CIBC Innovation Banking has provided a $15 million credit facility to Blue Cloud Pediatric Surgery Centers, a Glen Rock, Pennsylvania-based provider of pediatric dental services. The facility’s proceeds will support the company’s acquisition activity. Blue Cloud is backed by US growth equity firm Norwest Venture Partners.
CIBC Innovation Banking is pleased to announce a $15 million acquisition credit facility to Pennsylvania-based Blue Cloud Pediatric Surgery Centers (“Blue Cloud”), a leading provider of pediatric dental services in ambulatory surgical centers across the country.
Founded in 2011, Norwest Venture Partners-backed Blue Cloud provides Ambulatory Surgery Centers specializing in dentistry and oral surgery under general anesthesia for pediatric and special needs patients. Its vision is to be the leader in safety and quality for pediatric dental patients treated in surgery centers. Currently, the company offers various services in centers in Texas, Kansas, Florida, California, and Ohio.
“Blue Cloud is an innovator in its field as it aims to provide dental care to underserved children who require emergency treatment. Blue Cloud is able to serve their patients within days rather than the customary 9-12 months wait caused by the backlog in the health care system,” said Youssef Kabbani, a Director in CIBC Innovation Banking’s Menlo Park office. “We were very impressed by both the management team and its medical team’s focus on patient safety, while improving access and efficiency.”
The company plans to use the credit facility to continue to expand its locations across the U.S. with the goal of fulfilling its mission to make affordable health care accessible to everyone.
“CIBC’s support is critical to fulfilling our mission to expand access to critical dental care to the children and special needs patients that need it most in our communities,” said Devin Larsen, Chief Executive Officer of Blue Cloud Pediatric Surgery Centers. “We couldn’t be more excited to have CIBC support both our efforts to expand access and exemplify quality care.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American and UK-based innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.
About Blue Cloud Pediatric Surgery Centers
Blue Cloud Pediatric Surgery Centers is the nations largest pediatric surgery center company dedicated to providing dental care to pediatric and special needs patients under general anesthesia. They currently provide services to patients in 13+ cities with many more opening in the coming months.