Livingstone advises Broadstep on its recapitalization to Bain Capital’s Double Impact Fund

Leading behavioral health business finds new stewardship with a shared vision to provide exceptional services to those most in need
  • Jim Moskal
  • maj 2020
  • Healthcare
  • Företagsförsäljningar
Livingstone advises Phoenix Care Systems on its sale to Bain Capital’s Double Impact Fund

Livingstone’s Healthcare team is pleased to announce the recapitalization of Broadstep Behavioral Health (“Broadstep” or “The Company”) to Bain Capital’s Double Impact fund (“BCDI”), a Boston-based private equity firm focusing on lower middle-market businesses that address critical social problems.  Livingstone acted as the exclusive mergers & acquisitions advisor to Broadstep, which formerly operated as Phoenix Care Systems, Inc.

Broadstep is a leading provider of residential and community-based health and human services to must-serve individuals with intellectual, developmental, or behavioral disabilities, and other special needs.  These populations are large and have grown more than 20% since 2016, facilitating long waiting lists for home and community-based services.  Broadstep serves over 1,300 individuals across 86 locations in four states, delivering high-quality, person-centered services that enable greater customer independence, skill-building, and community involvement.

Through Livingstone’s competitive sale process, Broadstep garnered significant interest from a host of healthcare investors.  BCDI, however, differentiated themselves through their commitment to improving the lives of both Broadstep’s consumers and employees, as well as their vision for the next phase of Broadstep’s growth.  The Broadstep team is excited about its new partnership with BCDI and is looking forward to increasing the positive impact it can have in communities across the U.S.

For almost 50 years, Broadstep’s continuum of integrated services has driven the discovery and growth toward personalized definitions of progress with the individuals it serves,” said Peter Spring, a Managing Director at Bain Capital Double Impact.  “The entire Broadstep team has the experience, mission-driven philosophy, and skills to not only build on that history but to identify and add capabilities as the needs for this rapidly growing population evolve.”

BCDI pursues investments where it can leverage its operational and strategic expertise to help mission-driven companies scale and drive meaningful change.  It focuses on businesses that are solving critical social problems, via sustainable business models, and works to enhance the positive impact these businesses have on our communities.

Broadstep’s size, geographic reach, and reputation for clinical excellence made it an ideal platform acquisition in the highly fragmented IDD sector,” commented Jim Moskal, Partner at Livingstone. “The industry is primed for a consolidation wave as scale and increased use of technology will lead to operating efficiencies and enhanced patient experience.

The Broadstep transaction highlights Livingstone’s expertise in Behavioral Health following other recent notable transactions, including the sale of Total Spectrum to LEARN Behavioral. This most recent transaction represents Livingstone’s 22nd healthcare transaction since 2015.

 

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