Harbert Private Equity Fund II, LLC, Completes Sale of Onward Behavioral Health, Inc.

BIRMINGHAM, AL--(Marketwired - May 06, 2014) - Harbert Private Equity Fund II, LLC ("HPEF II") announced today that it has sold its portfolio company, Onward Behavioral Health, Inc. ("Onward") to Pyramid Healthcare, Inc. ("Pyramid"), a portfolio company of Clearview Capital, LLC.

Onward is based in Paoli, PA and provides mental health and drug/alcohol outpatient counseling and therapy to adults and adolescents in Pennsylvania and New Jersey. HPEFII's Raymond Harbert Jr. remarked, "This is a positive exit for HPEF II and a complementary acquisition by Pyramid. Onward's footprint fits nicely with Pyramid's, which will enable continued growth and the ability to serve their clients better." 

Pyramid Healthcare, Inc. is headquartered in Altoona, PA and provides of a broad array of behavioral health services, including substance abuse and mental health treatment, for adults and adolescents throughout Pennsylvania, New Jersey and North Carolina.

Based in Birmingham, Alabama, HPEF II is a private equity fund sponsored by Harbert Management Corporation ("HMC"). HMC is currently investing from Harbert Private Equity Fund III, LP. With investment professionals in Atlanta, GA and Birmingham, AL, HPEF III seeks to invest in companies primarily located in the Southeast U.S. that have operating cash flow between $2.0 and $10.0 million.