Prospect Capital Corporation has provided $47 million of senior secured first-lien debt financing to support the acquisition of Atlantis Health Care Group by ICV Partners. Prospect has closed nearly $700 million of new originations during the current March 2013 quarter, bringing trailing-twelve-month originations to nearly $2.8 billion.
“Prospect played a leadership role with a creative financing solution and efficient transaction execution,” said Cory Mims, a Managing Director of ICV Partners. “We have closed numerous transactions with Prospect and continue to book repeat business with them because of our positive experiences.”
Atlantis Healthcare Group is Puerto Rico’s second largest provider of kidney dialysis services for patients suffering from end-stage renal disease. The company has 13 facilities located throughout the island of Puerto Rico and provided approximately 200,000 treatments last year and currently has a patient census of nearly 1,400. Atlantis Healthcare Group also contracts with 12 hospital networks to provide inpatient acute dialysis services. The company was founded in 2000 and is headquartered in Trujillo Alto, Puerto Rico (www.atlantishgi.com).
Prospect invests from $10 million to $75 million in private and micro-cap public businesses located in the US and Canada that have from $3 million to $30 million of EBITDA. Investment structures include: senior debt; unitranche debt; 2nd lien and mezzanine debt; and “one stop” debt and equity. The firm invests in an array of industries and is effectively industry agnostic. Prospect Capital is headquartered in New York (www.prospectstreet.com).
Simultaneous with the acquisition of Atlantis Healthcare Group, ICV Partners formed a new platform company, American Alliance Dialysis Holdings, to identify and evaluate kidney dialysis investment opportunities in North America and the Caribbean.
“Prospect is pleased to support ICV with this important acquisition of a market-leading company that delivers best-of-breed care to its patients,” said David Moszer, Managing Director of Prospect Capital Management LLC. “Prospect has completed many healthcare investments in the past several years. We look forward to evaluating other attractive healthcare opportunities and supporting American Alliance Dialysis’ future growth.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-21-13
