Pharos Capital Group invested in Beacon Specialized Living Services, Inc., a supplier of residential health care services in Michigan for individuals with intellectual and developmental disabilities. The company partnered with creator Ken Ratzlaff and his family. Regards to the transaction were not disclosed.
Dallas, Texas and Nashville, Tennessee, May 24, 2016 Pharos Capital Group, LLC (“Pharos”), a personal equity company based in Dallas and Nashville, announced that it has actually partnered with Founder Ken Ratzlaff and his household by making a financial investment in Beacon Specialized Living Services, Inc. and its affiliates (“Beacon” or the “Business”). Beacon is the biggest for-profit carrier of domestic healthcare services in Michigan to people with intellectual and developmental disabilities, mental health and compounddrug abuse conditions. Regards to the transaction were not divulged.
As part of the deal, industry veteran Darren Hodgdon is signing up with Beacon as CEO and Mr. Ratzlaff will take on the roles of Director and President. Mr. Hodgdon is a seasoned healthcare executive who just recently led technique and clinical development at UnitedHealthcare Community amp; State, the nation’s largest Medicaid insurance provider, with over five million members in 26 states. Previously, he was Chief Operating Officer of UnitedHealthcare Tennessee, and previously in his career, he was a senior executive at Healthways, the largest independent worldwide provider of well-being enhancement solutions.
Joining Mr. Ratzlaff and Mr. Hodgdon on the board from Pharos will be Partner Jim Phillips, Principal Anna Kovalkova, and Vice President Ryan Shelton.
Mr. Phillips said, “We are happy to invest along with Ken and his family in this rapidly growing segment of the healthcare space. Beacon has ended up being a leading supplier of behavioral health care services in the state of Michigan and we are pleased to work with Ken, Darren and other members of the Beacon group to make those vital services offered to an even larger population.”
Mr. Ratzlaff included, “I am pleased to be partnering with Pharos. Their capital resources and experience in the field of behavioral health, in addition to Darren’s strong executive experience, will be importantcontribute as we grow our service and broaden the care we offer to Michigan’s neighborhoods.”
Mr. Hodgdon noted, “Joining Beacon is a natural extension of my previous work establishing and implementing programs to improve access and the quality of health care services for people with intricate needs. The accessibility of housing for these populations in addition to certified and compassionate individuals to support them are scarce resources and an obstacle to find. Beacon offers both and a chance for us to scale and fill a crucial gap in the current healthcare system.”
Avondale Partners worked as exclusive monetary consultant to Beacon.
Established in 1998, Beacon Specialized Living Solutions (www.beaconserv.org) offers behavioral health care through specialized property adult foster care (AFC) facilities and neighborhood living service apartment or condos in 30 places across western and northern Michigan. The business serves developmentally handicapped, psychologically ill, and autistic adults, along with those challenged with compounddrug abuse, addiction, dementia, and Alzheimer’s, in a behavioral health care setting.
About Pharos Capital Group
Based in Dallas and Nashville, Pharos Capital Group is a personal financial investment company. Since creation, Pharos has bought 47 business and has actually handled over $800 million of assets. Pharos generally invests $25-$50 million in rapidly growing middle market companies seeking later phase funding for internal growth, acquisitions, leveraged buyouts, management buyouts, or recapitalizations across market sectors, with specific concentrate on healthcare and company services. For more infoFor additional information about Pharos, please go to www.pharosfunds.com.