Northlane Capital Partners has invested in PAR Excellence Systems, a provider of supply chain management systems for the healthcare industry.
PAR Excellence provides inventory management systems – both equipment and software – that are used by healthcare organizations to automate inventory replenishment activities and generate real-time, system-wide inventory visibility. The company was founded in 1992 by Chief Executive Officer Joe Dattilo and is headquartered in Cincinnati (www.parexcellencesystems.com).
“PAR Excellence provides a technology-enabled solution that helps reduce the cost of healthcare delivery, which fits very well with Northlane’s healthcare investment thesis,” said Justin DuFour, Partner. “We look forward to partnering with the team to continue to grow the business.”
Northlane Capital Partners (NCP) invests in companies that have EBITDA of $5 million to $30 million and are active in the healthcare, outsourced business services, and industrial technology sectors. The firm is based in Bethesda, MD (www.northlanecapital.com). NCP was formed through the January 2017 spinout of American Capital Equity III, LP (ACE III) from American Capital, Ltd. as a result of the acquisition of the company by Ares Capital. As part of the spinout, ACE III limited partners purchased American Capital’s commitments to ACE III and NCP assumed the management contract for the fund. ACE III’s name was also changed to Northlane Capital Partners I, LP.
Tree Line Capital Partners provided a first lien credit facility to support the buyout of PAR Excellence. “We’re excited to be partnering with both PAR Excellence and NCP,” said Tree Line Managing Director Frank Cupido. “Our underwriting process has been designed to support sponsors when they need to rely on a lender to provide certainty of closing. This deal showcased our strengths well and is a great beginning to our relationship with NCP.” Tree Line provides unitranche, first lien, and other junior capital for lower middle market borrowers with at least $2 million of EBITDA. The firm has offices San Francisco, New York, and New Orleans (www.treelinecp.com).
Chicago-based investment bank Livingstone was the financial advisor to PAR Excellence. Jim Moskal and Andrew Isgrig, both Partners at Livingstone, led the transaction (www.livingstonepartners.com).
© 2017 Private Equity Professional | February 17, 2017
