Broadstep Behavioral Health, a leading provider of programs and services to individuals living with intellectual, developmental, or behavioral disabilities, 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.
Long waiting lists for home and community-based services have grown more than 20% 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.
Bain Capital has deep experience in the health care 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.
Broadstep Behavioral Health provides a continuum of physical, emotional, and mental support for children and adults with intellectual and development disabilities, mental illness, and co-occurring disorders. Founded in 1972, Broadstep has grown to now serve more than 1,300 individuals in 86 facilities across Wisconsin, North Carolina, New Jersey, Illinois, and South Carolina.
Bain Capital Double Impact is the impact investing strategy of Bain Capital, a leading global private investment firm. Bain Capital Double Impact utilizes Bain Capital’s proven, deep diligence, value-added approach to build great companies that deliver both competitive financial returns and meaningful, measurable social and environmental good.
This was reported by Bain Capital on May 20, 2020.
Contact information: Bain Capital, 200 Clarendon Street, Boston, Massachusetts 02116; 617-516-2000; Website: www.baincapital.com