Pharos-backed Charter Health Care adds Providence Home Health and Hospice

Serving nearly 100 communities in the Greater Houston area, Providence provides in-home hospice, palliative care, skilled nursing, physical therapy, and other related services.

Charter Health Care Group, a portfolio company of Pharos Capital, has acquired The Providence Hospice and The Providence Home Health Services. With the addition of Providence, Charter has completed its sixth acquisition since early 2020, now serving 4,500 patients in seven states.

PRESS RELEASE

Dallas, Texas and Nashville, Tennessee, April 13, 2021Pharos Capital Group, LLC (“Pharos”), a private equity firm based in Dallas and Nashville, announced today that its post-acute care provider platform, Charter Health Care Group (“Charter”), has acquired The Providence Hospice, Inc. and The Providence Home Health Services, Inc. (together, “Providence Home Health and Hospice” or “Providence”), a Houston, TX in-home health care provider. Financial terms of the transaction were not disclosed.

“Even before the onset of COVID-19, the demand for home health and end-of-life services had seen a dramatic upswing, and such services are now increasingly seen as a mainstream component of high-quality patient care,” said Bob Crants, Founding Partner and Chief Investment Officer of Pharos. “We are proud to support Charter’s expansion into Houston as well as its mission of ensuring a comfortable patient experience while lowering the cost of care.”

Providence (www.providencehealth.net) offers in-home hospice, palliative care, skilled nursing, physical therapy, and other related services. Founded in 2006, the company has approximately 75 employees and has expanded from its roots in Sugar Land to provide comprehensive hospice and home health services to patients and their families in nearly 100 communities in the Greater Houston area.

Charter, based in Southern California, is a provider of post-acute care services that offers a broad spectrum of programs for patients navigating the last years of life, including hospice, home health, complex care management and palliative care services. The company has continued to rapidly expand its national footprint outside of the state of California. With the addition of Providence, Charter has completed its sixth acquisition since early 2020, now serving 4,500 patients in seven states.

Steve J. Larkin, Charter’s CEO, said, “We are pleased to add Providence to our growing portfolio and expand our high-quality, post-acute care services to the Houston area. Like the other companies we have brought under our umbrella, Providence shares our culture of providing compassionate, comprehensive care solutions for patients and families navigating the final years of life. We look forward to working with their team to provide full-spectrum care solutions, supporting patients with complex care needs as well as their caregivers in the communities where they work and live.”

“Charter’s vision for caring for patients in the post-acute space aligns well with Providence’s mission,” said Gary Stansbury, Jr., owner of Providence. “I feel confident that Charter will bring a much needed continuum of care to the Houston market, while continuing to serve our existing patients and their families with the highest quality of care.

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About Charter Health Care Group

Charter Health Care Group (“Charter”), founded in 2006, is an integrated healthcare provider offering hospice, home health, and complex care management services while helping patients and families navigate the post-acute care continuum. With over 4,500 patients and 17 locations in seven states, the company has established a deep presence in the Southern California market and has positioned itself as a trusted partner for hospital systems, managed care organizations, assisted living and skilled nursing facilities, medical groups, and community partners. For more information, visit www.charterhcg.com.

About Pharos Capital Group

Based in Dallas and Nashville, Pharos Capital Group (www.pharosfunds.com) has invested in 54 companies and currently has over $1.2 billion of private equity assets under management as of December 31, 2020. 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.