Prior to Headwaters, Mike was in the healthcare practice at Houlihan Lokey. He advised on a wide range of sell-side and buy-side M&A transactions, debt and equity financings, and strategic advisory engagements. He has been involved in numerous healthcare transactions involving facility-based providers, including independent living and assisted living communities, memory care, and skilled nursing facilities, as well as hospitals and ancillary providers, including institutional therapy, home care and hospice, home infusion, and pharmacy. Prior to Houlihan Lokey, Mike was with TM Capital Corp., a New York-based investment bank focused on corporate finance, acquisitions, divestitures, and restructurings primarily in healthcare and consumer products. Mike graduated from St. Olaf College with a BA in economics and earned postgraduate degrees from the University of Virginia and the University of Minnesota.

As President of Headwaters, Ryan is responsible for the oversight and execution of all aspects of the company, including day-to-day operations, long-term visioning, and implementation of the strategic plan. Additionally, Ryan is ultimately responsible for identifying new development and acquisition opportunities, obtaining municipal approvals, and identifying appropriate debt and equity strategies for each new opportunity. Ultimately responsible for the success of all stakeholders, he brings 20+ years of management and development experience, including new ground-up development, redevelopment, and reuse projects. Ryan holds a Bachelor of Science degree from the University of Minnesota’s Carlson School of Management.

Dan Kersten is the Chief Financial Officer for Headwaters and its affiliates. From 2010 to 2023, Dan was a Managing Director at CarVal Investors, LLC, an alternative investment management company, where he developed and led investment strategies in numerous asset classes. Previously, Dan held various roles at the private equity firms of Irving Place Capital (f/k/a Bear Stearns Merchant Banking) and Goldner Hawn Johnson and Morrison. Dan started his career as an investment banking analyst at Piper Jaffray. Dan holds an MBA from The Wharton School at the University of Pennsylvania and a BBA from the University of Michigan.

Bjorn is responsible for overseeing all development and asset management functions of the company. This includes project feasibility, predevelopment, project financing, design and construction oversight, and all ongoing asset management activities, including property performance, capital expenditures, and lender and investor reporting requirements. He brings over 18 years of development experience through the management of several high-profile projects throughout the Midwest. Bjorn holds a Bachelor of Arts degree from Gustavus Adolphus College and a Master of Business Administration degree from the University of St. Thomas.