Oceans Healthcare is a Louisiana based healthcare company that specializes in the development and management of behavioral health services. It has been acquired by venture capital and growth equity firm General Catalyst Partners for a sum of $17 million. In conjunction with this investment, finance company MCG Capital Corp. has also announced investment in Oceans.
As per a company statement, MCG Capital has closed a $23.7 million investment in Oceans Healthcare. This investment comprises a senior secured unitranche credit facility and revolving line of credit, reports PEHUB.
General Catalyst Partners, a venture capital with $2.2 billion under management, invests in both early and growth stage companies and partners with exceptional entrepreneurs who are building innovative companies and transforming industries.
According to General Catalyst Partners, reports PEHUB, former Harvard Pilgrim Healthcare chief executive Charlie Baker will join Oceans board as chairman following the deal. Baker joined General Catalyst last March, following his campaign as the Republican candidate for Massachusetts governor in 2010.
Likewise, executives from the venture capital company joining the board of directors include David Fialkow, Brian Shortsleeve, Gabe Ling, and Charlie Baker.
In a statement, Baker said, “The entrepreneurs behind Oceans Healthcare are creating a truly distinctive patient care delivery model in a $15 billion to $20 billion industry – inpatient mental health services – that has not historically focused solely on treating the needs of seniors.”
Similarly, another statement from Oceans co-founder Jason Reed indicates that the company is planning to use the new capital to expand its business into new geographies.
Co-founders Reed and Nick Guillory, who founded Oceans in 2004, will remain as CEO and COO, respectively and will be responsible for running the day to day business operations.
Edited by Brooke Neuman