Amalgamated Capital, the New York-based leveraged finance division of Amalgamated Bank, announced today that it served as co-lead arranger and syndication agent, alongside Madison Capital, for for $27 million in senior secured credit facilities to support the refinancing of CarePoint Partners, a portfolio company of the Chicago-based private equity firm Waud Capital Partners. The money enabled CarePoint, a Cincinnati-based company that provides patients with intravenous and other therapies at home, to acquire Houston-based ivA Lifetec, a maker of home infusion therapies like antibiotics.
Amalgamated Capital (AmalCap), the New York-based leveraged finance division of Amalgamated Bank, announced today it served as Co-Lead Arranger and Syndication Agent for $27 million in senior secured credit facilities in support of the refinancing of CarePoint Partners, a portfolio company of Waud Capital Partners (WCP). AmalCap provides cash flow-based senior secured financing to support investments made by private equity sponsors in high quality, lower middle-market companies across the United States.
Based in Cincinnati, Ohio, CarePoint Partners is a leading provider of pharmacy and related services for patients in need of home infusion therapy, specialty infusions and custom injections. WCP is a Chicago-based private equity firm that invests in middle-market growth equity investments, industry consolidations, buyouts and recapitalizations.
“This was our first transaction with Waud Capital Partners,” said Timothy Clifford, Executive Vice President and Head of Amalgamated Capital, “and they proved to be an excellent sponsor. We are thrilled with the investment, and we look forward to working with Matthew Clary, Eric Gordon and the rest of the Waud Capital Partners team on future transactions.”
“We chose AmalCap for this transaction because of their knowledge and experience in healthcare, particularly in home infusion and specialty pharmacy,” said Matthew Clary, Partner of WCP. “Their flexibility with us and the rapport their deal team established with the CarePoint management helped move the transaction along very quickly to a successful conclusion.”
About Amalgamated Capital
Amalgamated Capital (AmalCap), headquartered in New York, is the leveraged finance division of Amalgamated Bank, a privately-owned commercial bank with nearly $5 billion in assets. AmalCap, launched in September 2009, is focused exclusively on partnering with private equity sponsors and providing cash flow-based senior financing for investments in the lower middle-market nationwide. Its borrowers operate in a diverse array of industry sectors and generally have annual revenue ranging from $15 million to $150 million and EBITDA of $3 million to $15 million. Visit AmalCap online at www.amalcap.com.
About Amalgamated Bank
Amalgamated Bank, established in 1923 by the Amalgamated Clothing Workers of America, continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank. The Bank’s corporate divisions – in addition to Amalgamated Capital – include Retail Banking, Institutional Asset Management and Custody, Commercial Banking, and Real Estate Finance. The Bank’s website is www.amalgamatedbank.com.
About Waud Capital Partners
Waud Capital Partners is a leading middle market private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle market growth equity investments, industry consolidations, buyouts and recapitalizations. The firm seeks to invest $10 million to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and value-added industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million. For additional information on WCP, visit the firm’s website at www.waudcapital.com.
About CarePoint Partners
Based in Cincinnati, CarePoint Partners provides home infusion therapy and specialty pharmacy services via 17 sites of operation in eight states. Infusion pharmacy therapy involves the administration of medications and nutrients using intravenous, subcutaneous and epidural methods. Home infusion therapy allows patients to receive these medications without the inconvenience or cost of a hospital visit. WCP teamed with Chief Executive Officer Dana Soper in 2007 to form CarePoint. For additional information on CarePoint, visit the company’s website at www.carepointpartners.com.