Beacon Specialized Living Services Expands Into Minnesota with Acquisition of Owakihi, Inc.
KALAMAZOO, Mich., Jan. 24, 2019 /PRNewswire/ -- Beacon Specialized Living Services, Inc. ("Beacon"), a portfolio company of Pharos Capital Group, announced today it has acquired Owakihi, Inc., ("Owakihi" or "the Company"). Founded in 1978, Owakihi is a leading Minnesota provider of home and community-based support services to individuals with intellectual and developmental disabilities (I/DD) and mental health needs, focusing on personalized care. Beacon is Michigan's largest for-profit provider of residential healthcare services to individuals with I/DD, mental health and substance abuse disorders. Terms of the transaction were not disclosed.
Beacon Chief Executive Officer Darren Hodgdon noted, "Beacon is developing multiple lines of mental health services for individuals with extreme behaviors and complex needs. Owakihi serves like-individuals with different delivery models that will further broaden our current capabilities. Their highly-trained and qualified staff, and emphasis on "Person-Centered Planning", optimizes successful outcomes and will help fuel our platform's growth as we continue to fill critical gaps in the healthcare system that drive excessive utilization."
Headquartered in Saint Paul, MN, Owakihi serves over 200 individuals across 14 sites in the seven counties surrounding Minneapolis and Saint Paul. Owakihi's residential options encompass group homes, intermediate care facilities, crisis care homes, and individual housing within apartment complexes. The Company's services are long-term in nature and include mentorship, training, socialization, medication management and other relevant treatment.
Jim Phillips, Partner at Pharos Capital Group, said, "With this add-on Beacon is creating a multi-state, regional platform to address I/DD and severe mental health. The need for such residential services is acute and Beacon is well-positioned to work with private, county and state agencies and case managers to bring quality long-term solutions to this deserving population."
Sandra Kindem, Executive Director of Owakihi, added, "I am delighted to be partnering with Beacon. They truly understand our business and our commitment to the model of person-centered care, which empowers our clients to identify and reach life goals and live as independently as possible. Beacon and Pharos's capital and operational resources will prove invaluable as we seek to expand the level of care we can offer in our communities."
The Braff Group served as exclusive merger and acquisition advisor for Owakihi, Inc.
About Owakihi
Since 1978, Owakihi, named after the Lakota word meaning "I am able," has provided home and community-based supports to people with intellectual disabilities and mental health needs, focusing on personalized care. Headquartered in Saint Paul, MN, the company serves over 200 individuals across 14 sites in the seven counties surrounding Minneapolis and Saint Paul. Owakihi's mission is to improve its clients' quality of life through person-centered care, helping them to identify and reach goals and determine what is meaningful in their lives.
About Beacon
Founded in 1998, Beacon Specialized Living Services (www.beaconspecialized.org) offers behavioral healthcare through specialized residential adult foster care (AFC) facilities and community living service apartments in over 60 locations across Michigan. The company serves developmentally disabled, mentally ill, and autistic adults, as well as those challenged with substance abuse, addiction, dementia, and Alzheimer's, in a behavioral healthcare setting.
About Pharos Capital Group
Based in Dallas and Nashville, Pharos Capital Group (www.pharosfunds.com) is an SEC Registered Investment Advisor. Since inception, Pharos has invested in 53 companies and currently has over $785 million of private equity assets under management. Pharos typically invests $25-$50 million in rapidly growing middle market companies seeking later stage funding for internal growth, acquisitions, leveraged buyouts, management buyouts, or recapitalizations predominantly across healthcare sectors.
For business development opportunities with Pharos Capital Group, please contact Adam Persiani at 214-740-7003 or apersiani@pharosfunds.com.
Contact
Caroline Luz
Blicksilver Public Relations
203-656-2829
caroline@blicksilverpr.com
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SOURCE Beacon Specialized Living
