Penfund led a US$90 million second lien credit facility and invested US$10 million of equity in Gastro Health, a Miami-based gastroenterology company. The investment supports the acquisition of Gastro Health by OMERS Private Equity, announced in May. Penfund is a Canadian junior capital provider.
TORONTO, July 07, 2021 (GLOBE NEWSWIRE) — Penfund, an independent provider of junior capital to North American middle market companies, announced the completion of a second lien debt and equity co-investment in Gastro Health, LLC (“Gastro Health” or the “Company”). Penfund is the lead investor for a new US$90 million second lien credit facility and also invested US$10 million in equity, both of which supported the acquisition of Gastro Health by OMERS Private Equity (“OPE”).
Headquartered in Miami, Florida, Gastro Health is the second largest gastrointestinal (“GI”) physician practice management platform in the United States. Gastro Health employs over 250 physicians in six states and offers a comprehensive suite of core GI procedures including colonoscopies and endoscopies along with ancillary services.
“We have a very longstanding relationship with OMERS and are delighted to support them again. We are excited to partner with Gastro Health as they execute their growth strategy,” stated Jeremy Thompson, a Partner at Penfund.
Adam Breslin, a Partner at Penfund, added, “We are impressed with the platform the Gastro Health team has built. The cohesive partnership model it has created with its physicians in Florida and other states positions the company for tremendous future success.”
About Gastro Health, LLC
Gastro Health is one of the leading gastroenterology platforms in the United States supporting practices in Alabama, Florida, Maryland, Ohio, Virginia, and Washington. Gastro Health strives to provide outstanding medical care and an exceptional healthcare experience. The Gastro Health care teams utilize technology, clinical expertise, and compassionate care to provide a personalized approach to digestive health and overall wellness.
Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund VI. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East and Europe. Penfund has invested more than C$3 billion in over 225 companies since its establishment. Assets under management are approximately C$1.5 billion.