Behrman Capital has completed a dividend recapitalization of its portfolio company Atherotech. Behrman Capital acquired Atherotech, a provider of cardiometabolic testing services, in December 2010.
The Atherotech recapitalization was led by Madison Capital Funding and Regions Bank, and included a new term loan and revolving credit facility. Proceeds from the recapitalization were used, along with cash on hand, to repay existing debt and pay a cash dividend to shareholders.
“We are very pleased with our investment in Atherotech, which has performed very well since becoming part of our portfolio two and a half years ago. Through this successful recapitalization, our investors received a significant cash dividend while retaining full ownership of this growing company,” said Grant Behrman, Managing Partner of Behrman Capital.
Atherotech is a cardio-diagnostic company that provides cardiometabolic testing services to physicians, hospitals, clinics, and other laboratories throughout the United States. The company is based in Birmingham, AL (www.atherotech.com).
Atherotech remains conservatively leveraged and has the financial flexibility to continue investing in the business to further enhance its value,” said Mr. Behrman. “Our firm is excited to support Mike Mullen and his management team at Atherotech as they work to capitalize on many exciting growth opportunities.”
Behrman Capital invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The firm’s investments are primarily focused in five industries: health care, specialty manufacturing, business to business outsourcing, defense and information technology. Behrman Capital currently has in excess of $3 billion in assets under management. The firm was founded in 1991 and has offices in New York and San Francisco (www.behrmancap.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-10-13
