Houlihan Lokey Advises Oceans Healthcare

Houlihan Lokey is pleased to announce that Oceans Healthcare (Oceans), a portfolio company of General Catalyst, has been acquired by Webster Equity Partners (Webster Equity). The transaction closed on February 1, 2022.

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 Southeastern U.S., 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.

General Catalyst is a venture capital firm that provides early-stage and growth equity investments. The firm is headquartered in Cambridge, Massachusetts.

Founded in 2003, Webster Equity invests in healthcare services companies with high impact growth strategies that deliver the highest quality care and extraordinary service.

Houlihan Lokey served as the exclusive financial advisor to Oceans Healthcare. Financing for the transaction was provided by Comvest Credit Partners and Silver Point Finance.

This transaction further strengthens and highlights Houlihan Lokey’s continued leadership position in multisite healthcare M&A. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world. In 2021, the group closed 43 transactions and was ranked the No. 1 M&A advisor for U.S. healthcare transactions under $1 billion by Refinitiv. Houlihan Lokey’s Healthcare Group has closed more than 350 M&A healthcare transactions since its inception.