{"id":17740,"date":"2020-05-01T00:00:00","date_gmt":"2020-05-01T04:00:00","guid":{"rendered":"https:\/\/livingstagenew.wpenginepowered.com\/transaction\/livingstone-advises-broadstep-on-its-recapitalization-to-bain-capitals-double-impact-fund\/"},"modified":"2026-06-16T11:40:49","modified_gmt":"2026-06-16T15:40:49","slug":"livingstone-advises-broadstep-on-its-recapitalization-to-bain-capitals-double-impact-fund","status":"publish","type":"transaction","link":"https:\/\/livingstonepartners.com\/sv\/transaction\/livingstone-advises-broadstep-on-its-recapitalization-to-bain-capitals-double-impact-fund\/","title":{"rendered":"Livingstone advises Broadstep on its recapitalization to Bain Capital\u2019s Double Impact Fund"},"content":{"rendered":"\n<p><strong>Livingstone\u2019s Healthcare team is pleased to announce the recapitalization of <\/strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.broadstep.com\/\"><strong>Broadstep Behavioral Health<\/strong><\/a><strong> (\u201cBroadstep\u201d or \u201cThe Company\u201d) to <\/strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.baincapitaldoubleimpact.com\/\"><strong>Bain Capital\u2019s Double Impact fund<\/strong><\/a><strong> (\u201cBCDI\u201d), a Boston-based private equity firm focusing on lower middle-market businesses that address critical social problems.&nbsp; Livingstone acted as the exclusive mergers &amp; acquisitions advisor to Broadstep, which formerly operated as Phoenix Care Systems, Inc.<\/strong><\/p><p>Broadstep is a leading provider of residential and community-based health and human services to must-serve individuals with intellectual, developmental, or behavioral disabilities, and other special needs. &nbsp;These populations are large and have grown more than 20% since 2016, facilitating long waiting lists for home and community-based services. &nbsp;Broadstep serves over 1,300 individuals across 86 locations in four states, delivering high-quality, person-centered services that enable greater customer independence, skill-building, and community involvement.<\/p><p>Through Livingstone\u2019s competitive sale process, Broadstep garnered significant interest from a host of healthcare investors.&nbsp; BCDI, however, differentiated themselves through their commitment to improving the lives of both Broadstep\u2019s consumers and employees, as well as their vision for the next phase of Broadstep\u2019s growth.&nbsp; The Broadstep team is excited about its new partnership with BCDI and is looking forward to increasing the positive impact it can have in communities across the U.S.<\/p><p><em>\u201cFor almost 50 years, Broadstep\u2019s continuum of integrated services has driven the discovery and growth toward personalized definitions of progress with the individuals it serves,\u201d<\/em> said&nbsp;<strong>Peter Spring, a Managing Director at Bain Capital Double Impact<\/strong>.&nbsp;<em>\u201cThe entire Broadstep team has the experience, mission-driven philosophy, and skills to not only build on that history but to identify and add capabilities as the needs for this rapidly growing population evolve.\u201d<\/em><\/p><p>BCDI pursues investments where it can leverage its operational and strategic expertise to help mission-driven companies scale and drive meaningful change.&nbsp; It focuses on businesses that are solving critical social problems, via sustainable business models, and works to enhance the positive impact these businesses have on our communities.<\/p><p><em>\u201cBroadstep\u2019s size, geographic reach, and reputation for clinical excellence made it an ideal platform acquisition in the highly fragmented IDD sector,\u201d<\/em> commented <a rel=\"noopener noreferrer\" href=\"https:\/\/livingstonepartners.com\/sv\/team\/jim-moskal\/\"><strong>Jim Moskal<\/strong><\/a><strong>, Partner at Livingstone<\/strong>. <em>\u201cThe industry is primed for a consolidation wave as scale and increased use of technology will lead to operating efficiencies and enhanced patient experience.\u201d<\/em><\/p><p>The Broadstep transaction highlights Livingstone\u2019s expertise in Behavioral Health following other recent notable transactions, including the sale of Total Spectrum to LEARN Behavioral. This most recent transaction represents Livingstone\u2019s 22nd healthcare transaction since 2015.<\/p><p><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":3484,"template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"client-type":[],"region":[],"sector":[],"service":[],"transaction-type":[],"class_list":["post-17740","transaction","type-transaction","status-publish","has-post-thumbnail","hentry"],"acf":{"team_members":[1938,1949],"date":"20200501","client_type":58,"type":[1063],"region":[410],"services":[469],"sectors":[900,933],"related_transactions":[17665],"related_testimonials":[53493],"contacts":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Livingstone advises Broadstep on its recapitalization to Bain Capital\u2019s Double Impact Fund - Livingstone Partners<\/title>\n<meta name=\"robots\" content=\"index, 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