There's money in our addictions: Ben Klein pivots from nursing homes to treatment centers

Through a bankruptcy auction, Klein's Skokie-based Platinum Health Care, in partnership with BlueMountain Capital, has taken control of some of the nation's choicest addiction treatment assets, acquiring senior debt of Elements Behavioral Healthcare with a face value of $135 million for just $40 million. Long Beach, Calif.-based Elements, which declared bankruptcy in May, owns such global addiction treatment brands as Promises Malibu and has centers in major markets, including California, Texas and Florida. [...]there's been a flood of private-equity investment into the $35 billion-a-year addiction treatment industry.