Antares Bain Capital Complete Financing Solutions, a joint venture between Antares and Bain Capital Credit, has provided a $270 million credit facility to back Frazier Healthcare Partners’ acquisition of Comprehensive Pharmacy Services. CPS is a provider of enterprise pharmacy solutions to hospitals and health systems.
CHICAGO & BOSTON–(BUSINESS WIRE)–The Antares Bain Capital Complete Financing Solution (ABCS), a joint venture between Antares and Bain Capital Credit, today announced the closing of a $270 million senior secured unitranche credit facility to support the acquisition of Comprehensive Pharmacy Services (“CPS”) by Frazier Healthcare Partners.
Founded in 1971 and employing over 2,500 clinical, regulatory, and operational pharmacy professionals, Comprehensive Pharmacy Services provides pharmacy support services to more than 700 hospitals and healthcare facilities across the U.S. and Puerto Rico.
“We appreciated the certainty and efficiency of the Antares and Bain Capital unitranche solution,” said Ben Magnano, general partner at Frazier Healthcare Partners. “The Antares and Bain Capital Credit teams understand the complexities of the pharmacy space well and together delivered an optimal financing solution.”
“Antares is pleased to support Frazier Healthcare Partners and the continued growth of CPS, a trusted partner to pharmacy leaders,” said Benjamin Chapin, managing director with Antares. “Through their use of data driven insights, fast reporting and real-time information they are distinct in their ability to deliver efficiencies and reduce costs for hospital customers.”
“Leveraging our deep sector expertise, we were able to add value and deliver a flexible financing solution that will allow Frazier Healthcare Partners to build on CPS’ strong market leadership position,” said Carolyn Hastings, a managing director at Bain Capital Credit. “We are pleased to be supporting Frazier and look forward to a lasting collaboration as they support the company’s ongoing growth initiatives.”
ABCS provides private equity sponsors and borrowers with access to first lien unitranche loans of up to $350 million in a single transaction. Without the requirement of agency meetings or a syndication process, the Antares and Bain Capital unitranche offering delivers capital with speed and certainty.
With approximately $24 billion of capital under management and administration as of December 31, 2018, Antares is a private debt credit manager and leading provider of financing solutions for middle-market private equity-backed transactions. In 2018, Antares issued nearly $25 billion in financing commitments to borrowers through its robust suite of products including first lien revolvers, term loans and delayed draw term loans, 2nd lien term loans, unitranche facilities and equity investments. Antares world-class capital markets experts hold relationships with over 400 banks and institutional investors allowing the firm to structure, distribute and trade syndicated loans on behalf of its customers. Since its founding in 1996, Antares has been recognized by industry organizations as a leading provider of middle market private debt, most recently being named the 2018 Lender of the Year by ACG New York. The company maintains offices in Atlanta, Chicago, Los Angeles, New York and Toronto. Visit Antares at www.antares.com or follow the company on Twitter at www.twitter.com/antarescapital. Antares Capital is a subsidiary of Antares Holdings LP., collectively (“Antares”).
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $41 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $100 million located in North America, Europe and Asia Pacific. Our dedicated global team affords us the ability to diligence the most complex situations and provide private capital to those companies.