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Twin Brook Capital Partners Commits More Than $2B to PE-Backed Healthcare Transactions

January 07, 2019, 07:47 AM
Filed Under: Industry News

Twin Brook Capital Partners, the middle-market direct lending subsidiary of Angelo Gordon, announced that it has committed over $2 billion to private equity sponsors in support of healthcare sector transactions in the middle market, including over $1 billion last year alone. In 2018, Twin Brook closed on 30 healthcare transactions, bringing the Firm’s total number of healthcare transactions to more than 80 since inception.

“We are pleased to build upon our success and expertise in healthcare by deploying over $1 billion to transactions in the sector in 2018. Last year’s landmark lending illustrates our ongoing commitment to supporting our private equity sponsor clients investing in U.S. middle-market healthcare companies,” said Faraaz Kamran, a Twin Brook Partner focused on the Firm’s Healthcare Lending business. “We are seeing an increased appetite for this sector by our private equity sponsor clients, and look forward to putting more capital to work in support of their transactions in 2019, and for years to come.” 

In 2018, Twin Brook served as Lead Agent on nearly all healthcare transactions it supported, which included 15 new platform financings and 14 add-on financings. Recent healthcare transactions highlights include:

Twin Brook served as Administrative Agent and Sole Lead Arranger of a $122 million financing that supported Vistria Group’s leveraged buyout of Rock Dental Brands. Rock Dental, formally AXPM Dental Management LLC, is a dental service organization in Arkansas and Missouri, operating orthodontic, pediatric dental, oral surgery and general dental clinics.

Twin Brook served as Administrative Agent and Sole Lead Arranger of a $105 million financing that supported Linden Capital Partners’ acquisition of Solara Medical Supplies. Solara is an industry leader in home delivery of medical devices and disposable medical products, serving individuals with diabetes.

Twin Brook served as Administrative Agent for $56 million of financing to support Varsity Healthcare Partners’ recapitalization of Probo Medical, LLC. Probo provides new, used and refurbished medical equipment to a global customer base.

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 $400 million with hold sizes across the Twin Brook platform ranging from $25 million up to $150 million. Since inception in the fourth quarter of 2014, Twin Brook has closed 291 transactions and provided total arranged commitments of approximately $9 billion. 


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