Broadstep Behavioral Health, a provider of programs and services for individuals with intellectual, developmental and/or behavioral disabilities, announced on Wednesday that it has received a “significant investment” from Bain Capital Double Impact. Broadstep, which formerly conducted business as Phoenix Care Systems, is partnering with Bain’s impact investment business to expand into additional services and markets.
Financial terms of the transaction were not disclosed.
Broadstep currently operates 86 facilities, serving 1,300 individuals in Wisconsin, North Carolina, New Jersey, Illinois and South Carolina. The company’s service offerings include: residential group homes, specialized schools for children, and vocational and day programs that help foster life skills development.
“There is a mismatch between the growth of the deinstitutionalized, but high-acuity intellectual and developmentally disabled population and the limited care options available to them,” Peter Spring, managing director at Bain Capital Double Impact, said in a statement emailed to BHE. “There is strong demand for quality, individualized care for these individuals, and we look forward to continuing to work with Broadstep to expand regionally and nationally, and also enter into adjacent and complimentary services for this underserved population.”