Behavioral Health Provider Will Continue Nationwide Expansion Efforts
PLANO, Texas. – Oceans Healthcare, a rapidly growing behavioral health provider, today announced a new capital partnership with Webster Equity Partners. The move allows the organization to accelerate already significant growth and build on its mission to provide high-quality services in underserved markets nationwide.
Oceans was founded almost two decades ago with a special focus on providing in-demand geriatric behavioral health services. While remaining focused on treating older adults, the organization has since grown to serve individuals across the age and diagnosis spectrum with 33 locations in the Southeast, including 23 inpatient hospital campuses and 20 intensive outpatient programs.
Through acquisitions, high-profile joint ventures, new facility development and the addition of new services, Oceans has doubled in size since 2017. Last year alone, the company opened five new behavioral health hospitals, acquired and expanded pharmacy services, and announced plans for three additional locations.
“We’re proud of the footprint we’ve established so far, but we are nowhere near finished,” said Stuart Archer, CEO of Oceans Healthcare. “The mental health impact of the pandemic has pushed already high demand for behavioral health services to crisis levels. This transaction allows us to expand our services and be a solution for underserved communities with decreasing or inadequate access to care. We’re fortunate to have the opportunity to leverage Webster’s expertise in our industry and value their support in achieving this goal.”
“Oceans’ team has built a reputation among peers and the health care industry for quality leadership and patient advocacy,” said Todd Rudsenske, Partner at Webster Equity Partners. “It’s clear they are driven by their core convictions and we’re passionate about supporting them as they expand desperately needed care.”
“We’ve supported Oceans for almost a decade as their leadership team gave life to their vision,” said David Orfao, Partner at General Catalyst. “It’s bittersweet as we leave them along their journey, but we know their work providing behavioral health care to in-need populations will have an immeasurable impact on communities and individuals for decades more to come.”
Houlihan Lokey served as the exclusive financial advisor to Oceans Healthcare and Baker Donelson served as legal advisor.
