Edgewood Clinical Services has been acquired by behavioral health company LifeStance Health in a move designed to allow the Naperville area company to continuing expanding.
Edgewood Clinical Services was started in 2004 by Chairman and CEO Adam Russo and currently has four locations, including two in Naperville.
Acquisition by LifeStance
Russo, who appeared on NCTV17’s Business Connections, is excited with the recent transaction.
“It gives us the flexibility to really be aggressive in being able to do that [accomplish our mission]. That’s why we’re excited about it because… we have a wait list 200 names deep right now. So being able to continue to grow at a fast pace really ensures that we’re meeting the needs in the community.”
The acquisition of Edgewood Clinical Services by Lifestance comes despite the current economic climate caused by the COVID-19 pandemic. In fact, the move had been discussed as far back at 2017.
Edgewood Clinical Services Expansion
“We wanted to figure out how to expand that and so, Lifestance Health has been looking at outpatient practices around the country and we’re their first acquisition in Illinois to, basically, continue to do what we’ve been doing, just at a larger scale.”
A fifth location, in Darien, is coming soon according to the company’s website.
Russo says the company doesn’t anticipate the acquisition will necessitate a negative change to staffing. If anything, with Edgewood Clinical Services expanding, additional hiring may be required.
Kevin Jackman reports for Naperville News 17.
