Penfund has provided a $37 million 2nd lien debt and equity investment in Pediatric Services Holding Corporation to back the acquisition of the company by J.H. Whitney Capital Partners.
PSA Healthcare is a provider of home care services for medically fragile children. PSA provides care to more than 2,500 patients across 17 states through over 65 offices. In addition to its core home-based pediatric private duty nursing platform, PSA provides a range of healthcare services, including home-based adult private duty nursing, home-based pediatric skilled nursing visits and therapies, outsourced school health programs, pediatric day treatment centers for medically fragile children and intellectual and developmental home care. PSA is based in Cary, NC (www.psahealthcare.com).
“We are delighted to support J.H. Whitney in their acquisition of PSA. We believe the acquisition will allow PSA to continue delivering best in class clinical care to the families who need its services,” said John Bradlow, a partner at Penfund.
Penfund specializes in providing junior capital to North American middle market companies. The firm provides second lien, high yield and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. Penfund is currently investing out of Penfund Capital Fund IV which has $460 million of committed capital. The firm was founded in 1979 and is based in Toronto (www.penfund.com).
J.H. Whitney, the buyer of PSA, invests in small and middle market companies that are active in the consumer, healthcare, specialty manufacturing, and business services sectors. The firm is investing out of its seventh private equity fund. J.H. Whitney was founded in 1946 and is based in New Canaan, CT (www.whitney.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 3-25-15
