Sound acquires Community Psychiatric Clinic in asset transfer
By Megan Campbell – Staff Writer, Puget Sound Business Journal
Sep 5, 2019
Community Psychiatric Clinic is officially part of Sound, one of the largest health and addiction treatment providers in Washington.
Sound acquired the nonprofit on Aug. 31 through an asset transfer, Sound spokesman Steven McLean said.
As of 2016, Community Psychiatric Clinic had nearly $32 million in assets, according to its most recent 990 form.
The combined nonprofit will have an annual revenue of more than $85 million, 17 locations, 700 employees and it will serve more than 26,000 people in the region with mental health, addiction treatment and supportive housing and vocational training.
“Sound will be in a strong strategic position with the acquisition,” Sound CEO Patrick Evans said in a release. “We will be serving more people, with expanded services at greater operational and clinical efficiencies than ever before.”
Evans will remain the top executive of the merged organization. Doug Crandall, former CEO of Community Psychiatric Clinic, is taking the role of chief quality and compliance officer at Sound.
Sound hired 225 employees from Community Psychiatric Clinic, but there were some redundancies in positions, McLean said. The nonprofit had 270 full-time employees in April when the two companies first announced they would merge. In 2016 Community Psychiatric Clinic employed 494, according to the 990 form.
This comes after Community Psychiatric Clinic nearly joined Navos last year. That deal was planned to close in November, but Navos withdrew from the arrangement.