Thesis Capital partners with exceptional out-of-network substance use disorder (SUD) treatment facilities generating $2-25 million of EBITDA. Our approach is built for founders and operators who want more than a transaction—they want a thoughtful partner who understands clinical care, regulatory nuance, and the realities of scaling treatment organizations.
We invest with patience, align with management, and protect what makes your facility work.
Our team has direct experience acquiring and scaling SUD platforms, including The Ridge. In that partnership, we worked side-by-side with leadership to strengthen operations, support growth, and professionalize infrastructure—without compromising clinical autonomy or culture.
That experience shapes how we evaluate, structure, and operate every SUD investment.
"Thesis Capital respected our clinical mission and supported our growth goals, prioritizing long-term outcomes over short-term pressures for the business and our clients."
— Stacy Klousiadis, CEO at The Ridge
"Great SUD businesses are built by operators, not spreadsheets. Our job is to provide capital, structure, and support—while letting strong management teams decide how involved they want to be as the business scales."
— David Delfino, Thesis Capital
We recognize that no two owners have the same goals. Our structures are intentionally flexible:
Whether you want to build a larger platform or transition ownership responsibly, we adapt to you—not the other way around.
We believe the best outcomes come from trust, alignment, and time.
If you are exploring a partnership—now or in the future—we welcome a confidential discussion. No pressure. No process for process's sake. Just a direct conversation with investors who understand the sector and respect the work you do.
