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Capital One Closes $156MM Credit Facility for Select Rehabilitation

October 27, 2016, 07:48 AM
Filed Under: Healthcare

Capital One announced it served as sole lead arranger and bookrunner for a $156 million senior secured credit facility — consisting of a $126 million term loan and a $30 million asset-based revolver — for Select Rehabilitation, the largest privately held, independent contract therapy services company in the United States.

Select Rehabilitation provides comprehensive physical, occupational and speech therapy services primarily to skilled nursing facilities, continuing care retirement communities and outpatient/home health settings. They support 650 facilities in 32 states while employing more than 11,000 full-time, part-time, and contract employees. Select is using the proceeds to refinance existing debt and provide capital to purchase Accomplish, a Florida-based contract rehabilitation provider servicing 73 facilities in Delaware, Florida, Massachusetts and Pennsylvania.

“This is one of our largest acquisitions to date,” said Neal Deutsch, CEO of Select. “With Capital One’s deep understanding of the contract therapy and healthcare industry, their team was able to provide first-class guidance and capital markets expertise to deliver a financial solution that will support our continued growth.”

“Select has an excellent reputation in the industry and has successfully acquired and integrated several contract rehabilitation companies in recent years,” said Al Aria, Managing Director for Capital One Healthcare’s corporate finance team. “As a repeat client, we’ve worked closely with the team to gain an understanding their business, and we are committed to supporting their long-term goals.”

Capital One Healthcare is a leading provider of financial services to the industry with over $11 billion in total outstanding balances. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth expertise, our team of professionals creates solutions tailored to meet the needs of our customers.

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