Residential care company makes acquisition
A residential health care company in the region has acquired a similar organization.
Kalamazoo-based Beacon Specialized Living Services acquired Saint Paul, Minnesota-based Owakihi, according to Beacon last week.
Beacon provides residential health care services for people with intellectual and developmental disabilities, mental health needs and substance abuse disorders.
Owakihi provides residential support services to individuals with mental disabilities and mental health needs, focusing on personalized care.
Terms of the transaction were not disclosed.
Beacon CEO Darren Hodgdon said the company is developing multiple lines of mental health services for clients with extreme behaviors and complex needs.
The Braff Group was the exclusive merger and acquisition advisor for Owakihi.
Founded in 1998, Beacon Specialized Living Services provides behavioral health care through specialized residential adult foster care facilities and community living service apartments in over 60 locations in Michigan.
Beacon is a portfolio company of Dallas-based Pharos Capital Group.
Founded in 1978, Owakihi serves more than 200 clients at 14 sites in counties surrounding Minneapolis and Saint Paul.
Owakihi's residential options include group homes, intermediate care facilities, crisis care homes and individual housing within apartment complexes.