Praesidian Capital invested $19 million of second lien debt in The PromptCare Cos. and its sister company PromptCare Home Infusion LLC. The financing will support the acquisition of Pro2 (a provider of specialty respiratory products and services) and recapitalize its balance sheet. PromptCare is a portfolio company of MidMark Capital.
Praesidian Capital (“the Firm”), a leading provider of mezzanine capital for small and mid-sized companies, has announced that it has invested $19 million of second lien debt in The PromptCare Companies, Inc. and its sister company PromptCare Home Infusion, LLC (together, “PromptCare”) to support the acquisition of Pro2 and recapitalize its balance sheet. PromptCare, a portfolio company of MidMark Capital, is a leading regional provider of home-based, specialty respiratory products and infusion therapy services. Pro2 is the largest provider of specialty respiratory products and services focused on the pediatric market in greater Philadelphia, Southern New Jersey, and Delaware.
The acquisition of Pro2 will expand PromptCare’s core geographical service footprint, add additional depth to an already strong senior management team and represents a key significant step in PromptCare’s continuing expansion.
“We are very pleased to support this acquisition and believe that PromptCare and Pro2 will continue to grow and geographically expand as a single business,” said Glenn Harrison, Managing Director at Praesidian. “We are excited to collaborate with MidMark Capital on this successful transaction.”
“We are pleased to have a successful, long-term investor like Praesidian Capital as our partner,” said Douglas Parker, Managing Director at MidMark Capital. “Praesidian was able to move quickly to help us meet an aggressive timetable. We were delighted to work with such a dedicated team.”
About Praesidian Capital
Praesidian Capital partners with small and mid-sized businesses, providing private debt capital. With a focus on its core competency in mezzanine financing, Praesidian Capital invests in established, historically profitable companies often in connection with a management/leveraged buyout, recapitalization or refinancing. Based in New York City, Praesidian Capital manages over $500 million in committed capital. For more information, visit www.praesidian.com.
The PromptCare Companies, Inc. (“PromptCare Respiratory”) is a leading regional provider of home-based, specialty respiratory products and services. Headquartered in Clark, New Jersey, PromptCare Respiratory serves at-home pediatric and adult patients in New Jersey, New York, Connecticut and Massachusetts from five service locations on behalf of a large and diverse regional referral network of managed care organizations, hospitals, doctors and specialized care providers. PromptCare Home Infusion, LLC, a leading infusion therapy provider, services patients in their homes in New Jersey and the metro-New York area from its pharmacies in Clark, NJ and Farmingdale, NY.
Pro2 is a leading provider of medical oxygen and respiratory equipment in greater Philadelphia, Southern New Jersey, and Delaware to a predominantly pediatric patient base of approximately 2,200. Pro2 has three offices located in Hummelstown (near Harrisburg), PA, King of Prussia (Philadelphia), PA, and Westville Grove (Camden), NJ with a service area that covers Greater Philadelphia, Southern New Jersey, and Delaware.
About MidMark Capital
MidMark Capital is a private equity fund based in Morristown, NJ which manages two funds that have deployed more than $300 million of capital. MidMark invests in manufacturing, service and distribution companies with revenues between $20 and $200 million. MidMark combines financial resources and business capabilities to acquire significant ownership positions and strategic buy-outs in privately and publicly-owned middle-market companies with the objective to increase the value of those positions over the long term.