Babson Capital Management provided subordinated debt and also made an equity co-investment to back the June 2015 acquisition of GlynnDevins, a marketing agency serving the senior living sector.
GlynnDevins’ marketing and advertising services include market research, brand development, creative services, and media planning and buying. The company is hired by senior living communities and their development and management partners to build a sales-lead base and support the sales function. GlynnDevins customer list includes more than 160 senior-living communities across 38 states, the majority of which have been clients for more than five years. The company was founded in 1987 and is headquartered in Overland Park, KS (www.glynndevins.com).
“Babson has previously invested in several Falfurrias Capital funds, but this is our first direct investment in one of their transactions,” said Bob Shettle, Managing Director and Head of Babson’s US Mezzanine & Private Equity Group. “Their methodical approach to selecting investment opportunities, coupled with their track record of operational excellence gives us confidence that this will be a successful venture.”
Falfurrias makes equity investments of at least $3 million in companies with revenues in excess of $10 million and EBITDAs in excess of $2 million. Industries of interest include financial services; consumer products; health care; building products; diversified manufacturing; business services; education, training, and information services; and infrastructure services. The firm is based in Charlotte, NC (www.falfurriascapital.com).
“As more and more baby boomers reach their golden years, GlynnDevins is well positioned to capitalize on the expected growth in senior care facilities across the US,” said Marc Oken, the former Bank of America CFO who co-founded Falfurrias Capital Partners with former Bank of America CEO Hugh McColl Jr. “We are excited to combine our expertise with GlynnDevins’ market leadership to leverage this opportunity, and we appreciate Babson’s role in helping make this partnership possible.”
Babson Capital has $218 billion in assets under management and is a member of the MassMutual Financial Group. The firm has offices in Boston and Springfield, MA; New York, Chicago, Charlotte and Los Angeles, and nine other offices in Europe, Asia and Australia (www.BabsonCapital.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-30-15
