LBC Credit Partners served as joint lead arranger and syndication agent for a $50 million senior secured credit facility to support the purchase of the National Pain Institute by Prospira Pain Care, a pain management platform and a portfolio company of Enhanced Equity Funds, Webster Capital and Pulse Equity Partners.
The National Pain Institute focuses on pain relief, physical conditioning, functional restoration, and psychological rehabilitation. The company is based in The Villages, FL (www.natpain.com).
Prospira PainCare is an operator of physician practices in California and the Southeast U.S. focused on the comprehensive pain management sector. The company is headquartered in Mountain View, CA (www.prospirapc.com).
Prospira was formed in July 2012 with the acquisition of The Spine Center of Southeast Georgia and the affiliated Brunswick Pain Treatment Center, a neurosurgery and pain management practice located in Southeast Georgia. Shortly thereafter in September 2012, Prospira purchased Bay Area Pain & Wellness Center, a pain management physician practice in the San Francisco Bay Area. Most recently, in December 2012 Prospira closed on the acquisition of National Pain Institute, one of the largest pain management providers in Florida.
LBC Credit Partners is a provider of middle market financing including senior term, unitranche, second lien, junior secured, and mezzanine debt; and equity co-investments to companies with EBITDAs generally greater than $10 million. LBC invests from $10 million to $50 million per transaction supporting acquisitions, growth strategies, refinancings, recapitalizations, and restructurings. LBC has more than $1.25 billion of capital under management and has offices in Philadelphia, Chicago and New York (www.lbccredit.com).
Enhanced Equity Funds invests from $10 million to $50 million in companies with less than $100 million in revenues. The firm manages approximately $600 million of committed capital across two funds with the most recent fund raised in 2010. Enhanced Equity Funds is based in New York (www.enhancedequity.com).
Webster Capital invests in branded consumer, business- to-business, and healthcare services companies with EBITDAs from $3 million to $15 million and transaction values less than $100 million. The firm is currently investing Webster Capital II, a $205 million fund which closed in 2007. Webster was founded in 2003 and is based in Waltham, MA (www.webstercapital.com).
Pulse Equity Partners invests from $10 million to $100 million in growth equity capital and build-ups in fragmented, high growth markets. Sectors of interest include health, active living and nutrition. The firm is based in New York (www.pulsequity.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 2-7-13
