Babson Capital Management, the Charlotte, North Carolina, manager of more than $231 billion of assets, said it served as lead agent in a senior secured credit facility to finance Accruent LLC’s acquisition of Mainspring Healthcare Solutions. Boston-based Mainspring provides software and technology to U.S. hospitals. Accruent, Austin, Texas, provides real-estate and facilities-management services. Mainspring is Accruent’s fourth add-on investment that Babson has led since supporting TA Associates’ recapitalization of Accruent in 2013. TA is the Boston private equity firm. Babson is a member of the MassMutual Financial Group.
Babson Capital Management Agents Term Loan Facility For Accruent’s Purchase of Mainspring Healthcare Solutions
CHARLOTTE, N.C. (April 22, 2016) – Babson Capital Management, one of the world’s leading asset management firms, with more than $231 billion in assets under management, announced today that it served as lead agent in a senior secured credit facility to finance Accruent LLC’s acquisition of Mainspring Healthcare Solutions.
Mainspring, founded in 1993 and based in Boston, is a leading provider of software and technology solutions to support services departments in U.S. hospitals. The acquisition will enable Accruent, the world’s largest provider of asset, facilities and real estate management solutions, to increase its penetration of the healthcare market.
The Mainspring acquisition represents the fourth add-on investment by Accruent that Babson has led since supporting TA Associates’ majority recapitalization in Accruent in 2013.
“Babson has been a valuable partner for TA Associates and Accruent in financing strategic acquisitions that have helped to strengthen Accruent’s position as a market leader. Mainspring’s unique suite of workflow automation solutions complement Accruent’s existing healthcare solutions, and will give its healthcare customers the technology they need to adapt to today’s market dynamics,” said Hythem El-Nazer, Managing Director of TA Associates. “Babson’s reliability and its capacity to provide surety to close were critical to completing these transactions, and we look forward to the opportunity to work with Babson again soon.”
“Accruent has experienced significant growth within the healthcare industry over the past few years, and the addition of Mainspring will help us continue to drive value for our healthcare customers and meet the unique needs of their organizations,” said Van Goodrich, chief financial officer of Accruent. “Mainspring complements Accruent’s existing healthcare solutions and gives our customers the technology they need to improve patient care and reduce costs.”
“Babson values the successful partnership we’ve shared with TA Associates over the past two decades,” said Brian C. Baldwin, Managing Director in Babson’s North American Private Finance Group. “We are excited about Accruent’s continued growth, and the fact that the debt issuance for this transaction was oversubscribed is a great vote of confidence not only in Mainspring’s strong value proposition, but also Accruent’s ability to leverage the global resources and deep industry expertise of TA Associates to create enterprise solutions that deliver great value for its customers.”