Babson Capital Management served as lead agent in a senior secured credit facility to finance Accruent LLC's acquisition of Mainspring Healthcare Solutions.
Mainspring, founded in 1993 and based in Boston, is a leading provider of software and technology solutions to support services departments in U.S. hospitals. The acquisition will enable Accruent, the world's largest provider of asset, facilities and real estate management solutions, to increase its penetration of the healthcare market.
The Mainspring acquisition represents the fourth add-on investment by Accruent that Babson has led since supporting TA Associates' majority recapitalization in Accruent in 2013.
"Babson has been a valuable partner for TA Associates and Accruent in financing strategic acquisitions that have helped to strengthen Accruent's position as a market leader. Mainspring's unique suite of workflow automation solutions complement Accruent's existing healthcare solutions, and will give its healthcare customers the technology they need to adapt to today's market dynamics," said Hythem El-Nazer, Managing Director of TA Associates. "Babson's reliability and its capacity to provide surety to close were critical to completing these transactions, and we look forward to the opportunity to work with Babson again soon."
"Babson values the successful partnership we've shared with TA Associates over the past two decades," said Brian C. Baldwin, Managing Director in Babson's North American Private Finance Group. "We are excited about Accruent's continued growth, and the fact that the debt issuance for this transaction was oversubscribed is a great vote of confidence not only in Mainspring's strong value proposition, but also Accruent's ability to leverage the global resources and deep industry expertise of TA Associates to create enterprise solutions that deliver great value for its customers."
Accruent helps real estate and facilities leaders deliver long-term, world-class operational and financial performance through industry-specific suites that deliver greater customer value.
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 450 companies around the world and has raised $24 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries.
Babson Capital Management LLC is one of the world's leading asset management firms, with over $231 billion in assets under management as of March 30, 2016. Through proprietary research, analysis and a focus on investment fundamentals, the firm and its global affiliates develop products and strategies that leverage its broad expertise in global fixed income, structured products, middle market finance, commercial real estate, alternatives and equities. A member of the MassMutual Financial Group, Babson maintains a strong global footprint with operations on four continents and clients in over 20 countries.