US private equity firm Pharos adds health services provider Seaside Healthcare to its portfolio
Private equity firm Pharos Capital Group LLC has acquired behavioral health services provider Seaside Healthcare Inc. The terms of the transaction were not disclosed, according to The Advocate.
Pharos is presently based in Dallas in Nashville. Seaside is based in Shreveport and has operations in New Orleans and Baton Rouge, the report said.
The facilities of Seaside include a Baton Rouge inpatient facility with a 30-bed capacity, a Gonzales hospital with a 24-bed capacity, a New Orleans inpatient facility with a 24-bed capacity, and outpatient services facilities in Gretna, Mandeville, and New Orleans. The firm also manages an acute adult psychiatric unit at the West Jefferson Medical Center. The psych unit has a 16-bed capacity, the report detailed.
According to Pharos, the acquisition was a partnership with Franklin Roemer, the company's founder. Roemer is also the nephew of former Governor Buddy Roemer, the report added.
Seaside currently employs around 400 workers. Under the terms of the acquisition deal, Roemer and his management group will continue to head the company, The Advocate reported.