Prospect Capital Corporation Provides First Lien Senior Secured Term and Convertible Loans to Support the Acquisition of Druid City Infusion by Inlet Road Capital Management
18 Octobre 2024 - 3:50PM
Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) has
provided first lien senior secured term and convertible loans to
support the acquisition of Druid City Infusion, LLC (“Druid City”)
by investment funds managed by Inlet Road Capital Management, LLC
(“Inlet Road”) in partnership with Druid City’s founders and
leadership team.
Druid City is a leading ownership group within the Vital
Care Infusion Services (“Vital Care”) franchise system, with Druid
City operating nine territories across the South and Mountain
West regions of the United States. Vital Care is dedicated to
providing high-quality, safe, convenient, and
cost-effective infusion therapy services for both chronic and
acute patients across its extensive national network. With over 160
infusion pharmacy locations in 35 states, Vital Care is a
national home infusion platform.
“Druid City is proud of its growth and the outstanding team we
have built over the last 10 years," said Druid City CEO and
co-founder Ryan McFerrin. "Our unwavering commitment to patient
care and delivering high level service to our referral partners
will be enhanced as we begin this new chapter with Prospect and
Inlet Road.”
“We chose to team up with Prospect because of
Prospect's ability to create a comprehensive financing
solution to meet the unique needs of our transaction and the
business,” said Brian M. Harrison, Partner at Inlet Road.
“Prospect’s collaborative approach and industry expertise make
Prospect an ideal group for supporting Druid City’s expanding
opportunities within the home infusion sector.”
“The Prospect team was the right fit for our transaction,
providing our founder partners with complementary industry
experience and capital to support Druid City’s growth both
organically and through the acquisition of new territories and
possibly other franchisees,” said Robert L. Jenkins, Partner
at Inlet Road.
“Prospect is pleased to complete this important transaction with
Inlet Road,” said Neil Zieses, Vice President at Prospect. “We look
forward to continued strong performance at Druid City, a company
with a compelling value proposition for delivering pharmacy
services, and bedside and clinic-based infusion services.”
About Prospect Capital Corporation
Prospect is a business development company lending to and
investing in private businesses. Prospect’s investment objective is
to generate both current income and long-term capital appreciation
through debt and equity investments.
Prospect has elected to be treated as a business development
company under the Investment Company Act of 1940. We have elected
to be treated as a regulated investment company under the Internal
Revenue Code of 1986.
Caution Concerning Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, whose safe harbor for forward-looking statements does not
apply to business development companies. Any such statements, other
than statements of historical fact, are highly likely to be
affected by other unknowable future events and conditions,
including elements of the future that are or are not under our
control, and that we may or may not have considered; accordingly,
such statements cannot be guarantees or assurances of any aspect of
future performance. Actual developments and results are highly
likely to vary materially from any forward-looking statements. Such
statements speak only as of the time when made, and we undertake no
obligation to update any such statement now or in the future.
For further information, contact:Grier Eliasek, President and
Chief Operating Officergrier@prospectcap.comTelephone (212)
448-0702
Prospect Capital (NASDAQ:PSEC)
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