healthcare, one of behavioral health's largest-ever transactions
  • 2023
    Served as CEO of Dental Care Alliance, growing the DSO to 400+ offices across 23 states before transitioning to Executive Chair
  • 2024
    As Chairman of BayMark Health Services' board, oversaw the CEO succession from David White to Marshal Salomon

Call-prep brief

Background

  • 30+ years in multi-site healthcare services; joined CRC Health in 2003 via the CAPs acquisition, rose to COO then CEO (2014)
  • Led CRC's $1.3B sale to Acadia Healthcare (2015), one of the largest behavioral health deals on record
  • CEO of Dental Care Alliance (2017–2023), growing it to 400+ offices/23 states; now its Executive Chair
  • Joined Webster Equity Partners as Partner and Behavioral Health Practice Area Lead in October 2025, after a decade as a Webster Operating Executive since 2015

Current focus

  • Chairman of the Board at BayMark Health Services (MAT/opioid treatment); also sits on boards of Cliffside Malibu, Discovery Practice Management, Oceans Healthcare, Pinnacle Fertility, and Redwood Family Health Network
  • Sourcing and shaping Webster's behavioral health rollup thesis across addiction treatment, autism/ABA, and multi-site outpatient models

What they care about

  • Operational integration and clinical quality at scale in fragmented, multi-site healthcare rollups
  • MAT/opioid treatment access and provider consolidation economics
  • Bridging operator experience with PE deal execution — he's run the P&L, not just underwritten it

Sensitivities

  • Very new to the Partner seat (Oct 2025) — may defer on live deal specifics until fully ramped
  • Sits on multiple competing/adjacent boards (BayMark, Discovery, Oceans) — potential conflicts on competitive intel
  • Long-tenured operator networks (CRC/Acadia alumni) — good soft-diligence backchannel but treat introductions carefully

Questions to ask

  1. What did the CRC-to-Acadia integration teach him about what breaks in behavioral health rollups post-close?
  2. How is Webster's behavioral health thesis evolving now that he's building the practice from the investor seat?
  3. Given his BayMark chairmanship, where does he see the next wave of consolidation in MAT/opioid treatment heading?

Outreach draft

Subject
Behavioral health rollup — quick call?
Hi Jerry, I'm working with a deal team evaluating a behavioral health rollup and your background building CRC Health into the category's largest platform — then its sale to Acadia — is exactly the perspective we're missing. Your current seat chairing BayMark's board alongside leading Webster's behavioral health practice makes you uniquely positioned to sanity-check our thesis. Would you have 20 minutes in the next couple of weeks for a call? Happy to work around your schedule and can share more context beforehand if useful. Best, [Placeholder Name]

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