Twin Brook Stays Busy in Healthcare

Twin Brook Capital Partners, the middle-market direct lending subsidiary of Angelo, Gordon & Co., continues to be an active lender into the healthcare sector. Since inception in the fourth quarter of 2014, Twin Brook has closed on 42 healthcare transactions with commitments totaling over $1 billion to private equity sponsors in support of healthcare sector transactions in the middle market.

“We are thrilled to support our private equity sponsor clients investing in US middle market healthcare companies,” said Trevor Clark and Chris Williams, Co-Heads of Twin Brook, in a released statement. “Deploying more than $1 billion in the healthcare sector is a significant milestone and we look forward to putting more capital to work over the long-term.”

Recent healthcare transactions financed by Twin Brook include:

  • In November 2017, Twin Brook served as Sole Lead Arranger and Administrative Agent of a $61 million financing that supported Varsity Healthcare Partners’ leveraged buyout of The Orthopaedic Institute, a Gainesville, FL-based provider of orthopedic surgical care and ancillary treatment services across North Central Florida (toi-health.com).
  • Twin Brook served as Sole Lead Arranger and Administrative Agent of a $77 million financing that supported Blue Sea Capital’s growth investment in Long Island, NY-based Spectrum Vision, a provider of outsourced business services (billing and collections, marketing, financial and accounting, benefits, payroll management and information technology) to multi-specialty ophthalmologists (spectrumvisionpartners.com).
  • Twin Brook served as Joint Lead Arranger and Co-Syndication Agent of a $350 million financing to back Beecken, Petty, O’Keefe & Company’s add-on acquisition for its Maxor Holdings Amarillo, TX-based Maxor provides pharmacy and healthcare services to individuals and corporations across the country (www.maxor.com).

“We are excited to continue expanding the depth and breadth of our healthcare business, product offerings and deal flow,” said Faraaz Kamran, a Twin Brook Partner focused on the firm’s Healthcare lending business.

Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million with hold sizes across the Twin Brook platform ranging from $25 million up to $100 million. Since inception in the fourth quarter of 2014, Twin Brook has closed 148 transactions and provided total arranged commitments of approximately $4.5 billion.

In July 2017, Twin Brook held a final close of AG Direct Lending Fund II with total capital commitments of $1.6 billion, markedly above the firm’s $1.0 billion target. Including separately managed accounts, the total capital raised was $2.3 billion. The firm raised its first fund, AG Direct Lending Fund I, in 2016 with $850 million in total equity capital between the fund and separately managed accounts. Twin Brook is headquartered in Chicago (www.twincp.com).

Angelo, Gordon & Co., Twin Brook’s parent company, is an alternative investor with a focus on credit, real estate, private equity, and other strategies. The firm, founded in November 1988, currently manages approximately $28 billion in capital and has over 420 employees, including 160 investment professionals. Angelo, Gordon & Co. is headquartered in New York with additional offices in San Francisco, Los Angeles, Chicago, Houston, London, Amsterdam, Hong Kong, Seoul, Frankfurt and Tokyo (www.angelogordon.com).

© 2017 Private Equity Professional | December 11, 2017

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