Charter Health Care Group, which is backed by Pharos Capital Group LLC, has acquired two hospice service providers: St. Luke’s Home Hospice LLC and Arizona Select Hospice LLC. Both providers were part of the VeraCare Hospice system. No financial terms were disclosed.
DALLAS and NASHVILLE, Tenn., March 13, 2020 /PRNewswire/ — Pharos Capital Group, LLC (“Pharos”), a private equity firm based in Dallas and Nashville, announced that its post-acute care provider platform, Charter Health Care Group (“Charter”), has acquired two hospice service providers, St. Luke’s Home Hospice LLC (“St. Luke’s”) and Arizona Select Hospice LLC (“Arizona Select”). Both providers were part of the VeraCare Hospice system. Financial terms of the transaction were not disclosed.
Charter, based in Southern California, is a leading provider of post-acute care services that offers a variety of programs including hospice, home health, complex care management and palliative care services. St. Luke’s, based in Las Vegas, and Arizona Select, based in Phoenix, provide end-of-life hospice care along with palliative care services for adult patients with life-limiting illnesses. Both management teams will remain with their organizations. Pharos first invested in Charter in October 2018.
“End-of-life and home health services are increasingly important to patient care across the country, and we are excited to be expanding our post-acute care platform into new geographic areas,” said Bob Crants, Founding Partner and Chief Investment Officer of Pharos. “With its focus on ensuring a comfortable patient experience while lowering the costs of care, Charter has created a strong presence in Southern California and is now ready to build out its service line in additional markets.”
Steve J. Larkin, Charter’s CEO, said, “We are pleased to add St. Luke’s and Arizona Select to our portfolio. They are premier hospice care providers that share our mission of leading the industry toward better transitional solutions for patients, families, and caregivers. We are proud of our strong record of mitigating hospital readmissions, reducing the duration of acute care stays, and providing appropriate care levels, and we look forward to growing, both organically and through partnerships with top companies where we can add complementary services.”
About Charter Health Care Group
Charter Health Care Group (“Charter”), founded in 2006, is an integrated post-acute care provider offering hospice, home health, and transitional care services. With over 3,000 patients and eight locations across San Bernardino, San Diego, Riverside, Los Angeles, Ventura and Orange counties, the company has established a deep presence in the Southern California market and has uniquely positioned itself as a trusted partner for hospital systems, managed care organizations, assisted living facilities, skilled nursing facilities, medical groups, and surrounding communities. For more information, visit http://www.charterhcg.com/.
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 54 companies and currently has over $825 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.