Caltius Structured Capital has provided debt and an equity investment in Kent, Washington-based Imagenet, a provider of paper-to-electronic solutions for healthcare companies, retailers and other markets. No financial terms were disclosed. The capital will be used to refinance debt, fund a shareholder dividend and provide growth financing.
LOS ANGELES, Calif. – March 14, 2018 – Caltius Structured Capital is pleased to announce the closing of a unitranche debt and common equity investment in Imagenet, LLC (“Imagenet”). The investment was used by the company to refinance debt, fund a shareholder dividend and provide growth capital.
Founded in 2000 in Kent, Wash., Imagenet is a leading provider of outsourced paper-to-electronic (“P2E”) solutions for healthcare companies, retailers and a variety of other customers. Imagenet also provides claims adjudication services, claims audit, call center services and other customized outsourced services for its customers. The company processes over 40 million medical claims and over 175 million total documents per year from its processing centers and kiosks.
“Imagenet has an attractive recurring revenue business model, with outstanding customer retention attributable to its value-added services and strong customer service culture,” said Rick Shuart, managing director of Caltius Structured Capital. “We were impressed by Imagenet’s management team throughout the investment process and are excited to support them as they continue to grow the company.”
“In addition to structuring an attractive financing package with terms and conditions that met our needs, Caltius Structured Capital’s significant experience with similar businesses and transaction types resulted in a smooth and efficient due diligence process,” commented Steve Strawn, founder and CEO of Imagenet. “We look forward to working with Caltius in the years to come.”
About Caltius Structured Capital
Caltius Structured Capital provides owners of middle market companies throughout North America with capital solutions for liquidity events and growth opportunities. Caltius Structured Capital invests from $7 million to $50 million in companies with positive cash flow, designing flexible capital structures including subordinated debt, minority/structured equity and unitranches. Currently celebrating its 20th anniversary and investing from its 5th fund complex, Los Angeles-based Caltius Structured Capital has invested approximately $1.2 billion in 66 transactions since 1997. For more information, visit www.caltiusstructuredcapital.com.