Pharos Capital’s Charter Health Care Group Acquires Pair of Hospice Providers

2020 OCT 28 (NewsRx) -- By a News Reporter-Staff News Editor at Mergers & Acquisitions Daily News -- Pharos Capital Group, LLC (“Pharos”), a private equity firm based in Dallas and Nashville, announced that its post-acute care provider platform, Charter Health Care Group (“Charter”), has acquired two hospice service providers, Vitality Home Healthcare (dba Phoenix Home Care & Hospice) in Denver, CO and Heartwood Home Health & Hospice, in the Salt Lake City, UT area. Financial terms of the transaction were not disclosed.

These acquisitions are Charter’s third and fourth add-ons in 2020, following its acquisitions of Las Vegas-based St. Luke’s Home Hospice LLC and Phoenix-based Arizona Select Hospice LLC in March. Pharos first invested in Charter in October 2018.

Charter, based in Southern California, is a provider of post-acute care services that offers a variety of programs including hospice, home health, private duty nursing, complex care management and palliative care services. Phoenix and Heartwood also offer variations of those services to pediatric and adult patients with life-limiting illnesses. Both management teams will remain with their organizations.

“We believe end-of-life and home health services have never been more important as Americans face continuing pressure from the COVID-19 pandemic. Charter is committed to continuing its practice of providing professional, compassionate care while taking precautions to keep its patients and providers as safe as possible,” said Bob Crants, Founding Partner and Chief Investment Officer of Pharos. “In our view, the Company’s track record in Southern California and across the Southwest makes it well positioned to bring its proven model to additional core metropolitan markets, where it plans to grow organically and through partnerships with leading companies.”

Steve J. Larkin, Charter’s CEO, said, “We are pleased to add Phoenix and Heartwood to Charter’s portfolio. We look to partner with teams that share our mission of leading the home care and hospice industry toward the best solutions for patients, families, and caregivers. As always, our vision remains focused on improving patient outcomes and quality of care while reducing the total cost of care provided to chronic, complex, and end-of-life patients.” Keywords for this news article include: Mergers and Acquisitions, Pharos Capital Group.

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