Bain Capital Double Impact has made a “significant” investment in Broadstep Behavioral Health, a provider of programs and services to individuals living with intellectual, developmental or behavioral disabilities. No financial terms were disclosed.
RALEIGH, N.C. and BOSTON – May 20, 2020 – Broadstep Behavioral Health, a leading provider of programs and services to individuals living with intellectual, developmental or behavioral disabilities, today announced it has received a significant investment from Bain Capital Double Impact. Broadstep, which formerly operated as Phoenix Care Systems, Inc., is partnering with the impact investing business of Bain Capital to further expand its integrated, high-quality care into adjacent services and new markets. Financial terms of the private transaction were not disclosed.
Founded in 1972 with a mission to deliver care while promoting independence and enhancing quality of life, Broadstep today serves more than 1,300 individuals in 86 facilities across Wisconsin, North Carolina, New Jersey, Illinois and South Carolina.
Long waiting lists for home and community-based services have grown more than 20 percent since 2016, leaving approximately 425,000 individuals with unmet needs. Broadstep continues to expand to address these significant gaps by offering a range of support programs, including residential group homes, specialized schools for children, and vocational and day programs that help foster life skills development and realize social and professional potential. Alongside the expansion of services, the company has increased hiring efforts in each of its markets and recently onboarded its largest training class for direct support personnel through its online professional education platform, Broadstep University.
“I’m incredibly proud of our leadership team and our dedicated caregivers who have gone above and beyond to continuously improve outcomes and address the needs of the individuals we serve,” said Lynn Mason, President and CEO of Broadstep. “We are excited to partner with Bain Capital Double Impact and to leverage their resources and support as we build new standards of care and expand through acquisitions and into complementary care services. We share the same mission to create better outcomes for a growing, underserved population that today lacks the residential and community-based programs and facilities that can empower personal growth.”
Bain Capital has deep experience in the healthcare and behavioral health sectors, where the firm has employed its value-added approach with companies such as HealthDrive, Arosa, Beacon Health Options, EPOCH Holdings, HCA, Inc., Surgery Partners, and Waystar.
“For almost 50 years, Broadstep’s continuum of integrated services have 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. “Lynn and the entire Broadstep team have 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.”
“We look forward to a long-term partnership focused on building a national platform, supporting the health and life goals the individuals and families the company serves, and enhancing the career path of its team members,” added Klaus Koenigshausen, a Principal at Bain Capital Double Impact.