Oceans Healthcare, Louisiana’s largest provider of psychiatric facilities for geriatric patients, has closed a USD17m round of strategic growth equity financing from General Catalyst Partners.
The financing will be used to capitalise the organisation as a foundation for its geographic expansion.
As part of the transformation, Charlie Baker, former chief executive of Harvard Pilgrim Healthcare, one of the country’s top-rated health benefits companies, will join Oceans as chairman of the board.
David Fialkow, Brian Shortsleeve, Gabe Ling, and Charlie Baker, all of General Catalyst Partners, will join Oceans’ board of directors. Co-founders Jason Reed and Nick Guillory, founded Oceans in 2004 and will remain as chief executive and chief operating officer, respectively, and will be responsible for running the day to day business.
“General Catalyst’s credo – ‘entrepreneurs investing in entrepreneurs’ – was extremely attractive to Oceans as we sought growth equity. I wanted a partner that would provide mentorship as well as capital,” says Reed. “We are now positioned to build and refine our unique model – one that is focused on treating superior psychiatric care to a specific, fast-growing population by delivering the best possible care from the industry’s best employees – to new geographies.”
“The entrepreneurs behind Oceans Healthcare are creating a truly distinctive patient care delivery model in a USD15bn to USD20bn industry – inpatient mental health services – that has not historically focused solely on treating the needs of seniors,” says Baker.
